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To: Carl R. who wrote (49278)	10/14/1999 1:19:00 PM
From: Bipin Prasad	Read Replies (1) \| Respond to of 53903

As for the option writers, if they are short 1 put contract, and the delta is .67 my understanding is that they hedge by shorting 67 shares of stock, Wouldn't that eat up all profits after commission? And plus gap down risk. How do they make money then? I got killed once last yr July with too many naked puts. Boy, that was bad. Bipin almost had heart attack. Good thing he's still ok. Anyway, it took me 2-3 months to repair. Thank you so much for your educational information! later, InSook