Sorry, your right about 415%. I'm somewhat keyboard challenged.

But the premiss is valid. If you bought FWR at .25 and exchanged them for Cliffs at 1.00 even if cliffs drops 15% you still can use a realative margin of 42.5 cents or fully 17.5 cents over your initial capital outlay. Gives you a reasonably secure base and you can still take a flyer on riskier investments looking for the multiples small cappers crave. If Cliifs claws back, as it most likely will, you can win on both fronts.

cheers and best of luck

carry