Joe Lewis lost $2b on BSC

Lewis, a former foreign exchange trader who was born in an apartment above a pub in London's East End, declined to comment through a spokesman. The loss is almost half his $2.5 billion fortune, as estimated by Forbes magazine in its 2007 survey.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3sR9N6dOoUM&refer=home

 

Any chance he was long puts as a hedge ?


I know I would have been if I was that overweighted.

 

its only money.
he still got his soul.

 

Did everybody just lost extreme amounts of money? Did anybody won extreme amount?

 

actually I remember reading he had some puts back in august maybe he isnt so dumb

oh
nevermind, he was actually selling puts

 

Ask the $35 put longs from Thursday how to turn $1 into $600 in 4 days.

 

Yes, this is possible, but did anybody really earn significant amount with those puts?

 

Here's the open interest for the lower strikes

25.00 27,637
30.00 36,930
35.00 14,566
40.00 23,029
45.00 10,848

BSC closed at $30.00 on Friday with the $30 strike puts trading at a $6 premium. So yes, decent amounts of money changed hands.

 

Maybe he listened to marketsurfer's advice to not use stop losses.

 

http://www.cnbc.com/id/15840232?video=687274980&play=1