quote:

ser_name_IV
Didn’t you lose 1.3 mil in about a month not too long ago??

memecaptial
Yes, this is just a follow up to that.

SpicyBagholder
So you're saying you lost 2 million?

memecaptial
On my last post I still had like 50k or so. I’m down to 10 now. Total loss from ytd high is 1.59 mil. Total loss ytd is 850k

https://www.reddit.com/r/wallstreetbets/comments/7w6cq0/i_somehow_made_110k_this_morning_and_im_still_not/ posted:

Yesterday at 4:10pm EST I sold the 266.50/266.00 put spread for a 2 cent credit. 1,000 of them. I guess at 4:14 or 4:15 before the option expired SPY must've dipped below 266.50 because I woke up the next morning before the market opened and saw my balance was up about $140k. I thought it was a glitch with the Etrade app at first but then looked at my portfolio and saw what happened. For some reason I was assigned only 863 of the 1000 put contracts I sold. That's 86,300 shares of SPY which is about $23,000,000 worth. I only had $50,000 in my account so I started panicking and wondering if Etrade would liquidate my account or something, so I put in a limit order of 268 (SPY was trading around 268.12 at the time), hoping the sale would go through immediately. After putting in the order a message popped up saying my order would be put through when the market opened, which I don't understand because I thought you could buy and sell stocks/ETFs during premarket hours. So anyway I was stuck staring at my phone's screen until 9:30 when the market opened. Immediately about half my shares sold for $268 each. The market seemed to be dropping so I lowered my limit for the rest to 267.60 and the rest of them sold for that price. After all that my balance was about $112k higher than it was yesterday. Does anyone know how much interest Etrade will charge me for holding 23 million dollars of SPY for these few hours? Proof: https://imgur.com/a/onEjU

quote:

He sold contracts that said he had to buy the stock at expiration of the contracts if SPY were at a certain price. He thought they would expire worthless.

He was wrong. Since the market is so volatile he was "put" the shares, which was 86k of SPY shares or $23 million.

He panicked and sold the shares as soon as he could for a profit during the small window of time SPY went green over the volatile trading session. He made 110k in a very lucky small window of time, but he might be charged some interest for borrowing 23 million for a few hours.

totalnewbie posted:

Also led me to this post:


Which, if you don't know what that all means:


4 and 7 days before this post, he made threads titled "Options Question" and "SPY options question".

totalnewbie posted:

Also led me to this post:


Which, if you don't know what that all means:


4 and 7 days before this post, he made threads titled "Options Question" and "SPY options question".

quote:

Hello,

Really hoping for any advice on my current car leasing situation. 3 years ago my boyfriend started a lease on a BMW 4 series for $425/mo. After a year and half had passed, I was interested in also leasing a 4 series. I found one I liked and we negotiated the price down to $400 a month. At the time I was financing another vehicle and was cosigned on my boyfriends lease. Because the new BMW would be a third car under my name they had to get creative. I offered to have my parents cosign but they said they found another solution as my parents were out of state. They decided to basically do a “payoff” of my boyfriends remaining lease payments and add it to mine so that we would only have one BMW under each of our names. This made our payment around $825/mo for the combined payments. We signed the deal and were on our way. The following day we wondered what would happen when my boyfriend’s lease term ended. We called and I can’t quite remember exactly, but it was something along the lines of the payment would fall off or we would trade both cars in and begin new leases.

Recently, as my boyfriend’s lease term ended this month, we went in to talk to the finance manager about our trade in process (salesperson no longer works there). He said he would try and work on it and to come back. He set us up with a salesperson and we got nowhere. Basically, they screwed us. Even though we negotiated the price of my car before figuring we needed to combine lease payments, I am now stuck with a remaining payment of $825/mo for my car alone as my boyfriend had to trade in his car. Somewhere in the mix of paperwork it was calculated to have my boyfriends value over the 36mo instead of 15. Instead, we should have had a much lower required monthly payment and paid over that amount for the difference of my boyfriends car during the 15mo so when he turned his in my payment would have been $400.

We went through a million options, but basically I have a negative equity of $15000 that would have to be rolled into a new lease, making my payment on even a base model BMW higher than what I am paying now and for a 36mo term instead of my remaining 15mo lease. We looked at doing a buy back of my car instead of a lease trade in, but it was originally so overvalued in our deal that I am still negative the 15000. I listed it on lease trader but doubt that anyone will be interested in this car for that monthly price. They also mentioned financing my car to purchase, but three days after I got the car I was hit and it effected the alignment of the car so I am not interested in this option. We went to another BMW dealer different than the one that originally did the deal and they were shocked at what they had done to us. The only option seems to be for me to keep my car for a few more months and hope that BMW offers a pull-ahead program again where they pay 3-4 of the remaining payments to get you into a new car. My boyfriend ended up leasing a new 530e and we plan on using his rebates for the electric car to pay down some of my car, but I would obviously ideally like to find a different way out of this.

TLDR: BMW lease gone wrong, left with $825/mo payment and seeking options to get rid of the car

Squinky v2.0 posted:

leasing a new BMW and using the rebates to pay down the excessively large balance on your current BMW loan which is huge because you rolled your previous BMW loan into it

Enchanted Hat posted:

Imagine four BMWs on the edge of a cliff. Say one BMW falls off the edge of the cliff and turns into a burning, crumpled-up wreck. The negative equity on that BMW will still be lower than the one on your new triple BMW lease.

