新視野大學(xué)英語(yǔ)視聽(tīng)說(shuō)教程第三冊(cè) Unit 10 Task 2: Stockbroker helps Mr. Junkie to short

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ABC stock reached$155. “$155” for a stock that should be valued at$100. Wow! “That’s it,” I said to myself. “It’s time I make a decision. I’m going to short that stock.” I thought to myself, “This stock is overvalued. It can’t remain at the present level for long. This means money in the bank.”

So I phoned my broker.

“I want to place a trade. I want to short 1,500 shares of ABC.

“I’m sorry, Mr. Junkie,” he said, “I can’t process that for you. Your account is cash account. You need a margin account to short a stock. I can send you the application form or you nearest financial institution to fill out the forms.”

The minute I got of the phone, I heard out the door because time is money. I ran to the financial institution to fill out the form and sent it to the broker by express mail service. Next morning I called him.

“Hello, it’s Mr. Junkie. Did you get my application?

“Yes.”

“Great, I would like to short ABC then.”

“One minute please…I’m sorry, Mr. Junkie, but you now need a shorter’s account.”

“What! You mean the margin account isn’t enough?”

“No, you also need a shorter’s account. Any financial institution nearby has the forms.”

Off I ran again. I completed the form and had a taxi deliver to my broker. In the afternoon I called again.

“Hello, it’s Mr. Junkie. I want to short 1,500 shares of ABC at $155.”

A few moments later he answered, “Mr. Junkie, I am sorry, but I don’t think that is possible.”

“Why not?”

“Well, the last trade went through at $99.”

F 1. The broker did not believe ABC stock could remain at $155 for long.

T 2. Mr. Junkie wanted to short 1,500 shares of ABC.

T 3.Mr. Junkie could get a margin account through either a financial institution or his broker.

T 4. To short a stock, one needs both a margin account and a shorter’s account.

F 5. Mr. Junkie asked a taxi driver the forms for a margin account to the broker.