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To: SecularBull who wrote (15188)	4/6/1999 10:43:00 AM
From: JDN	Read Replies (3) \| Respond to of 64865

Dear LoD: Lets be fair to Dale, perhaps we misunderstood, perhaps he is "short" in other ways. JDN

To: SecularBull who wrote (15188)	4/6/1999 11:09:00 AM
From: Dale J.	Read Replies (3) \| Respond to of 64865

No. That is illogical. PUTS are just a leveraged short position. If you use 4:1 leverage you will tie up 1/4 the capital, but you will lose it four times faster plus the premium. Either way I decide up front how much I am willing to put at risk. With PUTS if it expires beyond the strike you lose 100%. If you short outright you still have to decide at some point (similiar to a strike) to cut your loss. Actually shorting outright can give you more flexibility as there is no time constraint. PUTS can be just as risky if not more risky than shorting outright. PUTS can be used as a hedge or just mere speculation. I was using them for one reason: I was betting the stock price would fall. But far more important. What does it matter. Your name is longOnDELL. If you said you bought call options instead of owning stock what difference would that make to me or anyone else? What would it matter?