EFTA00670204.pdf

From: Laurie Cameron alEll > To: Jeffrey Epstein <jeevacation@gmail.com> Subject: 28 October position Date: The, 29 Oct 2013 02:47:40 +0000 Attachments: OCT_28.xls finally the pressure is coming off of the currencies and letting the USD come up for air. The attitude following the debt ceiling horror was that the USD was going to bear the brunt of the world's lack of faith in the US. Thank goodness the New york Times article calling the end if the USD as a reserve currency came as the USD hit six month highs. Traders and investors buying Australian stocks had already bought so many AUD that they had no more appetite. I have been reducing AUD and NZD delta hedges last week and today and I have only im of each now. Thank goodness the options that they were covering are losing value. Unfortunately, with a position like this (realized $350k, unrealized $4ok) we have two choices 1) let the options sit until expiration to get the maximum time decay in January or 2) roll them into shorter dated options to get the benefit of the quicker time decay. I'm working now to try to figure out a smart way to roll the positions; which may involve rolling short calls into shorter dated strangles. GBP option is mostly covered with short gbp averaging 1.61. If we let that run to Feb 6 and the option is exercised, there will be a $9ok gain in the position. My hope is to add back approx Stook realized gain from jpy and cad positions, add $9ok from GBP (if we hold it) and reduce AUD and NZD losses from current $175k down to $75k. I am sensitive to the desire to close the JPM positions out asap. I will let you know when I find good rolling alternatives to existing AUD and NZD positions. I hope that you are well. I appreciated your constructive criticism about my not taking my losses quickly enough. I have really felt the pain of those decisions this month! Kind regards Laurie EFTA00670204