Financing works the same way.

TVsVeryOwn posted:

TVsVeryOwn posted:

TVsVeryOwn posted:

TVsVeryOwn posted:

TVsVeryOwn posted:

TVsVeryOwn posted:

totalnewbie posted:

Also led me to this post:


Which, if you don't know what that all means:


4 and 7 days before this post, he made threads titled "Options Question" and "SPY options question".

quote:

hi all

so i currently work at subway and so cannot afford a new iphone outright, i currently have an iphone 8+.

However I REALLY REALLY want the new iphone xs, and i see you can finance through apple for 24 months...It's coming to around $60/mo

is this a good idea? thanks.

quote:

quote:

Why do you need a $1440 phone? when you still have a $700-something phone?

I make 11.50/hr

And it's not really 1440, more like 60 as its not a one time hit...but maybe you guys are right, it is a lot when you add it up

quote:

Im going to buy a new car and am running numbers and have some discrepancy between 2 dealerships. The car above has a msrp of ~42k and im supposed to be getting an A Plan for it because of prior affiliating with Ford. Please let me know if these numbers make sense.

quote:

quote:

Please don't do this. 7 years @ 6 percent holy cow, you're halfway to a mortgage at that term.

Yea i understand the interest rate is high. It’s also a mustang so the interest rates are higher than Usual

quote:

Was hoping for 72 months but the monthly is too high on that term

quote:

A good general guideline is "20/10/4".

You should always put at least 20% down. Your total monthly car costs should not exceed 10% of your monthly income. And the payment shouldn't extend past 4 years.

So you've failed the downpayment requirement. And since the payment at 6 years is already too high for you then there is no way you're even close to being able to afford that vehicle.

quote:

I think the 20/4/10 rule is dumb but the fact that you only have $3k down and are extending the payments to 84 months because you can't afford them on a 72 month plan indicates that you can't afford the car

Fitzy Fitz posted:

Did he go all in on Roku...?

He must not own one, because I could have predicted this. (I'm aware it didn't tank because the boxes are janky. But they are.)

quote:

[–]memecaptial[S] 179 points 1 day ago*

Stitch fix hosed me when I shorted it at 38. That’s 80% of the story. The position I had on sfix would be worth about 6.5 million at today’s low too.

crazypeltast52 posted:

Thankfully interest only or negative amortizing auto loans don’t exist yet. Please no one tell me they exist if they do.

Ixian posted:

I'm kind of dreading the day a few years from now when a good book like "The Big Short:Inside the Doomsday Machine" or (classic) "The Smartest Guys in the Room" comes out, only it's about what's going on now with auto loans and how everyone should have seen the crash coming.

Devian666 posted:

The financial product that will be a part of the Big Short 2 will be CLOs. It's not just auto loans, but credit card debt and student loans all rolled together. Rolled together like dung beetle poo poo.

The theory is they all can't blow up at once. Of course the debts are in no way independent.

quote:

I'm planning on getting my PhD somewhere in the US over the course of the next 5-7 years, and instead of paying rent, I thought it would be cool to buy a house instead and save that rent money in the form of property. Thing is, I'm 22 and have only a couple grand to my name (but no student loans, and I pay off cc every month, so credit score is good). I know I need some money for a down-payment, but what I'm wondering is just how feasible this idea is? What are some hurdles I don't even know about? When I think about how I would go about it, I would find maybe 4 other students, put together a down payment, pay about $1k/mo each in house-loan payments, and then have a house at the end of the 5-7 years. Even cooler would be if the other four students were my renters instead of co-owners, and I got to keep the house at the end!

quote:

quote:

That's a terrible idea. [Many reasons it's a terrible idea follow]

Thank you for the advice, do you think it would be a better idea for the other roommates to be full co-owners? Also the idea would be to pay off the house in full before graduating, so even if the market crashes, we'd be better off than if we had wasted the money in rent.

Inept posted:

This one is asking for advice, but it's just so dumb I had to post it

Am student. Would like to buy house instead of pay rent. Good idea?

Thank you for the advice, do you think it would be a better idea for the other roommates to be full co-owners? Also the idea would be to pay off the house in full before graduating, so even if the market crashes, we'd be better off than if we had wasted the money in rent.

FAUXTON posted:

The only thing dumber than investing in poo poo that advertises on podcasts is shorting poo poo that advertises on podcasts

quote:

railfanespee[🍰] 8 points 43 minutes ago

It was way, way more than this.

Something regarding RH's order execution broke, and they may have been selling calls as puts. No, really. At the very least, people were being credited obviously wrong amounts. Within 30 minutes of market open, they shut down all options accounts to contain the problem. Unfortunately, that left people holding bags they couldn't sell. I got my account back before EOD and actually managed to make $2 off of the put I'd unintentionally been bagholding all day. Others, especially call holders, were not so lucky. And RH hasn't exactly been jumping at the opportunity to reimburse anyone who lost money. Some folks over at WSB are down over a grand.

It was quite the poo poo show.