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To: slipnsip who wrote (5333)	6/10/1998 5:59:00 PM
From: Richard Hoffman	Respond to of 164684

I also felt that I needed protection for my short and chose to sell Jul 55 puts. (probably foolishly!) Can't help remembering an article in the March, 1998 issue of Smart Money about Bill Fleckenstein and the RTM hedge fund. It finished 1997 with a 57% return although virtually all of his portfolio was devoted to shorting stocks. At one point RTM was down 30% and he confessed that at one point, even his house was up for sale. He said that timing is a big factor in short selling. "Because losses are potentially unlimited, it isn't enough to be right in the long run-- you may go broke before you get there."