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To: Gary105 who wrote (18544)8/2/2001 8:19:50 AM
From: GVTucker  Respond to of 21876
 
A short sale doesn't count as a direct net credit against a long purchase. Short sales carry different interest credits and require margin on their own, so it's a lot more accurate to calculate a yield based upon the long position (while giving credit for interest from the short sale), while you can measure the risk based upon the net exposure.

Of course, many hedge funds can lever the thing 10 to 1 if they want, pushing the actual return into triple digits. Of course, a little change of interest rates in the wrong direction can take a 10x levered fund to zero, but that doesn't stop a lot of people when they're playing with OPM.



To: Gary105 who wrote (18544)8/2/2001 11:58:12 PM
From: Gold Panner  Read Replies (1) | Respond to of 21876
 
Are the convertibles on the public market??? Or was the deal just for a group of institutional investors (and not for small investors)? I would like to know, it sounds like an attractive deal. If these securities are traded on the public market does anyone know what the symbol is.

Thanks.


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