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Large Hardon Collider posted:https://www.bogleheads.org/forum/viewtopic.php?f=2&t=206562&newpost=3177400 This one is quickly spiraling out of control, especially when he finds out that his brother in law completely drained his mother's IRA and she is now destitute.
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Jan 4, 2017 18:09
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BraveUlysses posted:lol, ignorance of the law is no excuse especially when this dipshit is literally trying to buy something to potentially loving kill people with Yeah if it was just some dumb kid shoplifting sure call his parents in to shame him and give him a big scare about the serious consequences of stealing and then cut him loose, but this kid has bought multiple murder devices using a currency that is effectively only used for crimes. I mean I don't think he should be thrown in rikers for 10 years but I don't think he should just get a stern talking to + probation either.
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Jan 4, 2017 18:42
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monster on a stick posted:This one is quickly spiraling out of control, especially when he finds out that his brother in law completely drained his mother's IRA and she is now destitute. The IRA is pretty small though (50k), and with her having only had ~300k from a house sale and $4500 in income while she was on alimony but with living expenses near $12k a month, I could almost believe that the money she had is gone legitimately. $350k is nothing with the kind of medical expenses he details. BWM: live through a traumatic brain surgery in America.
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Jan 4, 2017 18:56
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Nail Rat posted:The IRA is pretty small though (50k), and with her having only had ~300k from a house sale and $4500 in income while she was on alimony but with living expenses near $12k a month, I could almost believe that the money she had is gone legitimately. $350k is nothing with the kind of medical expenses he details. Yeah but somehow she's still got car insurance, and BIL arranged for a vacation bar mitzvah. Absent anything else I'd say sure he probably spent the money on her but considering he's denying that he opened up any credit cards in her name while the poster has statements right in front of him saying otherwise, he's probably lying. In other BWM news: quote:Lost 15k in stocks (over 75% of net worth) (self.investing) Twitter and Fitbit 
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Jan 4, 2017 19:35
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monster on a stick posted:In other BWM news: I'd laugh, but I'm down like 5% in NVDA when I was up like 30% because I was feeling impetuous and threw $15k more at it just on a whim. No realized losses yet of course, but I myself have all the making of a BWM story at the moment.
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Jan 4, 2017 20:05
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At least he's only 23, he can take a hard lesson from this and be fine, which is much better than when this happens with someone in their 40s who decides to cash out their retirement and make big money on the market.
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Jan 4, 2017 20:12
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Twitter is "only" down about 25% from its IPO price and Fitbit is a little over 50% down. How has he lost 75% of his net worth from it? Also, just lol at going all in on a company that is famous for having no monetization plan.
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Jan 4, 2017 20:17
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Oh man...the main indexes had double-digit increases in 2016, which is even more when you consider the absolutely disastrous start loving China. It'd suck to look at your portfolio and see a 75% loss. I used* to adhere to the 'buy stocks from companies you use' and it worked pretty decently for me. But that'd suck if you used a lot of Twitter while wearing your FitBit. *not anymore
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Jan 4, 2017 20:21
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Indexes (indices?) are for investing, individual stocks are for gambling
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Jan 4, 2017 20:23
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Nail Rat posted:Indexes (indices?) are for investing, individual stocks are for gambling Speculation versus gambling. http://www.investopedia.com/ask/answers/042715/what-difference-between-speculation-and-gambling.asp
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Jan 4, 2017 21:53
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I love to speculate on craps.
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Jan 4, 2017 22:05
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Speculating at the strip club is where it's at, there's a guaranteed payout.
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Jan 4, 2017 22:28
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Guest2553 posted:Speculating at the strip club is where it's at, there's a guaranteed payout. Check out these huge tracts of land, their value is going up uP UP
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Jan 4, 2017 23:05
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Every time I try to speculate at the strip club they ask me to leave.
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Jan 4, 2017 23:45
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Jan 5, 2017 00:25
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NancyPants posted:Every time I try to speculate at the strip club they ask me to leave. Are you confusing "speculate" with "speculum" again? C'mon, I thought we had this buddy.
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Jan 5, 2017 00:28
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13061 posts? edit: Oh, it's one of those deal posting sites.
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Jan 5, 2017 00:30
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So he made trades without allowing previous ones to settle causing him to make all his purchases on margin? Probably just confusing book and market values. And also not knowing what parentheses mean.
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Jan 5, 2017 00:34
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Solice Kirsk posted:Are you confusing "speculate" with "speculum" again? C'mon, I thought we had this buddy. Damnit I knew I was missing something.
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Jan 5, 2017 00:36
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Devor posted:Come back to tell us what happens about the check your Dad cut you just before declaring Bankruptcy Now I'm researching claiming my dad as a dependent for the new tax year.
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Jan 5, 2017 00:36
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Star War Sex Parrot posted:Got my money back and maxed out my 2017 Roth IRA contribution with it. Reading your post history... Tell me more about the Y2K gold stash. How much gold was it?
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Jan 5, 2017 00:40
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n8r posted:Reading your post history... Tell me more about the Y2K gold stash. How much gold was it?
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Jan 5, 2017 00:42
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Dude opened up a margin account without knowing what margin was then used it to buy stocks, didn't clue in to the fact that he owes money, and then gets mad when it's pointed out. Seems like the kind of person who shouldn't be playing around with a margin account which is why thought it might fit into the BWM thread 
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Jan 5, 2017 00:45
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EAT FASTER!!!!!! posted:Speculation versus gambling. Lmao.
