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Non-Tech : Invest / LTD
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To: drsvelte who wrote (4233)10/14/1998 10:20:00 PM
From: Lee Lichterman III  Read Replies (3) of 14427
 
It seems just from what has been posted that various brokerages differ greatly. I saw one person post that options had to be bought on margin where as Waterhouse does not allow options on margin. I believe Yamner pays interest to you on short sales. I would not short in any account that charges me interest for loaning them money. That is ridiculous. I do not use margin but the other poster was correct that at least with most brokerages, you must have a margin account to short just in case the stock goes up a million percent because they cure cancer over night or something like that. When shorting, your losses are unlimited where if long, the stock can only go to zero. I fired DLJ a long time ago due to their non investor friendly ridiculous rules on options and long time spent on hold in crisis situations. I have been fairly happy with Waterhouse and very happy with Yamner and Brown Co. EDIT - DLJ also waits 5 days before paying you interest on sales of stock but Waterhouse and others start the clock immediately.

Lee
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