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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Jumper who wrote ()9/16/1999 12:51:00 PM
From: KeepItSimple  Read Replies (2) of 86076
 
One thing to worry about when the Big Kahuna happens:

If you hold puts, and lets say you bought really out of the money puts, which suddenly are in the money to the tune of several million dollars.. well, chances are the person who sold them to you wrote naked puts.

and if the person can't pay, you'll never see your profits.

that's the fine print you'll see on any options agreement with every major brokerage.

bears must take tiny bites.. if they get too lucky, the market will find a way to avoid paying.
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