I take a peek in at /wsb on most days, since it’s an important cultural touchstone, at least in our world. I noticed that virtually the entire site was chattering around some guy who inherited $100,000 from his deceased father and almost immediately lost the money on put options. Here was the guy’s original post:
And he wasn’t kidding:
You may be wondering, as I was, how did a guy lose money on puts in an bear-tastic environment like this. Well, he managed to push all his chips forward on Tuesday night, woke up Wednesday to the United Kingdom bombshell (the one and only day recently when the market went up) and dumped it all at a huge loss.
Readers pointed out that, setting aside the insanity of putting his entire inheritance on options that expire in a mere three days, he actually would have wound up just fine……………..
Yet another example of the gambling mentality that has been deeply infused into the minds of younger people today. Just imagine: his father saved his whole life for his son, he dies, and the son blows it all in a matter of hours on this insane play.
It’s pretty damned sad.
