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14 hours ago, southparkcpa said:

What the hell does that mean??? 

Why would you want someone allocating money for you that isn’t going to profit from Your success. How are you going to keep that person motivated to do well for you 

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I think what Reddit is doing to wall street is awesome.

My grandmother bought me a savings bond when I was kid so I pocketed $25 in 1993.  That was good.

I can't think of a single reason to buy this week. We're nowhere near knowing where the floor is here. 

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5 minutes ago, Lizard King said:

Why would you want someone allocating money for you that isn’t going to profit from Your success. How are you going to keep that person motivated to do well for you 

bad argument my friend.  These clowns use models given to them by management , they are clueless.  The models use funds that the funds companies pay the advisors company, Merrill for example.  Your argument works in theory but not in real world.   I’ve been in the biz as a CFP for 25 years and fairly successful.  It ranks second to used cars as a scumbag business.    It is full of thieves in suits.   

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On 1/28/2021 at 11:08 AM, Grandy said:

It's satisfying watching wall street bozos sh*t their pants when a bunch of normal people decide to invest en masse and use a "free market" to their advantage.

Especially after watching some of those guys at the top treat our Economy like a casino which landed us in economic turmoil many times before. Example being 08 which wrecked the lives of millions. 

This all Highlights a greater issue, and its fascinating to see it arise from redditors thinking it would be cool to invest in archaic companies. 

Most ws bozos have nothing to do with GameStop. A few folks got screwed.  The story and narrative is good press. 
 

I shorted gme Wednesday and Thursday 5 time for fun.  Made 40 points on average each time. Obvious very small but think ended up making 5k. 

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3 hours ago, Lizard King said:

Yeah he is a notorious inside trader, made a living on it, and rumors of all sorts of stuff you see in the movies 

His incentive structure for employees led To some folks crossing the line. 

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11 hours ago, southparkcpa said:

bad argument my friend.  These clowns use models given to them by management , they are clueless.  The models use funds that the funds companies pay the advisors company, Merrill for example.  Your argument works in theory but not in real world.   I’ve been in the biz as a CFP for 25 years and fairly successful.  It ranks second to used cars as a scumbag business.    It is full of thieves in suits.   

That’s about as prejudiced a comment as I have seen in some time, maybe you need to talk to people in the industry who are a little more ethical and talented. 

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8 hours ago, batman10023 said:

His incentive structure for employees led To some folks crossing the line. 

“some folks” who paid the biggest fine in the history of the business which has still not even been remotely close to being matched 

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7 minutes ago, Lizard King said:

That’s about as prejudiced a comment as I have seen in some time, maybe you need to talk to people in the industry who are a little more ethical and talented. 

I work with many ethical advisors...  I have been in the biz a long time. I've seen it first hand.  I'll tell you, if you're (not you, in general) advisor is NOT a CFP, he is a charlatan.  All these letters after a name?  Meaningless. Only CFP or CFA matter.  75 percent of  advisors aren't CFP's. Not willing to undergo a training program and a 2 day exam.  Seriously, look at the advisors at your local Merrill office. Most are NOT CFP's. They passed a basic test and most of their training is in sales They use funds with expense rations above 25 basis points etc. 

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17 minutes ago, southparkcpa said:

I work with many ethical advisors...  I have been in the biz a long time. I've seen it first hand.  I'll tell you, if you're (not you, in general) advisor is NOT a CFP, he is a charlatan.  All these letters after a name?  Meaningless. Only CFP or CFA matter.  75 percent of  advisors aren't CFP's. Not willing to undergo a training program and a 2 day exam.  Seriously, look at the advisors at your local Merrill office. Most are NOT CFP's. They passed a basic test and most of their training is in sales They use funds with expense rations above 25 basis points etc. 

CFP is the greatest marketing gimmick imposed in financial services. Don’t even try and compare it the CFA. CFA has a board of standards, the CFP was busted last year for not monitoring the practices of their participants. they are not even in the same solar system 


i sat last year for an entry level course at fairleigh Dickinson for the CFP and the first thing the instructor said was “who here is being sponsored by their firm and what grade do you guys need to be reimbursed”

and God forbid an asset manager suggest paying a decent fee for a manager in a segment of your portfolio that has been smoking their benchmarks for a decade, with quantitative models and rigorous auditing and which ironically employs a bunch of those CFA’s that you hold In such high regard 

also, when your advisor charges you daily To work with them and you maintain the ability to walk away with no penalty, where the advisors compensation is improved or worsened by your performance, and where there is a legal fiduciary standard imposed, to whose advantage is that?

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Also, speaking of ethics, does your compliance officer know and monitor that you’re “holding yourself out to the public” as a financial professional on a Jets chat board? That’s a real term and you may want to look into it. 

