then why are you holding several percent cash in your portfolio? what, you haven't seen any bargains in the last 10 days? you think we're going to Naz2K, Mr. Bigshot-Wizard-Who-Doesn't-Try-To-Time-The-Market? <GGGG>
To provide some Schadenfreude for all my fellow G&Kers, I will publicly note the following tidbit. While totting up my portfolio percentages for the survey, I saw something which I took to be a glitch but which turned out to be oh-so-true, and qualifies me for some kind of thread record.
In February, when my friend's pebble/princeling VoIP company ITXC had come down 1/3 from its recent high in a post-earnings sell-off, I sold some of the common and bought fifty contracts of Oct OTM calls with the strike price at the former peak. Great company, I thought, buy the dip, can't miss, yadda yadda yadda. We all know what happened in March and April; suffice to say that the stock is now down 75% from the high, ~60% from where it was when I bought the dip.
Oh, those options are now down 96.4%...
tekboy/Ares@noproblem,withoptionstheworstthatcanhappenisyouloseallyourmoney.com |
