Joe Lewis lost $2b on BSC

Discussion in 'Wall St. News' started by turkeyneck, Mar 17, 2008.

  1. Any chance he was long puts as a hedge ?

    I know I would have been if I was that overweighted.
  2. its only money.
    he still got his soul.
  3. lojze


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


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

    nevermind, he was actually selling puts :p
  5. FCCT


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


    Yes, this is possible, but did anybody really earn significant amount with those puts?
  7. 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.
  8. Maybe he listened to marketsurfer's advice to not use stop losses.