Outside the Box

Over the Rainbow

John Mauldin

February 27, 2006

Here is a different view on derivates that can help you with a basic understanding of the problem in the market and a look at gold. This comes from the HCM Market Letter by Michael Lewitt of Harch Capital in Florida.

This is a private letter for his clients and Michael is one smart guy with a deep understanding of the markets, especially the credit markets, and how they work. HCM deals in this world on a daily basis, so they can offer a somewhat inside view of derivatives and that is why it was picked for this week's Outside the Box.

John Mauldin, Editor
Outside the Box

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Over the Rainbow

By Michael E. Lewitt, The HCM Market Letter, February 24, 2006

Over the Rainbow

"In the twisted gilt playing-room his secret motions clarify for him, some. The odds They played here were never probabilities, but frequencies already observed. It's the past that makes demands here. It whispers, and reaches after, and, sneering disagreeably, gooses its victims.

When They chose numbers, red,…

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