> From hliu at mindspring.com Fri May 21 17:24:11 1999
>
> Short sellers are pure gamblers.
>
>This is no more true than saying "long buyers are pure gamblers" ...
Yes it is. By the old-fashioned definitions, someone who buys a stock for its dividend is investing, and someone who buys a stock for mere price appreciation is speculating. (Ok, I said this was old-fashioned.) Less mustily, owning a stock represents a claim on real profits and real assets. Shorting a stock gives you title to nothing except a hope that its price will sink.
Doug