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What I don't get is if you ban hedgefunds and shorts except for the commodity producers, what is really lost?

No, Anurag, in a fully functional market, shorts add liquidity. This is very, very important.

Now, no one is making the argument that markets are always efficient. I know some people who nearly went broke trying to short Juniper Networks in 2000. But this liquidity at the retail and wholesale level is quite important, even if it isn't entirely palliative.

Bill Mann
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