Joe Lewis lost $2b on BSC

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

  1. If his fortune before the loss was 2.1b then where's the worry?
     
    #11     Mar 17, 2008
  2. the total open interest of all bsc puts was 400~500k. every one of them became itm. if the oi from last friday was the same as today, then that means the aggregate increase in those puts was over $1b.

    obviously some people made a lot of money.
     
    #12     Mar 17, 2008
  3. LOL joe lewis should go back to playing baseball or writing books
     
    #13     Mar 17, 2008
  4. candles

    candles

    Its sad when a boxer has to get back in the ring for one last fight due to his financial situation :(
     
    #14     Mar 17, 2008
  5. I'd like to know how two Hedge Funds at Bear and many other financial institutions managed to "blow up" the funds when the market is pratically tanking every chance it could? I thought Hedge Funds are making a fortune in this type of market.

    Any intelligent input on this subject? Thank you:)
     
    #15     Mar 17, 2008
  6. I am very surprised to see he could hold the dead stock that long, despite all of the financial "blow-up" recently, as well as subprime crisis. The only thing I can explain is: he traded from emotional not logic. Even today, after the offer of $2 news released, he still insisted not believing BSC shares are worthless.
    It's very sad to see a great trader like him turned "bagholder".



     
    #16     Mar 17, 2008
  7. Pekelo

    Pekelo

    Because the other half of his money was in Lehman Brothers... :)
     
    #17     Mar 17, 2008
  8. I bought $5 strike puts at $0.10/contract just after halfway through the market on Friday.

    Today they peaked around $2/contract and closed around $1.05.

    EDIT: I did miss out on the way out of the money puts w/ LEH though. A couple of factors: wide bid/ask, and the new strikes (7.5, 5, 2.5) were added today and began with no bid and 4.80 ask.

    BTW, anyone besides me see some significance in new strikes being added in April today? BSC added new low strikes on Friday....
     
    #18     Mar 17, 2008