<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=Windows-1252"> <META content="MSHTML 6.00.2720.3000" name=GENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=#ffffff> <DIV><FONT face=Arial size=2>rates fell, the value of their bonds would rise.</FONT></DIV> <DIV><FONT face=Arial size=2>Druckenmiller next indicated that the fund did have a larger yen</FONT></DIV> <DIV><FONT face=Arial size=2>For a decade, he had not permitted any of his funds to invest in</FONT></DIV> <DIV><FONT face=Arial size=2>left open the possibility that Soros might suffer his second down year</FONT></DIV> <DIV><FONT face=Arial size=2>of activities. The only thing they have in common is that the managers</FONT></DIV> <DIV><FONT face=Arial size=2>matter-of-factness that seemed to belie the size of the disaster. The setback</FONT></DIV> <DIV><IMG alt="" hspace=0 src="cid:000501c793e2$7362b850$636bbc50@billing" align=baseline border=0></A></DIV> <DIV><FONT face=Arial size=2>February 14.</FONT></DIV> <DIV><FONT face=Arial size=2>he had acquitted himself well.</FONT></DIV> <DIV><FONT face=Arial size=2>in unregulated markets, Soros told reporters. I think that it behooves</FONT></DIV> <DIV><FONT face=Arial size=2>much confidence he was generating in the early months of 1994.</FONT></DIV> <DIV><FONT face=Arial size=2>he was having a stellar year: Tigers Jaguar Fund had fallen by 11.5</FONT></DIV> <DIV><FONT face=Arial size=2>that the risk involved</FONT></DIV> <DIV><FONT face=Arial size=2>have a tendency to overshoot and so I dont believe in the perfect</FONT></DIV></BODY></BODY></HTML>