4 ms·

Chris Sacca's background story is little known and he talks about it at length with Jason Calacanis. The part about him losing millions while still at universit

by dmitri1981 9y ago

Chris Sacca's background story is little known and he talks about it at length with Jason Calacanis. The part about him losing millions while still at university is as shocking as his recovery from the setback is amazing. Check out https://www.youtube.com/watch?v=6VOQnK7O2To https://www.youtube.com/watch?v=6VOQnK7O2To

rconti 9y ago
Gotta vote this one up so that everyone who reads the article knows it's Chris Sacca.. since his name is nowhere on the page and I'd venture most people don't know he's Lowercase Capital.
aswanson 9y ago
I think his story is funnier on this one, and he drops some foreshadowing hints here as to why Trump won, even before Obama's second electoral win: https://www.youtube.com/watch?v=iqUG2_cmZ6I https://www.youtube.com/watch?v=iqUG2_cmZ6I
- e40 9y ago
  I'm not going to watch a nearly 3 hour video to find that part. Please tell me the h/m index into the foreshadowing. Thanks.
  - j_s 9y ago
    https://youtu.be/iqUG2_cmZ6I?t=1h52m39s https://youtu.be/iqUG2_cmZ6I?t=1h52m39s feels close
    - aswanson 9y ago
      Thanks, but I was thinking more along: https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be&t=2h32m24s https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be...
  - aswanson 9y ago
    https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be&t=2h32m24s https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be...
n_coats 9y ago
His Foundation episode with Kevin Rose is pretty good as well. http://foundation.bz/7/ http://foundation.bz/7/
dmix 9y ago
[sploiler] For those who want a TLDR of this story, here it is from his Wikipedia: https://www.wikiwand.com/en/Chris_Sacca https://www.wikiwand.com/en/Chris_Sacca > During law school, Sacca used his student loans to start a company which was unsuccessful and used what was left to start trading on the stock market. By leveraging trades for significant amounts (discovering a flaw in the software of online trading brokers)[15] he managed to turn 10–20 thousand dollars into 12 million dollars.[15] Eventually, when the market crashed, Sacca found himself in debt with a four million dollar negative balance. He negotiated to have it reduced to just under 3 Million and by February 2005 it was completely repaid. [15] [15] http://www.financemagnates.com/forex/brokers/chris-saccathe-4million-negative-balance-salinger-group-twitter/ http://www.financemagnates.com/forex/brokers/chris-saccathe-...
- deleted 9y ago
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- tempestn 9y ago
  Wow. I'm not sure it's possible for me to imagine what it would be like to have 12 million dollars and then lose it all plus three million more. I guess.. maybe not a huge deal if you have unwavering confidence that you'll just make it back again?
- chickenfries 9y ago
  What was the flaw? Also, isn't starting a company with your student loans illegal? > He says he managed to graduate without attending class. In order to obtain class notes, he threw an annual keg party where entry required classmates to dump their notes in a bin. I sure wouldn't want that guy as my lawyer.
  - aswanson 9y ago
    The flaw was that the early online trading systems didn't include provisions for reg-T, which stopped leverage at I think 50 percent of your balance. So, you could borrow hundreds of thousands of dollars worth of stock with a thousand dollar account balance. He goes into detail on it here: https://www.youtube.com/watch?v=iqUG2_cmZ6I https://www.youtube.com/watch?v=iqUG2_cmZ6I
deleted 9y ago
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rconti 9y ago

Gotta vote this one up so that everyone who reads the article knows it's Chris Sacca.. since his name is nowhere on the page and I'd venture most people don't know he's Lowercase Capital.

aswanson 9y ago

I think his story is funnier on this one, and he drops some foreshadowing hints here as to why Trump won, even before Obama's second electoral win: https://www.youtube.com/watch?v=iqUG2_cmZ6I https://www.youtube.com/watch?v=iqUG2_cmZ6I

e40 9y ago
I'm not going to watch a nearly 3 hour video to find that part. Please tell me the h/m index into the foreshadowing. Thanks.
- j_s 9y ago
  https://youtu.be/iqUG2_cmZ6I?t=1h52m39s https://youtu.be/iqUG2_cmZ6I?t=1h52m39s feels close
  - aswanson 9y ago
    Thanks, but I was thinking more along: https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be&t=2h32m24s https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be...
- aswanson 9y ago
  https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be&t=2h32m24s https://www.youtube.com/watch?v=iqUG2_cmZ6I&feature=youtu.be...

n_coats 9y ago

His Foundation episode with Kevin Rose is pretty good as well. http://foundation.bz/7/ http://foundation.bz/7/

dmix 9y ago

[sploiler] For those who want a TLDR of this story, here it is from his Wikipedia: https://www.wikiwand.com/en/Chris_Sacca https://www.wikiwand.com/en/Chris_Sacca > During law school, Sacca used his student loans to start a company which was unsuccessful and used what was left to start trading on the stock market. By leveraging trades for significant amounts (discovering a flaw in the software of online trading brokers)[15] he managed to turn 10–20 thousand dollars into 12 million dollars.[15] Eventually, when the market crashed, Sacca found himself in debt with a four million dollar negative balance. He negotiated to have it reduced to just under 3 Million and by February 2005 it was completely repaid. [15] [15] http://www.financemagnates.com/forex/brokers/chris-saccathe-4million-negative-balance-salinger-group-twitter/ http://www.financemagnates.com/forex/brokers/chris-saccathe-...

deleted 9y ago
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tempestn 9y ago
Wow. I'm not sure it's possible for me to imagine what it would be like to have 12 million dollars and then lose it all plus three million more. I guess.. maybe not a huge deal if you have unwavering confidence that you'll just make it back again?
chickenfries 9y ago
What was the flaw? Also, isn't starting a company with your student loans illegal? > He says he managed to graduate without attending class. In order to obtain class notes, he threw an annual keg party where entry required classmates to dump their notes in a bin. I sure wouldn't want that guy as my lawyer.
- aswanson 9y ago
  The flaw was that the early online trading systems didn't include provisions for reg-T, which stopped leverage at I think 50 percent of your balance. So, you could borrow hundreds of thousands of dollars worth of stock with a thousand dollar account balance. He goes into detail on it here: https://www.youtube.com/watch?v=iqUG2_cmZ6I https://www.youtube.com/watch?v=iqUG2_cmZ6I

deleted 9y ago

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