A speculator who sells in the expectation of a decline. He is called "short" of the market. He is selling what he has not got. He does this in the expectation that prices are going down, and that he will be able to buy the stocks at a lower price than that he has to pay for them, and by delivering them at the price at which he sold to make his profit. He puts up his margin and takes his risk. As an illustration of what a "bear" is and does, suppose you believed that in a week's time corn would go down in price; therefore, you sell and promise to deliver so many bushels of corn at a certain price. If corn does go down, and you can buy it at a lower price than that at which you sold, you are a winner. If it disappoints you, and it goes up, you have to deliver it anyway, and are out of pocket.
"A LAMB."
A man who thinks he knows all about the Wall Street game, and bases this belief on the fact that he keeps abreast with the times, reads all the financial columns in the newspapers, wades through all the Wall Street papers and watches the ticker faithfully and conscientiously. When he is sure he knows all about it he goes jauntily down into the Street, and soon discovers that he knows nothing about it at all. He finds this out just at the moment when all his money is gone.
"A FLYER."
A flyer is a more or less reckless gamble, which pretty nearly everybody feels strongly inclined to make once in a while. When a flyer turns out right it is a very profitable thing, but the trouble with it is that it rarely turns out right or anywhere near it.
"A BREAK."
A rapid decline in prices of stock.
"A BULGE."
A quick upward movement in prices of stock.
"FLAT."