Relative value between TAS and EDE, page-71

After todays trading, all bets are off until the situation becomes clearer. There should be plenty of relative value trading opportunities but I am not sure where I should set the ratios. Usually in this situation the gap narrows but todays quotes do not reflect this. Tomorrow may be different. I was out of touch most of the day and luckily cancelled all my buy orders before opening or I would have come home to some disappointing buys.

The opportunity should be there. There are advantages in a falling market. The tax problem becomes an asset as trades can be made with a net loss in dollar terms but an increase in overall holdings. Also in dollar terms is that the capital outlay is less.

Every cloud has a silver lining. The problem is that flying in a cloud means you are flying blind.