<table><tr><th>From:</th><th>Vincenzo lozzo</th></tr><tr><td>Sent:</td><td>Sunday, August 10, 2014 2:01 AM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>A note on shorting</td></tr></table>

Sorry for the email flood..

While studying I realized I forgot a big counterargument to your derivative o= the cyber stuff: even if you want to short the bond trough a derivative, w=o's going to take the other side of the bet? Everyone is/should be aware of=the moral hazard there I think

Not saying that invalidates your thesis on the fact that this can't work bec=use it's hard for investors to understand - just saying that I don't think s=orting it is a risk

Anyway, I'll go back to my studies :)

Sent from my (phone

<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">

<dict>

<key>conversation-id</key>
<integer>298920</integer>
<key>date-last-viewed</key>
<integer>0</integer>
<key>date-received</key>
<integer>1407636076</integer>
<key>flags</key>
<integer>8623750149</integer>
<key>gmail-label-ids</key>
<array>
<integer>6</integer>
<integer>2</integer>
</array>
<key>remote-id</key>
<string>430877</string>

</dict>
</plist>