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Lottery tickets. Did anyone make money on GME calls? More often than not, the calls will expire worthless.
by blackrock 6y ago
Lottery tickets. Did anyone make money on GME calls?
More often than not, the calls will expire worthless.
- chillacy 6y agoThey say selling call options is "picking up pennies in front of a steamroller": most of the time you collect premium, and then occasionally you get run over by a steamroller. This is the steamroller.
- blackrock 6y agoI think you misunderstood. It was meant for those who bought the GME calls, not for those who wrote the calls.
- chillacy 6y agoI was more pointing out that even though "More often than not, the calls will expire worthless." is true, the quote refers to the fact that buyers of calls have limited defined risk while sellers of naked call options have unlimited and undefined risk. That's the steamroller.
- rjbwork 6y agoI have personally made a bit of scratch on GME calls, yeah. /u/DeepFuckingValue made...millions.
- blackrock 6y agoHoly shit.. If this guy is legit, he spent $40,000 on OTM calls, at $0.40, and bought 1000 contracts. The contracts went up to $48.65, being worth $4.83 million. That is some serious YOLO.
- rob 6y agoHis total value was almost $50 million the other day. He posts end of day values every day. I believe initially it was $55k.