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‘And then 2022 happened’: I borrowed $500,000 from friends and family to invest in the stock market, foolishly promising a 10% return. Can I avoid legal action?
Market Watch ^ | Quentin Fottrell

Posted on 02/13/2023 2:23:36 PM PST by Fido969

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To: Reno89519

Probably need to get some more money from them and double down on your bets.


21 posted on 02/13/2023 2:42:24 PM PST by RetiredTexasVet (Biden not only suffers fools and criminals, he appoints them to positions of responsibility. )
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To: Fido969

Yeah that guy is pretty stupid as are all of the family and friends that invested with him. All of them are pathetic fools.

Hopefully they all learned a lesson from this but maybe not.


22 posted on 02/13/2023 2:42:45 PM PST by plain talk
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To: Fido969

You sell options for the income against stock positions. You buy puts to protect against wild downside moves. You can buy straddles to limit capital risk. You can buy collars to avoid total loss. Many ways to use options. You can buy Iron Condors and other exotic plays that can cost very little, but only pay well if you are exceedingly correct in your prediction. Few of these will get you a 10% return and none of them will guarantee a 10% return.

Options can be a tool but are not an investment. They come with inherent time decay and the spreads are often wider than the stocks. If the underlying stock has a big move the option value can move to zero whereas the stock will still have some value assuming it didn’t go bankrupt.


23 posted on 02/13/2023 2:43:30 PM PST by monkeyshine (live and let live is dead)
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To: Fido969

Quentin:
The Japs had a final-exit strategy for disastrous failures...
It would be the perfect option in your case...


24 posted on 02/13/2023 2:45:05 PM PST by SuperLuminal (Where is the next Sam Adams when we so desperatly need him)
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To: Fido969
Polonius:

Neither a borrower, nor a lender be. For loan oft loses both itself and friend. And borrower dulls the edge of husbandry.”

25 posted on 02/13/2023 2:45:46 PM PST by Hot Tabasco
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To: Fido969
I had a guy at a big name IRA company offer to manage my finances, all he wanted was 3% cut of my IRA / yearly.

I found another guy who worked for a flat fee and he never asked to manage my IRA, he would give advice. Much better , I dont have a contract with him, I can take or leave his advice.

Ill wrap this up, over the past 25 years my final ROI was 7.8% without any financial planner help. so.. nope.

26 posted on 02/13/2023 2:46:07 PM PST by Ikeon (You only live once is a lie, you live forever, where you spend eternity is your choice. )
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To: Jonty30

What kind of idiot would do such a thing, especially with Brandon in charge? Anybody with a brain knew when Brandon was installed that there was going to be a whole lot of suck coming.


27 posted on 02/13/2023 2:46:55 PM PST by KevinB (Word for the day: "kakistocracy" - a society governed by its least suitable or competent citizens)
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To: Bobalu

I don’t know why my mother keeps getting a $2.00 refund from the IRS. I don’t get refunds. I pay.


28 posted on 02/13/2023 2:47:30 PM PST by AceMineral (One day men will beg for chains.)
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To: Fido969

Don’t borrow money to gamble with. Whoever wrote this is an idiot as are the people that lent him money.


29 posted on 02/13/2023 2:48:21 PM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: Fido969

I dabble in options. I have made huge profits and suffered significant losses. It’s not for the feint of heart and I would never even think to suggest playing the options market with other people’s money. 2022 was a year when many options traders took a bath, after profitable 2020 and 2021 Covid years. I got out early in 2022 and just let my existing options ride it out. I won’t go full bore in again unless Trump or DeSantis are elected in 2024.


30 posted on 02/13/2023 2:48:56 PM PST by Mozzafiato
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To: Fido969

He should go to prison ... for being a stupid moron ...


31 posted on 02/13/2023 2:49:46 PM PST by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: Fido969

The problem is this individual lacked the insider information afforded those in DC and running the country.


32 posted on 02/13/2023 2:50:03 PM PST by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
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To: Fido969

I would hope he just learns a valuable lesson.


33 posted on 02/13/2023 2:50:52 PM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: Fido969

long term balanced investments. dont panic buy or sell. ANd ..anyone guaranteeing a 10% ROI in one year, is a grifter or doing something illegal..


34 posted on 02/13/2023 2:51:12 PM PST by Ikeon (You only live once is a lie, you live forever, where you spend eternity is your choice. )
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To: Fido969

Well, you’re probably being flamed, but after your ordeal I hope you learn a Biblical truth:

He that hates suretyship (guarantees/insurance) is sure. Proverbs 11:15.


35 posted on 02/13/2023 2:51:44 PM PST by Jim W N (MAGA by restoring the Gospel of the Grace of Christ (Jude 3) and our Free Constitutional Republic!)
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To: Fido969
Really I feel bad for this guy and his family and friends.

I don't feel bad for these dummies.......at all.

I've traded stocks for years...and you better KNOW what you are doing,

36 posted on 02/13/2023 2:52:55 PM PST by Osage Orange
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To: Fido969

Hey...if Hillary can turn $10k into $100k in cattle futuresjust a few months, why no this dude?


37 posted on 02/13/2023 2:54:10 PM PST by entropy12 (Food is most popular anxiety drug, exercise is the least popular.)
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To: Fido969

One of those “Okay, I guess I’ve at least never really screwed up that bad” letters.


38 posted on 02/13/2023 2:54:37 PM PST by 9YearLurker
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To: All

I lost an embarrassingly large amount of money last year just in long term tech stocks.

emotionally i blame biden but actually it is my fault for overlooking my own preset boundaries.

i got out and now i am back in, at a somewhat reduced rate.

other people i know (ordinary people; and seemingly most people in my circle of family, friends, and associates) are hurting also.

(who the heck is :winning” in this investment market?)

my small stockpile of physical prescious metal coins are the only investment that has not been hard hit, and even in that, i cannot claim to have made a profit.

one consideration is that as an older person, i do not know many millenials. some stocks seem to be knows as “meme” stocks, and some meme stocks seem to be holding their own or making some money even in the current climate.

what is a meme stock?

in around 2020 i briefly spoke to a valet. he said if he had any savings he would buy one share of tesla (this was before the split). i briefly invested in tesla... made some money... decided that i had tempted fate too much... and cashed out a few months later. i wish i had done that with my tech stocks, which in my opinion had some real (for example, in contrast to tesla) investment merit.

i am coming to the conclusion that memes are more real than reality, at least for millenials, who as a group do not seem to exhibit any evidence of long term attention span for analysis.

(if this meme life mentality extends to politics, sex, morals, and religion, are we all eventually doomed?)


39 posted on 02/13/2023 2:55:19 PM PST by SteveH
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To: BipolarBob
A joke in my small circle of Trader friends is this...

Do the exact opposite of Cramer.

40 posted on 02/13/2023 2:55:47 PM PST by Osage Orange
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