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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (7990)10/7/1998 4:53:00 PM
From: John Dally  Read Replies (1) of 86076
 
I went through both the summer 96 and spring 97 sell-offs starting off 200% long. It was no fun getting margin calls each morning & having to sell bit by bit over 2 months. I even got to know the margin guy at Brown & Company pretty well. At the worst point in summer 96, during a selling climax of my largest holding, I was intra-day at 18% equity!-ng-

Then things bounced back and it all got better. Just for kicks, once the market had headed back up, I called the margin guy at Brown & Co and chided him about having nothing to do. He said "John, you wouldn't believe it, but I've got a whole NEW bunch of people that are in deep trouble." I asked, "you mean the short sellers?" His answer, "Yes." -ng-

The real lesson is "Stay away from margin!"-ng-
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