|
Touch Down (something I hope the Cow-Kissers get no more of in
Carolina today -g-), 1. I am still not sure whether to observe
Sunday or Saturday as the Sabbath, and I honor the sensibilities of
my Muslim friends, so I don't work on any of those days. -g- 2. I
don't pay much attention to short sale numbers because of the large
number of hedge funds in the world. The arbitraged trades, paired
stocks, convertible arb, etc. are all counted as straight short sales
by the stats, which they aren't. So I don't see any way to get at
the real #s. When prices get high, that short sale rebate looks
awfully tempting vs. a lower volatility, higher yielding security of
the same or a similar issuer. 3. By definition, beta cannot rise
for the market, as the market is the control factor. So, whatever
the market does is beta 1.0. But that is just the definition and I
know what you are really saying. Does the market swing more wildly
at manic tops and become more dull at depressive bottoms? I think
so. I haven't cranked any #s, but I remember bottoms as being dull
as watching paint dry while tops are whackozoid. MB |
