Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: Ploni who wrote (9177)	12/31/1997 7:22:00 PM
From: Bill Wexler	Read Replies (1) of 9285

I haven't covered my BVF short. I am expecting that the funny income accounting will finally show up big-time in the next earnings report. Note that the Q3 cash flow was negative. The company had to borrow 10,000,000 from its short term credit line to keep on operating. I know its annoying to be squeezed in the interim (that's the nature of the game - remember you're dealing with a CEO who secretly trades the stock out of accounts in the Barbados), but my position is relatively small and I have an ocean of margin to play with. I'll significantly increase my position a few days before the next earnings report. I shorted a little more Yahoo at 70. I'm upside-down over $50K on this position and the call options are way too expensive to hedge with. I'm still kicking myself for this one.

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