THE RESEARCH WAS CONDUCTED USING BOTH A PARTICIPANT-OBSERVATION METHOD AND INTERVIEWS. MOST DEALS WERE FOUND TO BE BASED ON RELATIONSHIPS BETWEEN TWO PERSONS, A SELLER AND A BUYER, WHO ENCOUNTER EACH OTHER IN A ONE-TO-ONE RELATIONSHIP. THE MAIN RESEARCH FINDING WAS THAT NONPROFESSIONAL TRADE IN STOLEN GOODS, OR FENCING, ALTHOUGH FRAMED IN TERMS OF ECONOMIC EXCHANGE, IS AN ENJOYABLE SOCIAL UNDERTAKING EFFECTIVELY OPERATING AS A MEDIUM FOR THE FORMATION, MAINTENANCE, AND RANKING OF SOCIAL RELATIONSHIPS. ALTHOUGH PARTICIPANTS TALK ABOUT RATES AND THE MONEY THEY ARE MAKING ON DEALS, A LOOK AT THE ACTUAL OPERATION REVEALS THAT THEY RARELY MAKE ANY MONEY AT ALL. AMATEURS OFTEN HAVE DIFFICULTIES RESELLING THE GOODS THEY HAVE BOUGHT, AND MANY TIMES THEY DO NOT CHARGE MORE FOR THE GOODS THAN THEY HAVE BEEN CHARGED THEMSELVES. CLOSE FRIENDS AND RELATIVES ARE OFTEN GIVEN GOODS AND NOT EVEN CHARGED COST PRICE; WHEN A FRIEND IS INVOLVED, MANY DEALS ARE MADE NOT FOR PROFIT BUT FOR THE PURPOSE OF REAFFIRMING THE ESTABLISHED RELATIONSHIP. A DEGREE OF PROFIT IS ONLY REALIZED WHEN THE TRADER IS DEALING WITH A MERE ACQUAINTANCE. IN FACT, THE VERY SOCIAL ORGANIZATION OF THE AMATEUR TRADE PRECLUDES THE POSSIBILITY OF THE MEMBERS MAKING ANY REAL MONEY.