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I was feeling a bit unlucky and depressed today, but then I saw this and realized my day ain't so bad after all. https://www.youtube.com/watch?v=571yhElTEE8
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Nov 20, 2015 08:47
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Moridin920 posted:this retard took his $33k and turned it into -$106k by placing a short with no limits on a $2 stock which then shot up 800+% today I wondered what would make the price shoot up like this so quickly  Noted generic-drug-price-hiker Martin Shkreli bought 29% of the outstanding shares.
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Nov 20, 2015 09:05
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MisterOblivious posted:I wondered what would make the price shoot up like this so quickly
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Nov 20, 2015 09:15
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Subjunctive posted:That's not quite right as a description of short selling (you borrow shares and then have to return them at an agreed time, you're not racing the close of the sale or whatever), but short-position investment is very fertile schafenfreude terrain. There aren't a lot of investment vehicles where the upside is mathematically limited and the downside unlimited. Many years ago when I was working for a nightclub, the owner would pay me $10 an hour and free booze and food all day to 'lay the favourite' on every horse race running in Australia. Which means he bets $100 that the favourite horse will not win, if it wins he loses that $100 and an additional $100. If he wins he gets his $100 back and another $100. Holy crap he made some money, each day the same thing, a few turbulent hours then gravy train. UNTIL his business partner arrived who was more of a gambling addict and would assure my boss of 'sure thing bets' and all profits would be gone. HAHAHA I laughed so hard everytime he arrived cos I knew the poo poo was gonna hit the fan. Those were some shonky people. They offered me a one time job as a Bookies clerk at the races. I didn't know the bookie beforehand and he was flown in from interstate. Turns out he was printing bets after the fact and the timestamp on the receipts were before the race (he changed the clock on his computer) and used that as 'evidence' to show the jockey club that he didn't make as much money as he really did, and didn't have to pay a bigger share of profits to the club. One of them was also an ex-PA for Hugh Hefner which in my young 20 something year old eyes was like a god.
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Nov 20, 2015 09:26
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Stupid_Sexy_Flander posted:I was feeling a bit unlucky and depressed today, but then I saw this and realized my day ain't so bad after all. Tyres will gently caress you up and most of the time you don't even see them coming https://www.youtube.com/watch?v=kqYF3G6GT8w There's a ton of videos of people getting taken out by rogue tyres but I can't find a compilation https://www.youtube.com/watch?v=6yfqTqvHGzw https://www.youtube.com/watch?v=XYRkSEG56b0 https://www.youtube.com/watch?v=BivYc4XDVe8 Snowglobe of Doom has a new favorite as of 10:49 on Nov 20, 2015 |
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Nov 20, 2015 10:39
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Megera posted:Much in the same vein, h3h3 is one of my favorite channels. He calls out many inconsistencies in other YouTube videos. Here's one where he reacts to a video where a "prankster" pranks girls into making out with him while their families watch on "No Clothes Family Day". Holy poo poo this is gold. https://www.youtube.com/watch?v=tVaAv0cPRok
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Nov 20, 2015 11:14
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ravenkult posted:Holy poo poo this is gold. That was great. It's like this whole threads reaction to them in video form.
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Nov 20, 2015 12:04
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Bip Roberts posted:How was it horrible in Michigan when it was super light here in Minnesota. Two pretty simple things. Michigan is immediately east of Lake Michigan, so the air will pick up a lot of moisture and then drop it all once it gets over land. Also, the central Midwest picks up lots of moisture coming up from the Gulf of Mexico. Some of Chicago's worst winter storms are from air moving up out of the Gulf. Minnesota doesn't see either of these effects.
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Nov 20, 2015 13:29
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Ragequit posted:The best Russian dash-cam is the guy witnessing the massive meteor that shattered windows miles away with the impact. It absolutely lights up the sky in a ball of fire and he just puts down his sun visor with zero fucks to be had. I don't think it's just the prevalence of dash cams that provides all the crazy videos. It's just the same poo poo different day. He probably thought it was just a flaming car flying off an overpass. You know, just another day in Russia.
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Nov 20, 2015 14:02
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Subjunctive posted:That's not quite right as a description of short selling (you borrow shares and then have to return them at an agreed time, you're not racing the close of the sale or whatever), but short-position investment is very fertile schafenfreude terrain. There aren't a lot of investment vehicles where the upside is mathematically limited and the downside unlimited. Saying it's seen as a "lovely thing to do" is also very wrong, it's an entirely valid pricing signal. It's literally telling the market "You people are idiots and this thing is way overvalued," and it helps prevent asset bubbles. It's also a solid hedge in a lot of circumstances. People who were, say, shorting at the height of the housing bubble were smart people who were ignoring the hooting monkeys saying everything was fine. I mean, some people might think it's lovely, but they're probably the same people who get pissed if you bet the Don't Pass line at craps, but that doesn't mean it's a lovely thing to do, it just means a bunch of people who are losing don't like to see you winning. Phanatic has a new favorite as of 16:05 on Nov 20, 2015 |
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Nov 20, 2015 15:41
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I don't disagree. Selling shares because you think you can buy them back more cheaply later is legit whether or not you have an obligation to give someone else some shares in the future.
