Re: UNITED AIR LINES TO LAY OFF 950 PILOTS

Mxsmanic <mxsmanic@[EMAIL PROTECTED]
> wrote:
> Nomen Nescio writes:

> > Do you consider the deed to my house to be "worthless paper"?

> The house is worth something, the deed may or may not be.

> > The dollar value of my house has dropped over 10% in the last year.
> > But it's still able to sell for 3 times what I paid for it.
> > And, in the end, it's still REALLY worth EXACTLY what I
bought...........
> > ONE HOUSE. It was worth one house when I moved in, it's worth
> > one house now.

> That's the house, not the paper.

The paper legally represents the owner****p of the house.

> > Anyone who considers futures contracts to be "worthless paper" is 
> > an idiot. They're only considered "worthless" by people who are on
> > the wrong side of the trade.

> In every single trade, there is someone on the "wrong side," so 50% of
those
> trading must consider it worthless.  Thus, it's no more than the flip of
a
> coin ... gambling, in other words.

Wrong again.

In the end the ultimate seller may make a profit or a loss on the sale
of the future, but the future almost never becomes worthless.

In trading futures one can influence the outcome and minimize the risks
by knowing what one is doing.

In gambling, about the only way to influence the outcome is to count
cards at games like blackjack, which isn't allowed in most casinos.


-- 
Jim Pennino

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