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commodity futures trading. Both at trial and in his post-
trial brief, petitioner attempted to establish a relation-
ship between his commodity trading and his business of
being a "free lance writer/self-publisher". As mentioned
above, he argues that he was required to trade commodity
futures in order "to hedge or solve" "two major copyright
problems [that] happened in 1988." The first problem was
the fact that the Wall Street Journal changed the format of
its Commodities Page and expanded it to include two lead
stories. This change threatened to make obsolete
petitioner's "mechanical" system of trading commodity
futures based upon one lead story, and, thereby, to make
petitioner's manuscript valueless. The second problem was
the fact that petitioner's promotional literature was
audited by the NFA. According to petitioner, he traded
commodity futures "to document the accuracy of any
statements" he made in promotional material for his
manuscript.
It is not necessary for us to address petitioner's
argument that there was a direct relationship between his
publishing business and the commodity futures that he
traded. Even if we agreed that such a relationship
existed, we must nevertheless sustain respondent because
petitioner has failed to show any relationship between the
price or value of his manuscript and the price of the
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