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Short-Selling with the O'Neil Disciples: Turn to the Dark Side of Trading by Chris Kacher, Gil Morales

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CHAPTER 2

Short-Selling Essentials

Thursday, May 6, 2010 began pretty much like any other trading day at our offices in the Southern California beach town of Playa del Rey. Our office resides in a red brick two-story building that was built in 1906 as the First Bank of Playa del Rey at the foot of Mount Ballona in what is basically downtown PDR, as the locals refer to it. Playa del Rey itself, which translates into “King's Beach,” lies at roughly the mid-point of the so-called Queen's Necklace, a semicircle of smaller beach cities that line the shores of the Santa Monica Bay from Malibu in the north to Palos Verdes in the south. The nickname was inspired by the view one has at night from just about any reasonable vantage point along the bay as the chain of lights from Malibu to Palos Verdes twinkles and sparkles like a string of radiant jewels.

Playa del Rey is in a sense a beach town lost in time, as it has somehow managed to escape the attention of developers who have otherwise “modernized” and built up every other beach town in the Queen's Necklace. Toes Beach, which was once an “epic” surf break at the mouth of Ballona Creek before the City of Los Angeles decided to build the small boat harbor that became Playa del Rey's neighbor to the north and was named Marina del Rey, lies some 100 yards to the west. To the east, downtown Playa del Rey is buffered from the urban/suburban sprawl of west Los Angeles by the Ballona Wetlands, a smaller remnant of the vast wetland that once ...

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