Couldn't have said it better myself. Bingo. When a company dilutes the OS goes up. When the market dilutes the OS does not change. I'm not going to say who or what firm but I have a friend who works at a MM broker. He once told me that pretty much the entire OTC is roughly 30-40% short. The DTCC is a SRO and no longer forces cover as long as the firm has enough margin. How do you think all those guys drive Lamborghinis and Ferraris