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To: Happyman who wrote (4259)	6/26/1998 6:23:00 PM
From: Zbyte	Read Replies (1) \| Respond to of 4783

Repost; To: Zbyte (who wrote...) From: Eric Stendal Friday, Jun 26 1998 5:49PM ET Hello Jeff, >>But then what is the difference between the two? short and naked short...ÿ Jeff<< Nothing more than public disclosure. If one says "I'm short MSFT", then the recipient of that bit of news knows that 1) The speaker has shorted MSFT; and 2) It may or may not be naked. If on the other hand one says "I'm short MSFT and naked too", then the recipient knows that 1) the speaker has shorted MSFT, and 2) the speaker's ass is hanging out with unlimited liability. If someone shorts, he either covers with such items as a) owning the actual stock, b) buying a call option, or c) placing a buy stop order, or --- he goes naked and hopes like hell that the market goes down. If it goes up and he's not covered (that is he's naked) he has unlimited liability. Take care, Eric