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To: pater tenebrarum who wrote (82232)	1/4/2000 12:46:00 PM
From: Cynic 2005	Read Replies (2) of 86076

<<Since he started the short index, Mr. Strunk has seen the number of short sellers he covers dwindle from a high of 25 down to 10 this year. The latest one to close its doors: A San Francisco-based short seller with $100 million in assets decided to call it quits in December after being down 20% for the year, Mr. Strunk says. "I had a talk with him, and he said he can't understand valuations and hasn't been able to understand them for a couple of years. They don't have a rhyme or reason. He's going to return the money and get out of the business," Mr. Strunk says of the 14-year veteran. "It's clearly been an unusual decade," says Paul McEntire, chairman of the BearGuard fund, which is used as a defensive hedge for clients who are long on the market. "It's gotten easier to find stocks we believe are overvalued, but on the other hand, because of the way the market has behaved, most of them haven't produced positive returns from the standpoint of being short.">> interactive.wsj.com

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