i have not been keyed into the option business for several years and am far from an expert---however, it seems that 3 margin requirement increases in the given time frame were the most in history---no one is suggestion the margins were increased to "get VN--- however this rapid increase was one of the unforseeable factors converging that may have played a role on that fateful day.... surf
cheats on his wife... lies to Baron... not in character? can lying to and cheating investors be so hard to believe?
Because of time. Being short of puts the timedecay is your friend. Being long of futures the cost of carry is your enemy. The market can go 3 ways; up, down and sideways, when you sell options 2 of them are winners for you. For Surf, nice guys lie too. I happen to know a decent guy who keeps lying about his futures rollover in his Journal. As a said, nice guys lie too. Happens all the time....
Pekelo,you know much better than that..You dont sell a 65% of spot with 1.5 years till expiration for time decay.Thats absurd.
remember, you guys are not just talking about VN who has far more experience, education, resources and capital than most here--- you are talking about his entire team of highly skilled market experts---- it's bizare to me that you would take the word of anonymous internet poseurs as to what happened and why as gospel truth. surf
Surf,I am only interested in this as I have often wondered how some of these funds acheive the type of returns they do without blowing up.I like to look at things in a non leveraged universe,just to compare apples to apples. This little give and take has been enlightening,and unfortunately we do not know if Vic was really short 15,000 puts.From listening to you,it would not be suprising as you stated Vic's insatiable appetite to be number 1. Thanks for not gong postal on me Best Wishes Tao
You flat-out refuted [sans proof] Pabst's assertions regarding Vic's most recent troubles and you were dead-wrong. What does that make you?
YOUNG MAN That's a Los Angeles Chamber of Commerce Business Achiever award, which is given--not necessarily given every year! Given only when there's a worthy, somebody especially-- DUDE Hey, is this him with Nancy? YOUNG MAN That is indeed Mr. Lebowski with the first lady, yes, taken when-- DUDE Lebowski on the right? YOUNG MAN Of course, Mr. Lebowski on the right, Mrs. Reagan on the left, taken when-- DUDE He's handicapped, huh? YOUNG MAN Mr. Lebowski is disabled, yes. And this picture was taken when Mrs. Reagan was first lady of the nation, yes, yes? Not of California. DUDE Far out. YOUNG MAN And in fact he met privately with the President, though unfortunately there wasn't time for a photo opportunity. DUDE Nancy's pretty good. YOUNG MAN Wonderful woman. We were very-- DUDE Are these. YOUNG MAN These are Mr. Lebowski's children, so to speak-- DUDE Different mothers, huh? YOUNG MAN No, they-- DUDE I guess he's pretty, uh, racially pretty cool-- YOUNG MAN They're not his, heh-heh, they're not literally his children; they're the Little Lebowski Urban Achievers, inner-city children of promise but without the-- http://www.script-o-rama.com/movie_scripts/b/big-lebowski-script-screenplay.html
thanks, tao. i don't know VN's positions for certain, just trying to present another side to all this viterole and schadenfreude. thought you might get a kick out of this old tag of mine: