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As put options emerge as yet another sting in the tail of an overoptimistic view of market prospects, investors are zooming in on companies that are already stretched to breaking point – among them the telecoms and some auto manufacturers. “We sold out of France Telecom in November because we were concerned about its off-balance-sheet obligations,” says a rather smug fund manager. But some lower-profile names are now also looking strained.
Put options are nothing new.
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