Ann: Change in substantial holding , page-6

Those borrowed shares worry me. That means they're playing both sides of the market as trades, rather than accumulating as a long term investment.

Borrowed shares are only good for one thing - short-selling!

If Morgan Stanley are buying long then shorting, they're trading the swings. And that means the rug could be pulled out from under at any time, when they decide they've had enough fun, and short it big-time all the way back down.

If they're hedging by shorting, while accumulating volume, they shouldn't need to borrow shares - they could short ones they actually own.

Methinks they're playing silly games - and as usual, it is likely to be at our expense.