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To: Torus who wrote (62)	2/24/2001 10:50:24 PM
From: Fundamentls	Respond to of 93

Torus, I was puzzled by this too. Those of us who follow Peter know him to be one of the most honorable and ethical people on SI. My illusions were shattered, but only temporarily. The first clue was his inability to write clear English, that didn't seem like Peter. But after all it's Saturday night, and we can't all be at our best all the time <g>. The second clue was the footnotes where he listed Raging Bull posts. Follow that second clue and you will realize that this wasn't Peter at all. It was Peter quoting someone else. Peter, you should be more careful, you will ruin your reputation! Regards, Fund

To: Torus who wrote (62)	2/24/2001 11:37:51 PM
From: peter michaelson	Read Replies (2) \| Respond to of 93

Torus: I am not sure whether your comments came from thinking those Raging Bull posts were my own. They were not. But your question is one I have thought about quite before. Perhaps it is self-justification, but the conclusion I came to is that the shares that we sell short are ones that the perpetrators of the pump and dump would sell if they had the chance. We take from those 'bad' folks, not the naive investor. At the same time, we publicize our findings such that the information is available to anyone. This often causes the perpetrators to be unable to sell as many shares as they otherwise would. This is not a selfless endeavor, I grant you, but there's enough morality for my needs. And the profit motive is what keeps us going, exposing frauds consistently over the years. I am open to counter-opinions. Peter