Wednesday, March 19th, 2008...12:33 am
Betting against Bear: short sellers profit
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Short sellers profit by selling shares borrowed from a broker, which they hope to replace later with stock at a lower price. To close out their position, short-sellers need to buy shares to repay their broker loans. About 19% of Bear’s 115 million available shares were in the hands of short sellers as of the end of the last month, according to Yahoo data, suggesting plenty of investors bet big against the firm and profited enormously from Bear’s misery. CrainsNewYork.com
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