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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ron McKinnon who wrote (32943)	9/26/1998 12:05:00 PM
From: Knighty Tin	Respond to of 132070

Ron, I don't know Knight/Trimark and I don't know what an inventory manager does in the trading business. Never heard of it before. Sorry, but I am out of date on this one. I do know that if it is a Robbers and Steals 'Em IPO, I'd investigate real closely. Standard market makers make their profits several ways. They earn the spread if they can get out in time, they earn part of the interest on short sales, and they charge commissions to individuals. I don't know where Nite fits in this picture. The big short seller probably jumped in before or just after the Craft article and the stock rebounded when Robertson defended their banking turf. Yes, market makers are relatively well hedged on their positions. What you are missing is that they are holding this inventory with a shoestring of real capital. And that includes Morgan Stanley as well as Nite. So, they'd better be very well hedged. But as to the specifics of Nite, I have nothing to offer. Hope somebody else can help. MB