(2) jump back in and help this market out. Risk losing some investors due to risk profile, but manage along until we get the proper catalyst to exit positions. Start energy fund when we can later. Without the market’s ability to absorb some xh or even some back length right now this market in a world of trouble.11 2 days ago things were fine, but it feels like it just tipped overboard on risk. There is comfort selling spreads, and comfort selling price right now. If you were a cash trader caught long hub gas right now, would you buy or sell January? (3) Sit and wait. Let market take its course, find natural fixed price demand. There is not catalyst right now. That’s the problem. You exit this size without one (without exiting every positions in your book), and we got a big problem. Things were fine when we were holding the risk for the market, b/c we could handle it. That risk in 30 other hands is a much more dangerous proposition. Calhoun think #2 Rummy thinks #3 And I haven’t decided yet. All I know is I am personally 1 more bad day away from stopping out...can’t afford to drop below 30 for my family.—Amaranth Trader Shane Lee to Brian Hunter, September 7, 2006 16:54 (Source: Senate Subcommittee, Exhibit #9).