Good advice, but sometimes I still end up doing it only to quickly learn why I should never do it. I actually did it recently with FB options and ended up holding 70 FB puts with a $144 strike. It's taken me about 2 weeks to get most of that money back.
Baupost’s Seth Klarman Hires Investment Chief to Manage Foundation’s Assets(The Wall Street Journal) Billionaire investorSeth Klarmanwill no longer manage his family foundation’s money day-to-day, a move that is expected to give him more time to manage his $27 billion hedge-fund firm. Mr. Klarman ofBaupost Group LLCappointed stockpicker David Berkowitz to manage the Klarman Family Foundation’s assets, according to people familiar with the matter. That investment chief post is housed within Mr. Klarman’s family office, KFO LLC. Mr. Klarman will retain discretion over investment decisions.