The Most Profitable Trade of My Career Almost Bankrupted Me
caseyresearch.com / By Jeff Clark, editor, Delta Report / November 15 2017
Justin’s note: Today’s essay comes from master trader Jeff Clark.
Jeff’s one of the best traders I’ve met—and his track record can attest. Since 2005, his subscribers have had the opportunity to make triple-digit gains over 50 times and double-digit gains more than 160 times.
That’s why I read his market analysis every morning. And sometimes, Jeff also shares some of the best stories from his career. His latest was so good, I had to share it with Dispatch readers…
By Jeff Clark, editor, Delta Report
In February 2000, I spotted an irresistible option trade.
It was a no-brainer – almost as if the guys on the option trading floors were holding up signs announcing “FREE MONEY.”
So, I backed up my wheelbarrow and loaded up.
It was the most profitable trade of my career… But it almost bankrupted me first.
The story is 17 years old, and my memory isn’t what it once was, so the finer details may not be exact. But here’s basically what happened…
PALM, the maker of smartphones and other handheld technology products, was scheduled to go public on March 2, 2000. The company was a wholly owned subsidiary of 3Com – which was issuing about 20% of the company to the public and taking advantage of the insane valuations of the internet mania.
The IPO price was set at $38. Of course, we all knew the stock would open for trading way above that level because, well… that’s just what stocks did back then.
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Source: http://silveristhenew.com/2017/11/15/the-most-profitable-trade-of-my-career-almost-bankrupted-me/
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