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Jim
Took my loss on the long S&P trade. As you might remember, I announced I
had made a mistake the day after I went long, but the old brother didn't
want to take the small loss and reinstitute our short. As he said on the
phone from Atlanta last night, "I guess you were right." Duh! ;) Good
thing we love each other.
Also a good thing his company just sold a big part of itself to Lucent, so
he makes a cool $1mm (at about 15% tax rate because it was a start-up or
some such stuff). They took $20mm in venture capital money and just sold a
part of the company to Lucent for $60mm in two years. Not too shabby.
We're on the sidelines now, waiting for a real buy signal.
Oh well, you know how I hate to give anything back. ;) We're still up 50%
from 1/20 to 2/10. As you know, we love doubling up. I, at least, was the
voice of sanity in this trade, refusing to double up. I should have just
exited like you did, taken a small 5 point loss and sat on the sidelines
until the next signal, just because my brother and I were in disagreement as
to which way we should have been positioned. I think I'll use that approach
the next time. Probably makes a lot of sense.
Regards
Guy
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