Richard, I have to tell you my famous SEC story. When I was at the St. Paul Cos, I ran a dividend capture portfolio. Basically, I bought stocks and sold calls. Every once in a while I sold a call right before some important news came out and took the stock down. And every time the SEC would call my bosses and ask if I am trading on inside information. And every time I had to explain that I was also long the stock, so I obviously did not know that it was going to decline. O.K., the SEC is now happy and they go off to bother somebody else. However, now, top mgt. at The St. Paul want to know who this Mike Burke is who made this stupid decision. They never heard about any of the hundreds of great trades I did, but if I did a really lousy one, the SEC would give them a ringy dingy. <G> I really hated that. It is a lot like being a bear on the Net.
I am in FLC for the duration or some price over my time line of expectation. For example, if it goes to $20 tomorrow, it is history. But if it goes to $20 in March, it stays.
MB |
