Market

'Like 4chan found a Bloomberg terminal': Here's how one Reddit user raked in a 14,000% return on two simple trades

Posted On: Oct 18, 2019   |   Posted By: Business Insider

'Like 4chan found a Bloomberg terminal': Here's how one Reddit user raked in a 14,000% return on two simple trades

A member of the Reddit page WallStreetBets grew $766 into $107,758 in two late-September trades, Bloomberg reported Thursday .
Eddie Choi first purchased put options for Roku stock, profiting $49,787 when the streaming provider's shares tanked more than 19% on September 20.
The trader then used his profits to buy put options for the SPDR S&P 500 ETF - or SPY - an exchange-traded fund that tracks the benchmark's performance. When its price tumbled on September 24, Choi's investment surged to $107,758.
Visit the Business Insider homepage for more stories .
Reddit has pages for nearly every interest, from oddly satisfying videos to Spongebob-themed meme pages.
One corner of the site - somewhat conservatively named WallStreetBets - hosts stock-market fanatics obsessed with rolling the dice on high-risk "YOLO" trades. Those who lose tens-of-thousands of dollars seem to brag just as boisterously as those who land massive gains, lending credence to the sub-Reddit's tagline: "Like 4chan found a Bloomberg...

Continue reading ...

 








Kamala Harris Makes Emotional Tribute To Her Friend Beau Biden

Kamala Harris Makes Emotional Tribute To Her Friend Beau Biden

Joe Biden's running mate was close friends with his eldest son, who died in 2015. Read more ...

Let it flow: Trump administration eases showerhead rules

Let it flow: Trump administration eases showerhead rules

WASHINGTON - The Trump administration wants to change the definition of a showerhead to let more water flow, addressing a pet peeve of the president who complains he isn't... Read more ...

Teen awaits life-changing burn surgery after GoFundMe raises $150K cost...

Teen awaits life-changing burn surgery after GoFundMe raises $150K cost insurance wouldn't cover

This critical surgery to open Brian's airway and save his voice has been made possible by the generosity of people touched by his story. Read more ...

Mom of 5-year-old allegedly killed by neighbor says suspect will ‘rot in hell'

Mom of 5-year-old allegedly killed by neighbor says suspect will ‘rot in hell'

The mother of a 5-year-old North Carolina boy shot dead while riding his bicycle outside his home vowed to get justice for her son, saying his accused killer will “rot in... Read more ...

‘Her story is America's story': Biden and Harris present united front at...

‘Her story is America's story': Biden and Harris present united front at first event together

In their first public appearance as running mates, Joe Biden lauded Kamala Harris on Wednesday as the child of “America's story” who fought for the working class and was ready... Read more ...

LIVE: President Trump holds news conference

LIVE: President Trump holds news conference

President Donald Trump is holding a news conference at the White House. Read more ...

Joe Biden, VP pick Kamala Harris make first public appearance as running mates

Joe Biden, VP pick Kamala Harris make first public appearance as running mates

Joe Biden and Sen. Kamala Harris made their first public appearance as running mates on Wednesday at an event in Delaware where they bashed the Trump administration and... Read more ...

Biden, Harris to make unusual campaign debut in virus era

Biden, Harris to make unusual campaign debut in virus era

Joe Biden is making his first appearance with newly chosen running mate Kamala Harris on Wednesday. Read more ...

Avalanche score 3 third-period goals to beat Coyotes 3-0

Avalanche score 3 third-period goals to beat Coyotes 3-0

EDMONTON, Alberta - Nazem Kadri and J.T. Compher scored 10 seconds apart in the third period, Philipp Grubauer stopped 14 shots and the Colorado Avalanche opened the Stanley... Read more ...

Florida sheriff forbids masks for deputies, office visitors

Florida sheriff forbids masks for deputies, office visitors

The sheriff of Marion County is telling his deputies and visitors who go to the Marion County Sheriff's Office that they are forbidden from wearing face masks. Read more ...