I am back on the theme of idiots in this business. At a conference overseas many years ago LB was talking to a group of female traders who mentioned that they were always losing money trading options. So she enquired a bit deeper. It turns out that the strategy they had been told to use by a well respected “guru” was to buy out of the money TSLA options on the day of expiry because that way they would make millions when it went their way. Needless to say, it never did and they simply bled money because this idiot was talking about something he didn’t understand.
I Remember Another One
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