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: Oh, crap!

You have your trader pick up the phone and say you need a bid on 500,000 shares of Crummy.com. Crummy is trading at 7, down from 120. It has been down in a straight line. You need money. It is a place to get money. The trader on the other end, from the sell side, has no interest in buying any Crummy.com. None whatsoever. In fact, he has watched this stock go down every day. Like everybody else. He says he will bid 5 for all 500,000. But Jacobs has never ever seen a bear market. He doesn't know that's a fair bid. That's a great bid! He thinks the sell-side guy is ripping him off. So he passes. And he sells off some more of his winners to finance the loser, Crummy.com.


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