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Long and short of it

10 October 2007 By Mike Verdin

First, the UK bank s crisis handed big gains to funds like GLG shorting it. Now the stock s doubling since its nadir has put funds like RAB Capital, who are buying the shares, on the front foot. Northern Rock is trading like an option. Extreme volatility and a longer time to exercise the option thanks to the government rescue give it some value.

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