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Here you go, buddy, saved you some trouble. 


https://www.sec.gov/about/offices/oia/oia_investman/rplaze-042012.pdf

 

2. Engaged in the Business. A person must be engaged in the business of providing advice. This does not have to be the sole or even the primary activity of the person. Factors used to evaluate whether a person is engaged are: (i) whether the person holds himself out as an investment adviser; (ii) whether the person receives compensation that represents a clearly definable charge for providing investment advice; and (iii) the frequency and specificity of the investment advice provided.5 Generally, a person providing advice about specific securities will be “engaged in the business” unless specific advice is rendered only on a rare or isolated occasion.6

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52 minutes ago, Lizard King said:

CFP is the greatest marketing gimmick imposed in financial services. Don’t even try and compare it the CFA. CFA has a board of standards, the CFP was busted last year for not monitoring the practices of their participants. they are not even in the same solar system 


i sat last year for an entry level course at fairleigh Dickinson for the CFP and the first thing the instructor said was “who here is being sponsored by their firm and what grade do you guys need to be reimbursed”

and God forbid an asset manager suggest paying a decent fee for a manager in a segment of your portfolio that has been smoking their benchmarks for a decade, with quantitative models and rigorous auditing and which ironically employs a bunch of those CFA’s that you hold In such high regard 

also, when your advisor charges you daily To work with them and you maintain the ability to walk away with no penalty, where the advisors compensation is improved or worsened by your performance, and where there is a legal fiduciary standard imposed, to whose advantage is that?

I don’t disagree with any of that....  I simply believe the barrier to entry is so low, the biz is full of snakes.  we all get paid on assets.   In my case, my clients pay me a flat one percent, no fees, no account costs etc.  All in there costs are below 125 bbs as I use mainly Vanguard.    I review accounts weekly of other firms using funds with expenses around 40 bbs, they charge 1:25 on top etc....    you seem smart.  have you read any Bogle books?  It’s good stud. Enough is outstanding. 
 

BTW... yes 50 percent of all CFPs are salesman.  I’m with you.  But between a CFP and non CFP, chances are the CFP is you’re best bet.  No guarantees.
 

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31 minutes ago, Lizard King said:

Also, speaking of ethics, does your compliance officer know and monitor that you’re “holding yourself out to the public” as a financial professional on a Jets chat board? That’s a real term and you may want to look into it. 

Yeah... that’s cute.  

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10 minutes ago, southparkcpa said:

I don’t disagree with any of that....  I simply believe the barrier to entry is so low, the biz is full of snakes.  we all get paid on assets.   In my case, my clients pay me a flat one percent, no fees, no account costs etc.  All in there costs are below 125 bbs as I use mainly Vanguard.    I review accounts weekly of other firms using funds with expenses around 40 bbs, they charge 1:25 on top etc....    you seem smart.  have you read any Bogle books?  It’s good stud. Enough is outstanding. 
 

BTW... yes 50 percent of all CFPs are salesman.  I’m with you.  But between a CFP and non CFP, chances are the CFP is you’re best bet.  No guarantees.
 

You’re no different. You said in a previous post that you’re “fee only.”  Unless terminology has changed, fee only means you charge for financial planning, literally just building personal wealth projections and making recommendations,and do not take any other business including asset management or commissions. So I don’t see how you’re any different than what you’re trying to rail against.

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2 minutes ago, Lizard King said:

You’re no different. You said in a previous post that you’re “fee only.”  Unless terminology has changed, fee only means you charge for financial planning, literally just building personal wealth projections and making recommendations,and do not take any other business including asset management or commissions. So I don’t see how you’re any different than what you’re trying to rail against.

My basic premis is that a large portion of advisors, fee only or not, are not that smart.   That’s all.  I’m gonna go play golf. talk later. 👍

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3 minutes ago, southparkcpa said:

My basic premis is that a large portion of advisors, fee only or not, are not that smart.   That’s all.  I’m gonna go play golf. talk later. 👍

 Your basic premise was to try and grab what you considered was low hanging fruit, let us know you were one of the good guys, and got totally dismantled in the process. Sorry that didn’t go like you wanted it to. 

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On 1/25/2021 at 12:14 PM, Barry McCockinner said:

interested in a high risk crypto that could be around $50 by march?

UNI

It's at about 11.50 right now. Uniswap is one of the most useful tools in the decentralized finance space right now and it's all starting to blow up.

18.50

just increased my position

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10 hours ago, Lizard King said:

“some folks” who paid the biggest fine in the history of the business which has still not even been remotely close to being matched 

All these pod structures have strong incentives to cheat.  It’s hard to police. 
 

 

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5 hours ago, Barry McCockinner said:

18.50

just increased my position

Where do you buy and sell your crypto?  Coinbase, Grayscale?

I just started buying into Bitcoin for the first time these past few months using PayPal.  I don't think UNI is available there though. 

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8 minutes ago, jetstream23 said:

Where do you buy and sell your crypto?  Coinbase, Grayscale?

