The beach bum who beat Wall Street

[dealmaker]

The beach bum who beat Wall Street:Mike McCaskill, a 45-year-old self-described “beach bum," had spent years scouring the stock market and betting on long shots. Then he found the opportunity that changed his life—and helped spark the mother of all short squeezes.(The Ringer)

“It’s a Cinderella story. Mike truly is Cinderella."


from the Profile

 

[SunTrader]

Neat story.

 

[guru]

The story is about a gambling addict who continually loses whatever he wins. The story implies that he plans to keep most of the $25M he made on GME.

 

[d08]

Options are a way to trade stocks with a smaller risk relative to the potentially high reward.

Uhm, no.

 

[taowave]

I see nothing wrong with that statement..He doesnt mention probability or expected return,timing,nor does he get into IV...IMHO,it's a fair statement

Options are a way to trade stocks with a smaller risk relative to the potentially high reward.

Uhm, no.

 

[JSOP]

Glad he didn't lose himself with his newfound wealth and success and still be able to be his own person and live a productive life. A trading success story with a good ending for the trader. Good read.

 

[JSOP]

The story is about a gambling addict who continually loses whatever he wins. The story implies that he plans to keep most of the $25M he made on GME.

Well you can't really say he gambled with GME. He saw an opportunity in an anomaly in something that he meticulously studied for a very long time and turned into a profitable reality very much the same way that Michael Burry did in The Big Short.

 

[Windlesham1]

Well you can't really say he gambled with GME. He saw an opportunity in an anomaly in something that he meticulously studied for a very long time and turned into a profitable reality very much the same way that Michael Burry did in The Big Short.

The Big Short was a dead cert given that mortgage fraud was the underlying basis of the trade. The stripper scene is especially mind blowing

 

[ironchef]

Well you can't really say he gambled with GME. He saw an opportunity in an anomaly in something that he meticulously studied for a very long time and turned into a profitable reality very much the same way that Michael Burry did in The Big Short.

The way I read the story, like Burry, and perhaps Taleb, he is not a gambler but a hunter: Hunting for black swans.

Another way to look at it, what he did is no different than many who did start ups or started a business. Most failed multiple times before finding something that worked.