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To: stokaholic who wrote (946)	5/3/1999 2:11:00 AM
From: r g potgieser	Read Replies (2) \| Respond to of 1691

for the option there are more than one MM. As to zero sum game: wrong assumption. A MM holds the stock, sells us calls. Let's say price goes up: we sell back our calls with a profit but the MM offsets his loss with the profit in the underlying stock. Also remember the MM's sell to the public, basically they sell time which evaporates. 75% of the options expires worthless. Now that zero sum you might say is paid for by investors who drive the stock price up. For stocks it is not necessarily true either: if a company is really worth more, then paying more for a share is no loss to you. RG