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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (3082)	5/22/1998 1:44:00 AM
From: Richard James	of 4969

Steve, Did you ever have time to figure out the answer to Spots queery re whether shares are added to the float by shorting. (It was something like that.) A purchases 110 XYX, B borrows them and sells the same 110 sh short to C. D borrows them and sells them short to E. A, C and E show a total of 330 sh in their combined accounts, but there are only 110. Perhaps it is more like Al's neighbor Bob borrows Al's car and sells it to Charles. Charle's Uncle borrows it and resells it to David. There is still just one car and when Al needs it, and Bob will have to buy it back from David to return to Al. At all times, there is only one car but three people think they own it. TIA Richard James Richard James

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