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Gold/Mining/Energy : Crystallex (KRY)

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To: flightlessbird who wrote (6431)	3/8/1998 4:02:00 PM
From: Ward Nicholson	Read Replies (3) of 10836

Flightlessbird: From your posting (#6431)... 1. If you faced losses in excess of 200% (with a ceiling unknown) by shorting a stock at $5US and faced a covering situation potentially n excess of $15 (and perhaps much higher), what length would you go to to stem the tide? I wonder aloud how likely this is: This KRY situation has afforded me my first view of Asensio in action. Now, correct me if I'm wrong, but if this guy had any sense of money management at all he would never have let himself get into such a position. (Then again, we had mutual fund morons buying Cartaway over $20). Anyway, one of either these two scenarios seems more likely: 1. When your position goes against you, losses are taken at a certain point and you chalk it up to a bad trade. 2. When you take on a short position you hedge, or insure yourself by buying calls. Of the two, #2 seems more likely to me. I am certainly willing to believe that he started shorting this at a lower price. Maybe he's been shorting it all the way up to KRY's high. But, if that's the case, I wouldn't be surprised to find out he's made a bundle on KRY calls during the bull-run. WN

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