RE:RE:RE:RE:It's what it's... enjoy the ride up
Thanks to Mas75 pointing out that the -C$50M "unrealized loss" of FF's BlackBerry holding is for the year and not from the beginning. I'm happy to see that. As this unrealized loss had bothered me, in conjunction with the pong pong trades I have observed and the outsized CIBC Market Maker accumulated net selling over the last three years (-16M shares, with day zero as zero), caused me to think something is not smelling right. Was the debenture taking advantage of a possible price manipulation? So you see where I'm coming from. ______ Something is funky with the outsized CIBC net selling position. The -16M shares is much larger than the short outstanding (~-10M). They are likely ping pong trades. It's likely by a hedging program, algo, and/or arbitrage program. These programs do not have to mark their trades as "short trades". They mark their trades as "short-marking exempt" trades. At the end of the day, they go flat. Here is how abuse can happen. With the algo, you don't need to borrow shares, just sell with CIBC MM and buy with Anonymous MM to go flat (have you seen 100 shares trade with a few cents tick down?). Algos can overwhelm the market, you can drive up or down the price. But by who? So my doubt went to either FF (seeing -$50M unrealized loss) or an outsider. _______