Cobra itself has acquired little if any actual stock.
With actual stock, executives gained and lost money as their shareholders did.
This proxy would own no more than a few of the fund's actual stocks.
That profit will offset part of the loss sustained on the actual stocks.
There are several advantages to using futures instead of actual stocks.
And anyhow he did not see much actual stock, here.
Picking actual stocks bores him, and he usually leaves that task to his analysts.
It would also be more difficult to adjust fishing to actual stocks.
However, this did not involve any renumbering of the actual stock involved, and was merely for electronic records.
Much more contentious are proposals for limits on how far the price of actual stocks could move up or down in a day.