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Strategies & Market Trends : Bear!
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To: Mike 2.0 who wrote (80)5/20/1998 11:50:00 PM
From: Michael Burry   of 271
 
So if the market falls, the bank gets your money
for free for 5-10 years? No thank you. I remember
hearing about it somewhere else as well, and
immediately thought, "sweet deal for the bank."
The bank is probably hedged 100% against a rise
in the S&P and hence makes out whether the
market goes up or down (a bank wouldn't have
it any other way!).

Mike
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