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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (169022)5/30/2002 11:02:43 AM
From: Tommaso  Read Replies (4) of 436258
 
I was thinking: There were some enormous transfers of wealth via LEAP puts on the likes of Yahoo, Amazon, CMGI, and so on. I got some of it, though my timing was always far from perfect.

But I don't remember any third-party failures do deliver, and there must have been some frightful losses for people writing puts.

Also, I think that in the 1987 debacle everyone got paid what they were owed. Of course, there was not nearly so much speculative paper out then as there is now.

But I do take your point. Indeed, more out of instinct than anything else I sold a large part of my put position last September because I had this uneasy feeling that I was making too much money too fast. Then I put it back in much sooner than I should.

So I hope I will be able and content to close out the puts good and earlie.

Now at this point I wish I had not lightened up at all on my NEM calls.

But this investment business (gambling, I mean, when it comes to options) is like trying to get to shore jumping from one iceberg to the next. The currents are always changing and every so often you fall in.
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