this is not a trade..but unbelievable to say the least...i know of an individual who got bought out by LVLT when it was around $20.00 a share back in like 1998 or maybe 97......it was 900,000 at $20...so roughly 18 mill...the stock ran up to a hi of 135 and the guy had not sold one share....he had margined many shares to purchase all kind of things..from clubs, to yachts ( the one we went to cuba in ), to freaken mansions..this guy was living the vida loca...in taking out margin he didnt pay taxes...well needless to say the stock got whalloped back down to a low of 3-4 ..now trading at 5.90..he was getting margin calls left and right and once they sold the stock to cover the margin he then had to pay taxes on what he sold..you do the math...im serious as a heart attackk....the cat was worth over 100 mill and flipped himself upside down..obviously i have no idea if any money was kept or the actual numbers...but I know for a fact that the IRS was knocking on his door and he lost 99% of all the toys he had..he might still be a millionaire but u get the picture...this cat lost 750k at the tables in vegas in one night...this is a suicidal story ...peace
well well.. he had his moment in the sun, and if came out of it all still with money in the bank, then i guess he'll make a big buck again sometime in the future. interesting story though.. i hope you enjoyed the yacht trip at least...
Guys, I'm not sure we were suppose to actually answer this thread, just read it. 2002 seems so far away...and yet...
I have one to share, it happened to me with the RHAT ipo. I had an account at etrade specifically to put in for shares in ipos they were gettin allocations to that I thought had good probabilities of gettin pops. The RHAT ipo was way over-subscribed, and they had a 100 share limit on each time one put in for shares, with a total of 400 max individual allotment. I kept puttin in for shares, over and over, despite the narrow time-window they kept imposing for doing so. I just kept at it, never knowing whether I got allocated...they kept it mum til they got back to you, which was after it began trading. So, the stock begins trading, and I had not gotten allocated. IPO was priced at 14. Opened at 57 or something like that, and after the second day way near 85. The night of the second day trading, etrade calls me and asks if I still want my shares. I say, fuck yeah! They call four different times, each time giving me 100 shares. The next morning, stock opens 87 and I am out, thank you. 28000. The delay was beneficial, in that I would have sold earlier had I had the allocation at IPO. What I beleive occurred was this: Due to miscommunication regarding the IPO allocation to employess of RHAT, etrade found itself with extra shares they had to place, several days after the IPO. The employess were not aware that in order to recieve shares, they had to have a funded account at etrade, they thought they were just gonna get em. So, a bunch of employees that had expected to receive shares were unprepared, and hence missed out, etrade had extra shares, they were so busy, I think a lot of people just gave up puttin in for shares, (due to a combination of busyness and very short time-window(s), meanwhile, I just kept at it, gettin in several requests for shares, whenever the window opened.
Call me perverted, but I would much rather read about people making sharp decisive trades to cut their small loses. I do have an aversion to impulsive gambler mentality presented in many of theese. Still some of the stories are pretty funny, especially the ones showcasing balls combined with ignorance. More of those please.