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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (94355)2/3/2002 5:34:08 PM
From: Tommaso   of 132070
 
I wonder how many people have got wiped out over the past 3-4 years by shorting. I was barely able to maintain what was for me a very large short position on the technology index (XLK). In the end, I made a profit, though not much. I gradually learned how to do much better, first with the leap puts on the comtrash, and then especially by repeatedly shorting and covering the QQQs last year.

If you had asked me five years ago if I would ever be caught shorting anything, unless if might be against the box, I would have said "positively not." But then in 1973 I never thought I would ever use margin--certainly not if call money was around 20%. Then came 1980-82. When the extremes come, the only way to preserve real wealth is to go to the opposite extreme.
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