Note from Tim: Earlier this week, I did a post called A Breathtaking Tale of Loss, which was simply a link to a story on the WSB sub-reddit that I found fascinating and horrifying. To my chagrin, after I did my post, I saw that the story to which I had hyperlinked had been wiped clean by the town fathers over at Reddit. Mercifully, a Sloper by the saucy name of qtbby69 had the mad skillz to unearth the article, which he provided. For the sake of its exposure, I am reprinting it here. Thank you!
The year is 2017, my parents had a successful real estate business with over a dozen rental properties and several fix and flip projects in production. Our assets totaled a million and a half after paying off all loans if we ever liquidated everything. Which we did, and that’s just the tip of the iceberg.
My oldest brother made the brilliant decision that because he lost his job, he should start day trading. He quickly made $30k on Apple by yoloing his saving in shares before an Apple products release event. Excited by this, he made an entire PowerPoint presentation convincing the family to get into day trading. We were reluctant at first, and I wish it stayed that way.