Anyone Got Any Good Crude Stories to Tell

Nobert said:
Is that a complete loss of credibility (for a life time), what do you think ?
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Are you kidding? Blowing up OPM is a badge of honor :). Three years of above average performance is all it takes. Just blame it on one in a lifetime Black Swan event.
 
qlai said:
Are you kidding? Blowing up OPM is a badge of honor :). Three years of above average performance is all it takes. Just blame it on one in a lifetime Black Swan event.
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In his case it was really bad, not only he lost all his client's funds, the accounts went heavily into debit.
 
RedDuke said:
the accounts went heavily into debit.
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I doubt very much his clients were retirees and people of limited means. Most people who invest in such funds allocate only % of their net worth to diversify. So I don't consider these people scammers ... They attract certain kind of "investors". The line between being brilliant and a sharlatan is very thin. I can't believe this guy is a hero (based on the clip only):

"I'm not wrong, just early" Priceless ... Happens to me all the time! Lol
 
qlai said:
I doubt very much his clients were retirees and people of limited means. Most people who invest in such funds allocate only % of their net worth to diversify. So I don't consider these people scammers ... They attract certain kind of "investors". The line between being brilliant and a sharlatan is very thin. I can't believe this guy is a hero (based on the clip only):

"I'm not wrong, just early" Priceless ... Happens to me all the time! Lol
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I did not say he was a scammer, he just could not take a loss and it costed his clients full accounts plus debit balance.
 
qlai said:
I doubt very much his clients were retirees and people of limited means. Most people who invest in such funds allocate only % of their net worth to diversify. So I don't consider these people scammers ... They attract certain kind of "investors". The line between being brilliant and a sharlatan is very thin. I can't believe this guy is a hero (based on the clip only):

"I'm not wrong, just early" Priceless ... Happens to me all the time! Lol
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He did get the last laugh. Made a killing. I hope that happened to you too.
 
Ayn Rand said:
I don't do commodities. But today must have been exciting for the people who do crude.

Recently, you had Russian take 2 million tonnes of bad crude off the market (it was actuallly in the pipe line) and then today crude market falls a little over 6%.

Hard to imaging too many people were short crude. A 6% move had to blow some people out.

Anyone playing the bounce up Big? or calling for a further correction. A lot of stops had to have been blown out.
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%%
IF you enjoy factual news; BIG Rich book got much of the oil market right.
AS far as ; [fn] fun news.''Then one day he was shooting @ some food; + up from the ground comes a bubbling crude=Beverly Hillbillies/huge supply.:D:D, :cool::cool::cool::cool::cool::cool:
 
nooby_mcnoob said:
Selling naked calls into winter for natural gas, right?
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Yep among other things as well. The interesting part is that he was "right" and options did expire worthless, but their lack of risk management caused this disaster. Based on statements from some client posted here, he had opportunity to exit at 40-50 percent loss, but he chose the hope mode. With 40 percent loss, he would have lost his business, but would have saved clients a lot of money.
 
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