I just started buying into Bitcoin for the first time these past few months using PayPal.  I don't think UNI is available there though. 

as long as you can buy ethereum you can buy UNI.

Youtube metamask. Send a very small amount of eth to your metamask wallet first as a test so you are comfortable w/what you're doing. Once you have eth on metamask you can swap for UNI or any other ERC20 token.

I'd recommend looking into hardware wallets too.

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22 minutes ago, Barry McCockinner said:

as long as you can buy ethereum you can buy UNI.

Youtube metamask. Send a very small amount of eth to your metamask wallet first as a test so you are comfortable w/what you're doing. Once you have eth on metamask you can swap for UNI or any other ERC20 token.

I'd recommend looking into hardware wallets too.

Just don't be that guy that loses his hardware!  I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin.  It's in a landfill or something and the city won't let him dig.

 

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2 minutes ago, jetstream23 said:

Just don't be that guy that loses his hardware!  I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin.  It's in a landfill or something and the city won't let him dig.

 

you have to be smart about securely storing your seed phrase in more than one location

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Someone explain to me this whole seed phrase, wallets etc. 

i bought a bunch of Bitcoin on Coinbase in the spring when it  tanked, sold it in the fall....way too early but still made a nice profit.

Coinbase seemed real easy...the cash went straight into my bank account.  I have a “seed phrase” but have never been asked to enter it anywhere. 

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8 minutes ago, IndianaJet said:

Someone explain to me this whole seed phrase, wallets etc. 

i bought a bunch of Bitcoin on Coinbase in the spring when it  tanked, sold it in the fall....way too early but still made a nice profit.

Coinbase seemed real easy...the cash went straight into my bank account.  I have a “seed phrase” but have never been asked to enter it anywhere. 

If you store it on an exchange you don't own the keys and so you wouldn't need a seed phrase. A seed phrase is something you get when you have your own wallet. It is used to recover the wallet if you ever lose the physical version of it. 

The problem with storing it on an exchange is that they control your coins. If they get hacked, your coins go bye bye. If they decide you are a bad person for whatever reason and don't want to give you your coins back say bye bye. 

There are many horror stories of people losing their coins storing them on exchanges. The most famous, is probably Mt. Gox. Most people recommend storing your own coins in a hardware wallet if you have a significant amount.

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On 1/30/2021 at 10:17 PM, jetstream23 said:

Just don't be that guy that loses his hardware!  I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin.  It's in a landfill or something and the city won't let him dig.

 

He says it is worth 220 million. Offered to split it with the town if they let search and find it.

I think they said now, which means they are just searching on their own lol.

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6 hours ago, Maxman said:

I am on a watch list now boys lol.

 

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Philip, I mean Max, get margin. It means you have the right to borrow money to buy extra stock but it’s simpler than that, it just allows you to sell something the same day you bought it. Otherwise in a pure cash account they will penalize you for your astute risk management. Your mind is way ahead of the game, doing what you did. Just make sure you tighten it up by not getting frozen out for not having the proper type of account for short term trading. And if you’re going to trade in and out of the same stock in a day, keep your account balance north of $25k if that’s a possibility. 

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3 hours ago, Lizard King said:

Philip, I mean Max, get margin. It means you have the right to borrow money to buy extra stock but it’s simpler than that, it just allows you to sell something the same day you bought it. Otherwise in a pure cash account they will penalize you for your astute risk management. Your mind is way ahead of the game, doing what you did. Just make sure you tighten it up by not getting frozen out for not having the proper type of account for short term trading. And if you’re going to trade in and out of the same stock in a day, keep your account balance north of $25k if that’s a possibility. 

Kid # 3 starts college in the fall. We have 4 private school tuition payments left (high school for youngest son). But that wraps up 20 years of catholic school payments.

Those are all a longer way of saying, the account doesn't have 25k in it.  :)

I am not much of a day trader. I have money mostly in Index funds. Just don't have the time to feel safe managing stock investments.  Not until I sell JetNation anyhow lol.

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4 hours ago, Maxman said:

Kid # 3 starts college in the fall. We have 4 private school tuition payments left (high school for youngest son). But that wraps up 20 years of catholic school payments.

Those are all a longer way of saying, the account doesn't have 25k in it.  :)

I am not much of a day trader. I have money mostly in Index funds. Just don't have the time to feel safe managing stock investments.  Not until I sell JetNation anyhow lol.

Well, either way, under 25k you can still do this; that way if you need to manage your risk for some reason, they don’t freeze you out 

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On 1/29/2021 at 10:51 AM, Lurker89 said:

I did the same .... Good to see others are thinking similar.... Now hopefully we are thinking correctly 😉.

As of last week I had about a 35% profit in a few months on the growth fund.  I took out the profit and moved it to emerging markets and left my initial investment in.  It wasn't really a rebalance I'm just not as comfortable with the low inflation long term model that seems to overwhelmingly favor growth stocks.  

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