Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Minyan Mailbag - UAL


Thanks Succ!


Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next column with that very intent.

Prof. Sucoo,

It's funny you should mention UAL.. As an option guy you will understand this more than most..

I started on CBOE, purchased a seat, Brown Badge and worked in the Chrysler pit. In that pit was a guy who made millions - he just made money - conversion/reversals and the spreads. He was outstanding; he just grinded it out.

During the UAL take out, for some strange reason, he went over to that pit and sold naked puts in size. Well, lo and behold, the merger was put on hold. I forgot what happened, but needless to say the stocked tanked, big time. And then the obvious happened. He was taken out, and what made it even worse - I think - the next day the merger talks started up again, but he was broke.

I learned a lot from that, I can assure you. I worked next to the guy during a take out that went on to start DeepHaven Hedge Fund (who has since sold it). I was reading your article re: the convertible market and how that dried up and, sure enough, I noted how that area of the biz has really fallen off (and guys are probably starting to take more and more risk).

I really enjoy your insights, as I 'm still very active in the market - You have a tremedous undertsanding of the marketplace and your insights are always right-on.

I can tell you that I am making more money since I have been a member of Minyanville - just a fantastic group.

Minyan Charlie Simmons


You are referring to my old friend Irv Kessler. One of the greatest traders ever. I am also friends with the great Mark Kellner and Danny Asher.

Thank you for the compliment. Believe me my lessons come from the school of hard knocks.

Prof. Succo

< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos