9 months ago
I find this hard to believe. I don't think tesla options appreciated enough . They strikes didn't go high enough to make so much. I'd have to see the historical options data to see if such a trade or multiple trades was even possible.
9 months ago
I bought $2000 worth of TSLA right after they IPOd and sold in 2014-2015 for ~$30,000 because I wanted to buy a used Porsche. It was simultaneously the cheapest and most expensive Porsche ever (probably).
9 months ago
I bought AMZN on opening day at $16 -- the IPO price was $18.
I sold it two weeks later for $32. I doubled my money. I am a genius.
(Incidentally, I also bought TSLA just after IPO, and still have it. I'm getting out of it, but just can't bear the idea of a six-figure tax bill. Originally, that was to re-balance my portfolio, but now I just hate having my future tightly linked to a raging asshat.)
/never confuse genius with a bull market
9 months ago
In theory, enormous wealth should have no trouble "hiring the best" for investment advisors and managers.
In practice, I don't think that has ever been the case.
9 months ago
The trouble is, “the best”, as in the most competent, will say “this is the long-term percentage growth that you can achieve safely and legally” (realistically, this isn’t going to be much different to the S&P500). And a certain variety of stupid rich person will either go “Not good enough, I can do better on my own” (and do stupid day trading), or go “Mr Madoff over there will do twice that” (investors in Madoff’s scheme and similar scams were, by and large, well off, but unsophisticated investors).
In the case in the news article, DeVocht won the lottery, and then based his wealth management plan on winning the lottery again, repeatedly.
9 months ago
after the first $100M I'd probably call it quits and cash out
9 months ago
right, because you have the gift of hindsight. someone could have said the same at $1 million
9 months ago