John -

I just saw this:http://soaringcafe.com/2011/01/us-co...ring-analysis/

If you've had a chance to see the presentation, can you explain
whether it jives with the rules changes you've written about? *Do you
and Frank share the same opinion about their effects, or do you have a
different perspective?

Thanks,

I haven't seen anything in Frank's presentation to disagree with. He
presents the new TAT MAT rules accurately.
The big issues is, what are the strategic implications of the day
devaluation formulas. Here Frank is ahead of me.

John Cochrane