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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Trebor who wrote (8202)8/29/1999 11:53:00 AM
From: Boca_PETE  Read Replies (1) of 15132
 
Trebor: RE:< didn't understand yesterday the guy who owns an S&P index fund and asked about shorting SPY >

I believe Brinker warned the person that hedging an owned S&P500 Index fund by shorting SPY might violate the new tax law that prohibits "shorting against the box" because SPY might be considered by the Internal Revenue Service to be "a like security" (after all SPY is a trust that owns the S&P500 stocks, and, the S&P500 Index Fund also owns the S&P500 stocks). YOU SHOULD SEEK THE COUNSEL OF YOUR TAX ADVISOR IF YOU PLAN TO HEDGE IN THIS MANNOR>

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