"At some point he lost it. When he said hold on to our spreads, I was losing $25,000 a day. I froze. I couldn't sleep." http://tech.fortune.cnn.com/2013/03/04/apple-zaky-bullish-cross/
Playing options is a fast road to bankruptcy. Who says technical analysis does not work? Sept/2012 I would have shorted AAPL at 667 and rode it all the way down to $525. Go figure! ps: mods, glad ET switched back to old format. the new one was little strange and crowded type.
You can't say TA works if you didn't make any money off this "pattern" and are simply talking in hindsight. Watching the moon works. I would have shorted AAPL at 700 and rode it all the way down to 424. Go figure!" The triple harami inverted ghetto cross works: I would have shorted AAPL at 700 and rode it all the way down to 424. Go figure!"
It's unfortunate. Zaky was SO spot-on as Apple kept climbing. It's the classic case of falling in love with a company. When he opened the hedge fund, he did try shorting it at certain highs but it goes to show you when you have REAL money on the line, the pressure can cloud your thinking. There was a follow-up article, which stated the losses were even deeper. Someone may have actually lost $50 million. Losses of Apple guru's clients could reach into the billions