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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Zog who wrote (62956)	9/20/1999 8:41:00 AM
From: Oblomov	Read Replies (2) \| Respond to of 86076

A true story... I know two people (offline) who have lost big. One of them bought a new house back in April - because he felt he was "rich enough" to afford it. His net worth has been cut in half since then. He talked his buddy into buying AOL in the 130s. This guy has gotten several margin calls... and he has met them each time. When they asked me this last weekend how much money I had lost since the market topped, I answered that the decline has only grown my portfolio, and that my brokerage account is larger than ever. "How did you do that?", they asked. "I hedged using covered calls and put options," was my reply. "What do you mean, you 'hedged'?" AA