thanks, Ritch, but you don't want to see me here--unless you guys are looking for a new "thread moron" (I hear the post is vacant<GGG>)...
I'm one of those "merry men" ed has been talking about--you know, those idiotic G&Kers who mistakenly applied LTB&H thinking in their amateurish forays into options, and got their head handed to them on a plate...
I accumulated a ton of Aug 85 GMST calls on various dips during January, averaging in around 9... figured, hey, it's a gorilla2B, can't miss, etc. etc... held ecstatically as the underlying rose above 100, and my calls rose into the mid-high 20s... then held miserably as the underlying sank back into the depths, with the calls now around 2...
Two comments: one, I should have listened to my more experienced elders rather than getting cocky (ed: I mean UF warned me, rather than egging me on)...two, I should have applied an entirely different attitude for my short-term investments (like options) than for my LTB&H core... well, I learned a lot, anyway, and will profit in the long run, I hope...
Ironically, the one investment that everyone gives me shit for--the purchase of a "monkey" a month ago--was brilliant, but I had to dump it quickly to meet an impending margin call... bought wvvat's (Jan 02 100 AMD LEAPS calls) when the underlying common was ~55, now it's ~92... lessons learned: one, excessive margin can kill; two, if you have a knowledgeable friend in the industry, listen to him...
back to occasional lurk mode,
hope all insurgents have the chance to become establishmentarians one day so they can learn how difficult the responsibilities of power are,
best to P&J (still think you need a B in there),
tekboy@posterboyforthemerrymen.com |
