Worst options/trading book?

What he had was a very crude understanding of options risk and only explored the superficial characteristics of how options operate.
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I believe he was a floor-trader for some point earlier in time? Been a while since I remember his history. I did read that since he managed to last so long without blowing-up, that he must have known something that most people don't.

One thing I remember about his strangles, he had mentioned that selling them requires less margin than selling the legs independently ( I think ). In any case, had the ROGUE WAVE not occurred, he would have actually made profit. Had his broker not carried out a margin-call, he also would have made profit. But alas, they didn't want to take a chance and liquidated him at the worst time.

Kinda like what happened to Neiderhoffer... another bet of contracts that blew-up one of his hedge funds... despite the trade was a winning one by time of expiration.

I've noticed a lot of people don't realize that even if your options win at expiration, you can still get liquidated BEFORE you get there.
 
Overnight said:
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WOW. Sounds like Harris "Kuppy" Kupperman's final email, which he sent from his living room (as he no longer had an office/staff), back in 2006 or so. "Sorry, I am humbled, I have lost everything (the whole $100M invested in African Mining)". So long suckers...

See you in Mongolia!!!

And THEN (after blowing up Mongolia completely, and obliterating his fund), Kuppy becomes a vendor, selling:

https://www.kedm.com/

http://mongoliagrowthgroup.com/investors/monthly-shareholder-letters/

"During the first quarter we reported $144,421 (Q1 2020 - $212,209) of leasing revenue and $105,440 (Q1 2020 - $12,929) of other revenue (primarily 3rd party), offset by $209,579 (Q1 2020 - $221,230) of expenses in Mongolia. Unfortunately, our rental revenue once again did not cover our property level operating expenses, even before including the burden of corporate level expenses. It goes without saying, but this is clearly not sustainable."

"Our data analytics service, named KEDM, that tracks various Event-Driven strategies has continued to gain free subscribers and has thus far exceeded our expectations in terms of user engagement. We hope to initiate a paywall in June and start monetizing this service."

Kuppy needs to make some cash, however he can...

Sure you will...

KUPPY.png


No more "Marquis Jet Card" or "NetJets" for this dude. Definitely flying coach...
 
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Lee lowell - Get Rich with Options

I remember reading something like 'Hey just sell the dotm puts, what's the probability they will go itm?'

Something as utterly basic as expected value was nowhere to read in it. Bizarre.
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