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To: Skeeter Bug who wrote (27507)	11/22/1998 5:42:00 PM
From: Mike M	Read Replies (2) \| Respond to of 164684

<< He shorts by selling his longs and "boxes" by buying them back.... Skeeter, one does not necessarily short by selling their longs.... To short is to borrow shares that do not belong to them with the promise to buy them at some later date....and to box is not to buy "them back", but to buy an equal number of shares in ones type 2 margin account. Thus they are short in the type 5 account (strictly for shorts) and long the same company and same number of shares in the type 2 margin account. As for "losses recorded" , none have been recorded to date nor will they until I close one of the positions....For instance, if I sell the shares I purchased in the type 2 account (@176) for 184 I will record a gain of $8 net commissions....If I then hold the short and sell it next week at 160, I record a gain of $14 (sold short at 174)..... That is the long and the short of it....