- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Doom and Liars Poker
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Doom and Liars Poker"
Collapse
-
Oops, what Ive said has already been said. Sorry about the virtual trees wasted there!
-
Originally posted by d000hg View PostThere must be some long-term way of making money from shares going down though? Probably has "inverse" in the name somewhere.
The opposite of this is a "call" option - the right to buy at a certain price at a certain time.
If all you know is that the share price will change, you can buy 50/50 call and put.
For most people its all just gambling though unless you've got a good portfolio or have got some insider info (and if you have then PM me ).
Leave a comment:
-
There must be some long-term way of making money from shares going down though? Probably has "inverse" in the name somewhere.
Leave a comment:
-
Originally posted by Ravello View PostEisman followed the trail of bad debt, shorting every company that was exposed, when the crisis broke in September this year he was short to the tune of $600million on everyone from Option One to Lehman Brothers, Goldman Sachs and Merill.
HTH
When shorting stock you only have a very short time frame (days) to make your money before you have to supply the stock that you have shorted (usually at a loss).
You can't "short" over a five (or even one) year period so to make loads of money doing it you have to be exceptionally precise with your timing.
I don't believe anyone can plan on being that precise
tim
Leave a comment:
-
Management Summary:
The author was paid a 6 figure salary to gamble with other people's money, recognised he didn't have a clue what he was doing, thought that he'd had a good 3 years and got out before it all went narks up. Wrote a book about it 20 years ago - Liars Poker.
20 years on his worst fears came to fruition, so he spoke to several people who had predicted this was going to happen, principally a guy called Steve Eisman. Eisman spent several years researching sub-prime debt and realising that the big boys were repackaging it, having it re-rated and selling it as triple-A rated (which allows pensions to buy in). Eisman spent some time finding the worst rated debt and shorting it - the best example being a Mexican strawberry picker earning $14,000 a year who barely spoke a word of English and was loaned every cent needed to buy a $720k house.
Eisman followed the trail of bad debt, shorting every company that was exposed, when the crisis broke in September this year he was short to the tune of $600million on everyone from Option One to Lehman Brothers, Goldman Sachs and Merill.
HTH
Leave a comment:
-
Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud.
Leave a comment:
-
Management summary please for a Daily Mail reader in Swindon. (9 fooking pages!)
Leave a comment:
-
Doom and Liars Poker
I just spent 20 (of my client's) minutes reading an article by the guy who wrote liars poker. It explains a lot about how the whole current sub prime mess really got going and is very readable.
http://www.portfolio.com/news-market...-Boom?tid=true
I enjoyed it much, so thought I would share.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: