aws

Did Buffett have connections with him, or just with his father? His father was CEO of GEICO for a period, as well as other insurance companies. If so, hopefully they are long since severed. Seems like an intelligent guy who's life got derailed by conspiracy theories and a Russian honey pot.

Reminds me of Archie Karas who was in the news again since he just died last week. Went to Vegas with $50 and went on a crazy run in craps and poker and turned it into $40 million. Then gambled it all back. Later he tried cheating and was put in the black book barring him from all casinos. The people that make the kind of bets that can win so much so quickly don't suddenly realize they should put some aside for retirement.

You do it after you are assigned on the call, but you need the feature enabled in your account settings as well: https://www.interactivebrokers.com/en/trading/early-settlement.php

If you use IBKR, they allow you to buy new shares to deliver against any assigned calls so you never face the tax hit from getting low basis shares called away. I'm not sure if other brokers offer similar but it's something you might want to look into.

You can't trust most overnight quotes unless you see a bid and ask around that price. Someone might have sold 100 shares and that's the only print. I checked and the bid/ask was 34.00/39.00 on BAC, so you could not buy it down 10%

It would be nice if there were bright lines for what's allowed in trading against your public statements or filings. Both for people with connections to get on TV, as well as just anyone with a big enough following to move markets. Obviously this is a pretty egregious example, where he's covering shorts two minutes after blasting off tweets, but this kind of crap happens all the time. It gets more attention since it's short selling and that's many people's favorite bogeymen, but I imagine the problem is 100x worse with pump and dumps in micro cap stocks and crypto. Apparently it's just straight up legal to pump and dump according to at least one judge as laid out by a recent Patrick Boyle video: https://www.youtube.com/watch?v=UqWHiMBBNGM

Is your objective to create trades that effectively work like straddles, but are not forced to be taxed as such (not being able to use the loss until the corresponding gain is recognized)?

There was almost 100k contracts of the 20c traded today, with huge blocks dumped on the bid near the close. Since DFV was the majority of the open interest it's not a big leap to assume he is dumping.

It's pretty impressive how quickly it they dumped all those shares on the market. 25% dilution in three days and so soon after the last sale. They should have about $10 of cash per share now. The only involvement I've had with GME has been shorting OTM puts, so good to know those will be a lot safer now.

The display bug convinced him to sell at the top. Lucky guy

The reporting indicated he went heavy into call options before returning. The stock went from 10 to almost 80 in a few days, so short term options gains could easily explain his $200 million score. I don't know how reliable the data is, but some reddit sleuths found opening trades worth $8 million that were closed for approximately $208 million. " Plugging all of that into a spreadsheet, I'm looking at these approximate numbers: Our mystery suspect traded at least 95,000 5/17 call contracts. Edit: He also had 25,000 5/24 calls! He bought in for at least $6,000,000 $8,000,000 (including the 5/24 calls). He sold for at least $168,000,000 for a profit of at least $162 million dollars for an average return of 2800% $208,000,000 for a profit of over $200,000,000 with an average return of 2550%. And two weeks later DFV shows up to reddit with a $205M portfolio

Some of them, probably not even jokingly, call the company Gameshire Hathaway, assuming Ryan Cohen will transition it into a conglomerate. I guess there are some similarities on the surface. Buffett did issue a ton of new stock when it was overvalued in the mid to late 90s. Both with the issuance of the B shares and of issuing stock to acquire GenRe. Good luck to them, but they need a miracle to justify paying between 4x-10x tangible book value for a dying retailer.

I think his portfolio peaked at about $950 million yesterday when it hit 68 in after hours trading. Now it's down to 28, so for his 17 million share equivalents that's about a 680 million swing in less than a day. Probably the fastest evaporation of such a large amount of wealth (in percentage terms at least) since Bill Hwang's blowup.

There's no reason for the company to do an unscheduled report except to be able to cash in on the pump yesterday after the DFV hype. It's like a battle between Ryan Cohen and DFV to see who can be fastest to extract the money from their delusional followers.

Some very annoying people will be extra insufferable until this over.