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Jan 5, 2017 01:34
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ate all the Oreos posted:Like I get it if they're your hobby, my dad repairs old cars and pours a ton of money into them but he's actually rebuilding them from the ground up and stuff. It's fine to spend money (that you can afford) on something you're really into but I just don't get why everyone needs to drive an SUV or truck to their office job every day I love cars. I also know my budget, and thus drive an ex-cop Crown Vic that was a parking lot queen for my daily. It doesn't get great mileage, but without a car payment on a 5 year old car with ~100k miles on it that's been constantly maintained, I can afford gas. 
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Jan 5, 2017 07:06
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Leon Trotsky 2012 posted:Twitter is "only" down about 25% from its IPO price and Fitbit is a little over 50% down. How has he lost 75% of his net worth from it? Might want to brush up on those math/chart reading skills.
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Jan 5, 2017 14:38
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Harry posted:Might want to brush up on those math/chart reading skills. Even if we assume that 100% of his net worth is in stocks, then his losses would be around 37.5%; not even close to 75% and it is extremely unlikely that his net worth was 100% in stocks. If you have $50 in Twitter and $50 in Fitbit at IPO prices, as he states, then yesterday you would have gone from $100 in value to about $62.50.
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Jan 5, 2017 16:15
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Leon Trotsky 2012 posted:Even if we assume that 100% of his net worth is in stocks, then his losses would be around 37.5%; not even close to 75% and it is extremely unlikely that his net worth was 100% in stocks. He said near IPO. Twitter IPOed at 26, peaked three months later at 69, and currently sits just under 17/share. Fitbit opened at 20, peaked a few weeks later at 47 and is currently at 8. Both of them started trading way higher than IPO price very quickly. It's more likely that he got them near the peak not during the actual IPO. A lot of people have been hosed hard by the tech bubble IPOs. I would be surprised if there aren't some lawsuits at some point in the near future. Mr. Nice! fucked around with this message at 16:24 on Jan 5, 2017 |
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Jan 5, 2017 16:21
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Mr. Nice! posted:A lot of people have been hosed hard by the tech bubble IPOs. I would be surprised if there aren't some lawsuits at some point in the near future. On what grounds? IPOs have been a pretty consistently bad bet. A Random Walk Down Wall Street posted:In measuring all IPOs five years after their initial issuance, researchers have found that IPOs underperform the total stock market by about four percentage points per year. The poor performance starts about six months after the issue is sold. Six months is generally set as the "lockup" period, where insiders are prohibited from selling stock to the public. Once that constraint is lifted, the price of the stock often tanks.
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Jan 5, 2017 16:31
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Considering that some of the biggest darlings of the tech bubble have been based on literal fraud, criminal exploitation of workers, and flagrant disregard of regulations, there is certainly some other less than legal activity that will be the subject of various lawsuits over the coming years. I'm entirely speculating, however.
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Jan 5, 2017 16:41
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Mr. Nice! posted:flagrant disregard of regulations  the proper term is "disruption" 
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Jan 5, 2017 16:56
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Star War Sex Parrot posted:Got my money back and maxed out my 2017 Roth IRA contribution with it. Did your Dad declare bankruptcy, and is it all wrapped up?
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Jan 5, 2017 17:01
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BWM: probably paying more in AC/heating than your mortgage:Reddit posted:I'm getting ready to purchase my first home and I'm torn. I'm in Houston TX. For those who own a townhome, would you do it again? What kind of advice could you offer someone who's considering purchasing one. What the gently caress would you even DO with a 9,000 square foot house as a first house? Didn't bother with link because there's only one comment but it's on the first page.
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Jan 5, 2017 17:20
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Nail Rat posted:BWM: probably paying more in AC/heating than your mortgage: Spend your life buying poo poo to fill it and then working to pay it off.
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Jan 5, 2017 17:22
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Nail Rat posted:What the gently caress would you even DO with a 9,000 square foot house as a first house? That's got to be a typo or he's confusing lot size with building size. Even in our gloriously cheap exurban wastelands, housing isn't *that* cheap.
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Jan 5, 2017 17:28
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SlapActionJackson posted:That's got to be a typo or he's confusing lot size with building size. Even in our gloriously cheap exurban wastelands, housing isn't *that* cheap. Could be an abandoned warehouse filled with transients.
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Jan 5, 2017 17:29
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So how about them bitcoins At least the Saiga-12 gunrunner dude cashed out near the top. A bargain is a bargain.
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Jan 5, 2017 17:36
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Mr. Nice! posted:He said near IPO. Twitter IPOed at 26, peaked three months later at 69, and currently sits just under 17/share. Fitbit opened at 20, peaked a few weeks later at 47 and is currently at 8. Facebook was sued over charges it overvalued and manipulated it's IPO. People really have a hard time understanding risk. But yeah, I wouldn't be surprised if he is including his paper profits for Twitter and Fitbit in his "losses". Maybe he got in before the peak and is using those prices for the 75% loss even though that is in no way, shape, or capacity an actual loss.
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Jan 5, 2017 17:42
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SlapActionJackson posted:That's got to be a typo or he's confusing lot size with building size. Even in our gloriously cheap exurban wastelands, housing isn't *that* cheap. Yea, a 9,000 sq ft house with 3 bedrooms and one bathroom would be have some amazing comedy design.
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Jan 5, 2017 17:42
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Krispy Kareem posted:Facebook was sued over charges it overvalued and manipulated it's IPO. People really have a hard time understanding risk. He didn't say he bought it at the IPO price. He said he bought near the IPO. He probably bought in near or at the peaks, in which case his losses are all real and make mathematical sense as well.
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Jan 5, 2017 17:45
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