「選擇權賣方交易總覽」一書作者二天前破產

半杯水

It is not about big brains. It is about arrogance. Stay humble no matter how good you are. Arrogance can kill you financially.

Extremely well said.

我相信他一定認為，會出現那種幾乎不可能出現的走勢機率只有 0.000001%，所以重押所有的資金簡直就是 easy money to rip big bucks。如果真被他押過關了，接下來又是上節目，大肆宣揚, "Look how well my fund is doing and why it is so good to invest in my fund."

只可惜，策略中的死門，no matter how small it is, 只要被壓中了，必死無疑。

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It is not about big brains. It is about arrogance. Stay humble no matter how good you are. Arrogance can kill you financially.

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He basically went all-in, fully leveraged on a naked short call on CL futures and got into a "short squeeze" due to a rogue wave and it was apparently so intense so fast that it wiped their entire fund and got margin-called by their broker so now not only he lost every single penny of all of 290 of his clients, his clients now even owe money to the broker of hedge fund.

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Can't believe. This guy's been doing options for 20 years since 1999. He's a regular contributor on Marketwatch telling people why options on crude has never failed investors. And he's a regular contributor to CNN, Wall Street Journal, CNBC, etc. And he has published his book year after year "Complete Guide to Option Selling" on sale on amazon.ca. How can he not know the potentially unlimited risk of naked short options??!!!

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他應該是賣天然氣期貨的Call被抬出去的，請看天然氣可怕的漲幅。

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最後一周的投資人報告，他有點像去刑場前的最後告別。

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Tampa-based OptionsSellers.com touts itself as premier and highly experienced commodities options trading firm. The firm’s president and head trader, James Cordier, explained in a recent interview: “Our goal is to take an aggressive vehicle and manage it conservatively.” Unfortunately, it did not trade options conservatively. It traded “naked” rather than “covered” options, leaving investors subject to unlimited exposure. This unlimited exposure is what caused to lose all their money and more in the last few days. Thus, OptionSellers.com and its principals negligently engaged in a risky trading strategy that was unsuitable for its clients and breached its fiduciary duties to them by putting its interests ahead of its clients.

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On November 15, 2018, OptionSellers.com notified its investors in an email entitled “Catastrophic Loss Event” that it not only lost all their money, but that they would also owe money to Intl FC Stone for margin calls. According to OptionSellers.com, they lost a substantial portion of their investors’ assets due to a short call position in crude oil that, according to Optionsellers.com “was so fast and intense that it overwhelmed all risk measures in place.” It then informed investors that they have a debit balance in their accounts which they need to bring back to zero by paying INTL FC Stone the difference. So, in addition to trying to process the news all their money is gone, they also have INTL FC Stone breathing down their necks demanding they pay the money they owe for its margin calls.

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半杯水 發表於 2018-11-18 14:12
應該是這個影片
真是個該死的傢伙。

謝謝半杯水，已更正。

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https://www.johnschapman.com/inv ... ment-loss-recovery/