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Strategies & Market Trends : Margin Calls - Share The Pain
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To: daffodil who wrote (62)12/1/2000 9:59:57 PM
From: doniam  Read Replies (1) of 158
 
For those of you that weren't in the market back in '87, I offer this. Believing that the market "couldn't go down further" I was naked a bunch of index puts. Back then you could write naked options with very little equity. The Friday before the crash I could not stand any more pain and covered the put exposure just before the close. Bitched all weekend to myself about the bad fill I got, but believe me was very thankful the next Monday. I would have been wiped out and guess the broker would have come after my house.
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