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To: FWS who wrote (41810)	9/19/1999 12:18:00 AM
From: Jon Koplik	Respond to of 152472

I worked as a trader only to accumulate capital to (theoretically) do smart things for my own account (totally independent of what I was doing at work) so that I would not have to go in to work. The stuff I did at work (reverse conversions and long conversions) has almost no relevance to what mere mortals like you or I can do for our own accounts. The most important feature of doing massive amounts of reverse conversions is : the short sales of stock bring money into the firm, reducing the size of the firm's net debit position (typically billions of dollars) that needs to be financed overnight. Jon.