Message-ID: <14629140.1075854853132.JavaMail.evans@thyme> Date: Wed, 13 Jun 2001 10:59:57 -0700 (PDT) From: m..presto@enron.com To: henry.emery@ubspainewebber.com Subject: RE: Portfolio Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Presto, Kevin M. X-To: '"Emery, Henry" @ENRON' X-cc: X-bcc: X-Folder: \Presto, Kevin M (Non-Privileged)\Presto, Kevin M.\Sent Items X-Origin: Presto-K X-FileName: Presto, Kevin M (Non-Privileged).pst Sounds OK for now. Long term, your portfolio manager should know how to value options. -----Original Message----- From: "Emery, Henry" @ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebber+2Ecom+3E+40ENRON@ENRON.com] Sent: Wednesday, June 13, 2001 10:12 AM To: Presto, Kevin M. Subject: RE: Portfolio Mr. Presto, Your current fee is 1%. I called the PaineWebber online services. There is no way to make the system reflect the fact that your NQ stock options don't go below zero. I did create 2 new portfolios for you though. So now we have the following: Presto-ENRON: Lists all stock options along with their gain/loss(first on we created) Presto-Enron Restricted: Lists only your restricted shares Presto-Enron3: Lists only those options that have a value greater than zero. This portfolio, I can update monthly for you, or as often as you wish. This is, I feel, the way that will give us the truest overall value of your stock options, and it will also help us focus on the in the money options for exercise purposes. Please let me know what you think. Thanks, Hank Emery -----Original Message----- From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com] Sent: Friday, June 08, 2001 8:41 AM To: henry.emery@ubspainewebber.com Subject: RE: Portfolio Thanks. -----Original Message----- From: "Emery, Henry" @ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe r+2Ecom+3E+40ENRON@ENRON.com] Sent: Friday, June 08, 2001 8:31 AM To: Presto, Kevin M. Subject: RE: Portfolio Will do. Let me figure something out for the online portfolio. The only problems we have for the online portfolio are that it is pretty limited in our parameters. We'll figure something out though. Thanks, Hank Emery -----Original Message----- From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com] Sent: Thursday, June 07, 2001 7:15 PM To: henry.emery@ubspainewebber.com Subject: RE: Portfolio I think you forgot the cash position. I would rather have on-line valuation, even if the $'s aren't perfect. I like to look at my personal equity portfolio (includes Enron hedging) separate from Enron granted stock and option value. One portfolio is liquid and the other is not and I monitor differently. -----Original Message----- From: "Emery, Henry" @ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe r+2Ecom+3E+40ENRON@ENRON.com] Sent: Thursday, June 07, 2001 5:13 PM To: Presto, Kevin M. Subject: RE: Portfolio Mr. Presto, Why don't I just do this for you on a monthly basis? Please see attached PDF Acrobat file. Please let me know if you have trouble opening it. Thanks, Hank Emery -----Original Message----- From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com] Sent: Thursday, June 07, 2001 4:00 PM To: henry.emery@ubspainewebber.com Subject: RE: Portfolio Thanks. -----Original Message----- From: "Emery, Henry" @ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe r+2Ecom+3E+40ENRON@ENRON.com] Sent: Thursday, June 07, 2001 3:54 PM To: Presto, Kevin M. Subject: RE: Portfolio Mr. Presto, I'll work on some things. let me play with it for awhile and I'll see what we can figure out. Thanks, Hank Emery -----Original Message----- From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com] Sent: Thursday, June 07, 2001 3:48 PM To: henry.emery@ubspainewebber.com Subject: RE: Portfolio Except it can't be negative because they were grants at no cost to me. The problem is the combination of restricted stock which is total market value and options which is gain/loss need to be added together to get total portfolio value. I was hoping you could trick the system so portfolio value was accurate. -----Original Message----- From: "Emery, Henry" @ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe r+2Ecom+3E+40ENRON@ENRON.com] Sent: Thursday, June 07, 2001 3:30 PM To: Presto, Kevin M. Subject: RE: Portfolio Mr. Presto, That is true, I was wondering if we shouldn't just figure that the Gain/Loss(Difference between the current market value and the cost basis) represents the actual value of the stock option portfolio. Does that make sense? Thanks, Hank Emery -----Original Message----- From: Presto, Kevin M. [mailto:Kevin.M.Presto@enron.com] Sent: Thursday, June 07, 2001 2:20 PM To: henry.emery@ubspainewebber.com Subject: Portfolio The options are not valued properly. The market value is calculated based upon the value of the underlying, which grossly overstates the market value of the portfolio. The restricted stock (basis of $0) is valued OK, but the options are not. In addition, the year restricted stock and option grant is not yet in the portfolio. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBS PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBS PaineWebber and UBS PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: UBS PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBS PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBS PaineWebber and UBS PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: UBS PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBS PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBS PaineWebber and UBS PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: UBS PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. - PRESTO-MAY.pdf << File: PRESTO-MAY.pdf >> Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBS PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBS PaineWebber and UBS PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: UBS PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBS PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBS PaineWebber and UBS PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: UBS PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.