Beat the market by Edward O. Thorp, Sheen T. Kassouf

By Edward O. Thorp, Sheen T. Kassouf

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186-187). Now such opportunities rarely arise and are almost immediately “killed” before they amount to anything. 00 shares of common per warrant for $25. Many warrants entitle the holder to buy more or less than one share of common. 08 shares of common up to and including the original expiration date of September 15, 1967. How did this come about? On March 30, 1961, holders of Sperry common received a 2% stock dividend. This means that for each 100 shares owned, 2 more were given so that 102 shares then represented what 100 shares did previously.

Even when most stocks are going up (a bull market) some stocks are instead dropping in price and their owners are losing. Still worse are the times when the great majority of stocks are falling rapidly (a bear market); then it is the rare investor indeed who holds a stock that is rising in price. Unfortunately, it is at these times, when most stock prices are falling, that the average investor most needs to sell his holdings. Stocks fell on an average over the three years 1929 to 1932 to a mere 13% of their original prices.

A client who opens a margin account allows his broker to lend securities he purchases. Many cash-account clients also allow their broker to do this. The client is safe because the broker lends these securities only if the borrower puts up in return full cash value as collateral. If the security should rise in price, the account is market to the market, as described earlier. After you place an order to sell short, and often not until after it has been executed on the floor of the exchange, your broker asks his cage man if the firm has physical possession of the securities.

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