[VISION] | PEOPLE: There are no visible people in the image. | TEXT: The text in the image is as follows: --- From: Paul Barrett Sent: 7/13/2018 6:57:15 PM To: jeffrey E. [[email protected]] CC: Richard Kahn Subject: RE: AVGO Attachments: image003.jpg; image004.jpg Importance: High We own 8000 shares on the thesis that their growing exposure to data center capex spend would be a big positive for the stock. Recommendation: Keep the stock and buy Aug $200 puts on the 8000 shares costing $6.50 or $52,000. Nothing has changed regarding their core business. Data center spending is not going to change based off this M&A transaction. However if I am wrong and the market further penalizes the stock at least our losses are contained. The stock has dropped $40 and I think we could easily recoup our premium if the market buys into the CEO’s reason for the merger. If I never had a position I would absolutely buy the stock using options. I would be selling October $185 puts and buying Oct $220 calls costing 50c/share. Paul From: jeffrey E. <[email protected]> Sent: Friday, July 13, 2018 2:18 PM To: Paul Barrett Cc: Richard Kahn Subject: Re: AVGO Again?? How many puts? What are the alternatives. The fact that you own the stock at a higher price is affecting your decision. Sorry. This is just ridiculous!!! Would you buy the stock here. ???? If you would would you also buy puts ??? My patience is at its end On Fri, Jul 13, 2018 at 2:13 PM Paul Barrett wrote: My initial recommendation this morning was to buy the $200 Aug puts. I still think that is the best idea. The stock is now down 16% on a deal that no one fully understands. The CEO has a good track record regarding mergers. So I think it makes sense to keep the stock and own protection for the next 35 days until we hopefully get more clarity from management. Paul Barrett | OBJECTS: The objects include an email message with attachments named "image003.jpg" and "image004.jpg". | SETTING: The setting is an email communicat