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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (6597)	12/7/1997 4:55:00 PM
From: GlobalMarine	Read Replies (2) \| Respond to of 20681

Larry: Excellent post. Everyone seems to hate shorty, but what they don't realize is that shorty plays a role in providing liquidity. If you want to buy shares, he may sell shares to you. And if you want to sell your shares, he may buy them off you (without shorty, who would have bought IPM shares on the Monday morning after THE press release?). People like to hate speculators too, but the latter also provide a role in providing liquidity...they assume of the risk that others wish to hedge, in an attempt to profit. For instance, if an oil production company wishes to sell oil futures to lock in a future price for its crude production so as to eliminate the risk of a decline in crude prices, the speculator may buy the futures, thereby assuming the risk of a price decline, so as to profit from a possible rise in future crude prices.