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Nov 20, 2015 15:50
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Playing the stock market is just literally gambling on the value of companies to the economy. I have zero sympathy when someone moans that it's not fair that they have to pay up for the personal loss they incur when informed risks lose big. That's why it's gambling, and the first rule of gambling is "don't bet what you can't afford to lose"
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Nov 20, 2015 17:50
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I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend.
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Nov 20, 2015 17:58
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im pooping! posted:I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend. This guy did manage to screw himself in a more spectacular way than that though.
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Nov 20, 2015 18:03
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im pooping! posted:I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend. I know nothing of the stock market more than you, but based on what they just said in this thread, I think how it works is like say, Mr. X is selling a stock priced at $10, so you come across Mr. Y who is willing to buy the stock from YOU at $11, on the grounds that the sale goes through but you don't pay X for his stock until Y buys it from you. You do such a thing because you hope by the end of the day, the price from X will go down to $8, and you make an extra $2 off Mr Y. Or, as in the case here, the stock COULD go up to $25 by the end of the day, and you're suddenly in the hole $14 because you only had $11 from Y to spend on it. Do I have that correct?
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Nov 20, 2015 18:06
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Snowglobe of Doom posted:Tyres will gently caress you up and most of the time you don't even see them coming Yea, worst I ever saw was a guy on a motorbike getting hit in the head by a tire that was just flung across 3 lanes. Airborne and everything, just BAM. Think it killed him 
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Nov 20, 2015 18:07
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Choco1980 posted:I know nothing of the stock market more than you, but based on what they just said in this thread, I think how it works is like say, Mr. X is selling a stock priced at $10, so you come across Mr. Y who is willing to buy the stock from YOU at $11, on the grounds that the sale goes through but you don't pay X for his stock until Y buys it from you. You do such a thing because you hope by the end of the day, the price from X will go down to $8, and you make an extra $2 off Mr Y. Or, as in the case here, the stock COULD go up to $25 by the end of the day, and you're suddenly in the hole $14 because you only had $11 from Y to spend on it.  had some regulation stopped him from doing such a stupid thing.
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Nov 20, 2015 18:21
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im pooping! posted:I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend. Layman's version: short selling is bizarro stock trading where you lose money as the price goes up (and make money if it goes down), and there's no limit to how high the price can go. You don't really need to worry about the mechanics to understand the ramifications, just assume that the broker literally goes to Bizarro World and buys stocks there.
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Nov 20, 2015 18:35
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Bip Roberts posted:How was it horrible in Michigan when it was super light here in Minnesota.   The area in the foreground had roughly 1-3 inches of snow total. I live about 5 miles inside of that whiteout condition and this is what it looked like the morning after:  Thats a ford explorer with about 4 feet of snow on top.
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Nov 20, 2015 18:50
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Cage posted:As a resident of Buffalo I feel I can tell you a thing or two about lake effect snow 
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Nov 20, 2015 18:55
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im pooping! posted:I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend. Shorting works like this. I think that a stock is overvalued and the price of that stock in ITEM is going to fall in the future, let's say ITEM is currently trading at $10/share but I think that's nuts and it's going to soon fall to $5. So I go to a lender, and borrow 100 shares of ITEM (I pay a fee for this service). I turn around and sell those shares on the market at the current market price, so I now I have $1000.At some point after this, the price on the market falls to $5. I buy 100 shares of ITEM and hand them over to the lender. I've made $500, minus the lending fees. But what if, hey, I'm wrong, the company comes out with a great new product, or whatever. Instead of dropping to $5/share, the price soars to $25. I still need to get a hold of 100 shares to return to the lender. But that costs me $2500, so I lost $1500 on this trade, plus the lending fees. Note that there's a maximum amount of money I can make on this trade. Let's say I borrow the 100 shares, sell them at the current market price, and then the company completely implodes, it's delisted, it's trading for a penny a share, it only costs me $1 to buy enough shares to make good with the lender. Great, I've made $999. Basically the current price per share represents a hard cap on the amount of profit I can make. But there's no theoretical limit on the downside, the price can increase high enough to break me. That's why when you take a short position, you (unless you're an idiot) have some sort of stop-loss order in place, which is an arrangement to buy the stock *right now* in order to cover your position limit your losses. This guy didn't do that.
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Nov 20, 2015 19:07
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Darkhold posted:I'd bet good money on him being some type of FYGM libertarian who would have been outraged
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Nov 20, 2015 19:12
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It's weird he didn't get margined when he couldn't cover his losses, but I've never used etrade.
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Nov 20, 2015 19:15
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Yeah, I have no idea why he didn't have a check for if it went up to $4 or whatever so that he didn't lose a ton of money. The reason it didn't stop at $0 in his account (like he wanted it to) is because he still had to buy those shares at $16 because he needed to cover the ones he had been lended earlier to short the stock. Hence why he went in the negatives. Definitely schadenfreude because he was basically totally stupid with how he shorted the stock.
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Nov 20, 2015 19:35
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The schadenfreude is that I'm poor.
