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Strategies & Market Trends : 50% Gains Investing
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To: Dale Baker who wrote (252)11/19/1997 3:22:00 PM
From: Richard BabusekRead Replies (2) of 118717
 
Dale - Remember when shorting you (your broker) must have a place to borrow the shares. My first short (around 1970) was of a company I was sure would tank, shorted at about $85. It wound up at about $5. I was "assigned out" at about $75 because someone "demamded delivery" of the shares and my broker couldn't find another place to borrow shares for my short.

Ever since that time if I wish to short a stock I determine (or find) where the shares can be borrowed, assuming my brokers going two make one or two calls, then give up and buy me out in the same situation.

BTW there used to be (maybe still is) questionable practices on the Vancouver exchange. A collegue showed me a stock on that exchange that was beaten up to much less than book value, and the shorts numbered greater than the float, (it was selling for penney's and had pos earnings). Well my aquaintance and his associates accumulated shares for about 6 months and asked me to do the same. They all called there brokers at the assinged time and demanded delivery of their shares, it was one great short squeeze. The price went over $20 and fell back to around $5, a fair price.

This was years ago, I didn't get in (sounded too good to be true) and can't remember details.

Ricardo
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