Ann: Variation of Takeover Bid, page-234

Eyes, please don't go there on shorting. This market manipulation has nothing to do with shorting. But while I'm on the topic, here's just a few points about it:

(1) It's been legal for over 100 years (check out Edwin Lefevre's book Reminiscences of a Stock Operator, a thinly disguised biography of Jesse Livermore who was trading in USA in the early 20th century, and shorting was around then), so no politician would contemplate banning it (though note it was banned in many countries including Australia during the early days of the GFC)
(2) it provides increased liquidity in the markets
(3) it often provides the dips which are vital for regular punters going long to "top up"
(4) a good stock will rise above shorting and perhaps a bad stock should be punished by being pushed down by it
(5) for non-stock financial instruments (e.g. FX, commodities & indexes), where it is as common as going long, no one gives a damn about it. It's only mum and dad investor who get their balls in a knot over it.
(6) As a disclaimer, I short as often as the opportunity present itself, day trading ASX and intraday trading FX, commodities & indexes (am doing it right now on FX ) - all advanced ST traders do. And believe me it's fun -as the saying goes, prices go up the stairs and down the lift.

Though please guys, let's not get into an argument about the pros and cons of shorting, mainly because it is almost irrelevant to AGO but also because it is so tiresome to hear punters banging on about how evil shorting is (e.g. check out the GXY forum where they have a regular thread dedicated to bashing shorting!).

Cheers, GW

P.S. Geeze, I think I missed beer o'clock!