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Nov 20, 2015 19:55
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Cage posted:As a resident of Buffalo I feel I can tell you a thing or two about lake effect snow sup buffalo snowdenfreude friend  
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Nov 20, 2015 20:03
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Aramek posted:The schadenfreude is that I'm poor. I mean so is he now.
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Nov 20, 2015 20:13
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Baron von Eevl posted:I mean so is he now. If anything, Aramek is now richer than that guy.
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Nov 20, 2015 20:35
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from gif thread
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Nov 20, 2015 20:35
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Lord Chumley posted:sup buffalo snowdenfreude friend That was 50% of the reason that I moved out of the Southtowns into north Buffalo this spring. I wasn't able to leave the house for 4-5 days and it took me 16 hours to shovel my driveway when my snowblower wouldn't start.
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Nov 20, 2015 20:44
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synthetik posted:It's weird he didn't get margined when he couldn't cover his losses, but I've never used etrade. I'm amazed eTrade gives you a margin account with a 25K call limit in it and no other appreciable securities in other funds they can liquidate if you put $33K on naked shorts. I've used eTrade for "normal" trading, and I thought the margin accounts needed a hell of a lot more than $25K and some good wishes with it. Alternately, maybe he does have some other securities or something and is just trying to play the victim for donations so eTrade doesn't seize them. edit: quote:The stock was at $16 and my account was negative over 100k. I figured it was a mistake, Etrade would never let that happen, they must have cut the position when my account got to $0....nope. I immediately called them and they confirmed I still owned all the shares. He says that it got out of hand too fast for them to cover me, he says that all he can do right now is cover. I was devistated. I asked him to cover at $16 and he waited trying to find me a good exit. I told him to do it asap and the fill was around $18.50 avg. eTrade would never let that happen, I thought they automatically bought options for me to cover my shorts when my account goes to 0! I can't find the historical trading data, but I can't imagine buying some calls to cover would be more than a hundred bucks or so, considering the historical data? He gets his buddy to do a covered call for him in hopes the price drops back down and he can exit at a wash? l o l How does this guy think a margin account works. I can't wait for the lawsuit comedy that follows this. I love that the stock price was also $2, so his theoretical maximum gain was $2/share, but his theoretical risk is infinite (or in this case, 144k when eTrade freezes your account). This is a total cash grab that got punished hard. PRADA SLUT has a new favorite as of 21:32 on Nov 20, 2015 |
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Nov 20, 2015 21:12
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Roro posted:If anything, Aramek is now richer than that guy. Completely debt free! 
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Nov 20, 2015 21:18
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im pooping! posted:I'm not entirely sure how you can drop into negative numbers. It's not like it can happen with anything else aside from straight up gambling. Even if cash were devalued to nothing incredibly rapidly, it's not like you would owe the government money, you'd just have no cash. I'm sorry if it's a derail, but I don't understand enough about the stock market to see schadenfreude in some guy owing over $100k because of reasons I can't comprehend. Short selling involves borrowing shares, selling them, rebuying them, and returning them to the original owner. If I borrow 100 shares of $XYZ from you and sell them for $10 each, I have $10,000 and a 100 share liability. When the short position becomes due, I have to give you back 100 shares. Those might cost me $1,000 to rebuy if my bet paid off, or they might cost me $20,000 if the shares rose to $20 in the interim. And if they went to $50, or $100, or...
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Nov 20, 2015 22:01
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so its basically the most convoluted way to make money with stocks, got it
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Nov 20, 2015 22:14
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Ariza posted:That was 50% of the reason that I moved out of the Southtowns into north Buffalo this spring. I wasn't able to leave the house for 4-5 days and it took me 16 hours to shovel my driveway when my snowblower wouldn't start. Florida's weird weather is in the realm of "How the gently caress is this even possible?" It's a normal occurrence to see it raining on one side of the road while you're dry. I once left the office and found that it was raining everywhere outside except one single parking space, which was completely uncovered.
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Nov 20, 2015 22:14
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im pooping! posted:so its basically the most convoluted way to make money with stocks, got it Oh my sweet summer child, it's not even close.
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Nov 20, 2015 22:18
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PRADA SLUT posted:I'm amazed eTrade gives you a margin account with a 25K call limit in it and no other appreciable securities in other funds they can liquidate if you put $33K on naked shorts. We used to give people margin accounts with $500 deposits, but that was forex, so that didn't even register as hosed up. There's something else going to here.
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Nov 20, 2015 22:20
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https://www.youtube.com/watch?v=rAVKp_T8hH8 There's a lesson to be learned here. Use-by dates are not to be ignored.
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Nov 20, 2015 22:39
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im pooping! posted:so its basically the most convoluted way to make money with stocks, got it Ever see Trading Places, the Eddie Murphy/Dan Aykroyd movie with Jamie Lee Curtis' boobs? That's what they did at the end, except they did it super illegally and got away with it.
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Nov 21, 2015 00:30
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Roro posted:https://www.youtube.com/watch?v=rAVKp_T8hH8 Leopards don't give a poo poo about meat expiration dates!  That had to smell horrendous to the bystanders though
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Nov 21, 2015 00:40
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