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To: TINKER TAPE who wrote (1818)	1/23/1998 5:34:00 PM
From: art	Respond to of 27968

Perry Mac I believe the float is only the number of shares of a cororation that are outstanding and available for trading by the public. I do not know if the MM fit into this catagory maybe some one can give me an answer on this one also. Thanks Art

To: TINKER TAPE who wrote (1818)	1/23/1998 5:57:00 PM
From: Brad	Read Replies (2) \| Respond to of 27968

Perry Mac, Any unrestricted shares that are held publicly could be considered part of the float, because they "could" be traded on any given day if the holder decided to do so and the liquidity could absorb them. It should also include the shares held by MMs because MMs are NOT in the business of "holding" shares (although they might sometimes). That's why they are called "marketmakers" and not "shareholders." However, as we all know, MMs often sell shares they don't actually have (sell short). I am not aware of any exact way to figure how many shares MMs sell short on any given day. So it seems to me that the "float" is usually just a relative term. Best wishes, Brad