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To: patron_anejo_por_favor who wrote (32858)	11/1/2000 1:20:52 AM
From: Perspective	Respond to of 436258

<That's the single most important lesson in shorting.> That, and: Never short into weakness. You can buy strength in a bull market, but shorting weakness will cause your early demise. It also took me quite some time to figure out that 50% short liability to equity is the complementary position to being fully invested long. If you're at 100% liability to equity, it's like being long on margin at 50% equity. Portfolio "velocity" is twice as high on the short side because of the inverse relationship between liability and equity. Thanks for the heads-up on ALTR - looks like they gave up the day's gains in after-hours. I hope that works its way through to the trading tomorrow and infects the rest of SOX. I expect lots of Q4 guidance lowering in the semiconductor arena, but I'm thrilled to see it happening so soon! Analog Devices should chime in with downward guidance before too long as well. Their quarter just ended today, and they should be feeling what every other semiconductor company is feeling: the end of a short but vigorous cycle. BC