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Strategies & Market Trends : Revelations
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To: Torus who wrote (62)2/24/2001 11:37:51 PM
From: peter michaelson  Read Replies (2) of 93
 
Torus:

I am not sure whether your comments came from thinking those Raging Bull posts were my own. They were not. But your question is one I have thought about quite before.

Perhaps it is self-justification, but the conclusion I came to is that the shares that we sell short are ones that the perpetrators of the pump and dump would sell if they had the chance. We take from those 'bad' folks, not the naive investor.

At the same time, we publicize our findings such that the information is available to anyone. This often causes the perpetrators to be unable to sell as many shares as they otherwise would.

This is not a selfless endeavor, I grant you, but there's enough morality for my needs. And the profit motive is what keeps us going, exposing frauds consistently over the years.

I am open to counter-opinions.

Peter
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