Internet-trained Apple analyst lost tens of millions of other peoples' money

[zdreg]

Quote from OnClose:

"At some point he lost it. When he said hold on to our spreads, I was losing $25,000 a day. I froze. I couldn't sleep."


http://tech.fortune.cnn.com/2013/03/04/apple-zaky-bullish-cross/

+1
more incisive articles like this one should be posted.

 

[zdreg]

Quote from atticus:

Stupidity of this magnitude is rare (notional impact), so being destitute will certainly be punishment. Who's the bigger fool; the fool who leads or the fool who follows?

You have a large, six-figure gain in AAPL shares (vast majority of your net worth), you're out of work, and you proceed to cover and take the cap gains hit and then invest in upside calls! Excelsior! Guy went broke and has a huge tax liability. Rare ignorance.

I knew a high stakes poker player who was encumbered with the tax on a 1.2MM take home from online play. Lost it all in the new tax year before he paid for the prior year liability and then wondered why he couldn't offset 1:1.

"
I knew a high stakes poker player who was encumbered with the tax on a 1.2MM take home from online play. Lost it all in the new tax year before he paid for the prior year liability and then wondered why he couldn't offset 1:1. "
he has a point. businesses can do it. tell him to check with an accountant.

 

[Fractals 'R Us]

"Internet trained"... LOL

 

[Traveler]

Quote from atticus:


I knew a high stakes poker player who was encumbered with the tax on a 1.2MM take home from online play. Lost it all in the new tax year before he paid for the prior year liability and then wondered why he couldn't offset 1:1. [/B]

It's especially hard on pro gamblers since they disallow *any* kind of carry-forwards except for expenses.