#YOLO Crazy bet

[Zaphod]

This dude is making the rounds on FinTwit, his story is nuts. So much so Martin Shkreli did a live stream trying to talk sense into him, fairly wild, and some good recs really. Its an excellent insight into a gambler and total cognitive dissonance. He goes over a bunch of reasoning trying to convince the guy why trader is a bad idea, and especially this horrid trade and many of the things we talk about. Now, Shkreli is not a great guy, but spot on here.

Story

https://www.reddit.com/r/wallstreetbets/comments/5qhzcy/well_this_is_it_going_allin_my_last_stand_my/

Livestream, talk starts about 8:30

https://www.facebook.com/martinshkr/videos/vb.16400586/10101376433632925/?type=2&theater&notif_t=live_video&notif_id=148581 9759379307

 

This is just such a spectacularly terrible trade set up and he totally doesnt even have a superficial understanding of what hes doing.

[StuRedman]

Some of the chatter on reddit is that he is a troll.  All the math doesn't add up, no proof, etc.  Fun to follow but probably a troll.

[Zaphod]

Listening to him talk was good, "yeah, but if it drops to 95....", and then it sounded like really having the money made him very anxious and he wanted to lose it. There seems to be a small group of people that enjoy the gut wrenching anxiety and psychological anguish of these things it seems. Strange. Unsure if a troll because you can never really know.

[StuRedman]

From reddit https://www.reddit.com/r/wallstreetbets/comments/5r2vsz/proof_of_fscs_paper_trade/

"So basically he's claiming he bought 3000 puts at an average price of .057 (see here where it shows average price: http://i.imgur.com/9xkMwk9.png)

But, as you can see from the graph above, the puts were only at 0.05 and 0.06 very briefly, and there was nowhere near 3k in volume. It would have been more believable if he had a cost basis of 0.08 or 0.09, because there was sufficient volume to support it."

[Crazyroadtodublin]

A couple of words about repatriation or India and you can get out the butter, cuz he will be TOAST.

[Crazyroadtodublin]

YUP Toast

[The White Coat Investor]

Maybe trolling, but this sort of thing happens all the time to professional athletes, performers, and lottery winners. Like doctors and unlike most entrepreneurs, their money came due to a special talent that wasn't business sense. By the time a business owner gets to doctor-like incomes, he knows how to manage money. Not so with the doctor.

Handling money wisely is not a common skill. In fact, it is so rare it could be considered a superpower.