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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Amigo Mike who wrote (5132)	5/24/1998 12:01:00 AM
From: Phil Jacobson	Respond to of 29382

Mike, Shorting a company that goes bankrupt...I like that - you just sort of keep the trade open forever, never recognizing the gain. Short a scam stock in order to scam the IRS...poetry in motion. From their standpoint I'm pretty sure they'd want you to report it as soon as the stock is widely understood to be worthless, but I guess I'd put the idea under the "worth a try" category to be sure. But if they ask I wouldn't take that one to tax court... TALK just drrriiiippps with scam. If anyone has access TheStreet.com, it's well worth taking a look at the GIF file of the actual letter Borislow wrote. Sometimes a good short is due to a very sad situation. Look at LOR and Bernie Schwartz - this is probably also a good short as you commented to me the other day. I'm absolutely convinced the company did nothing wrong but it's getting killed by the worst kind of McCarthyism we've seen since McCarthy himself. A 72 year old CEO who's had a spotless record for 30 years deserves better than a Gingrich witch hunt that happens to also sell lots of newspapers. But who's right and wrong doesn't always determine a stock's price eh? I've fallen victim to wishful thinking on that one...owned it for a long time, sold it when it looked like things were getting out of control, then bought back my position when Janet Reno decided not to pursue an independent counsel. My confidence was too early, much too early I'm afraid. Phil