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I was at a picnic yesterday. The weather was beautiful. Also at the picnic was an acquaintance that is an active stock trader. Whenever we get together, we trade war stories of mini-fortunes made and lost.
His trading style is to buy a stock and then sell Call options on it. He told me that last year he made a 50% increase in his trading. That’s very good. Then he disclosed that, so far this year, he is down 50%.
Since his down 50% is of a bigger number than his up 50% last year, that puts him down 25% from the beginning of 2003.
All I can say is, “Ouch!” He has my condolences.
Posted by Ted at August 9, 2004 8:46 PM