<p>I did - that’s why I sold those puts. I wanted to buy it and at a lower price. 62.5 is a pretty good price and is basically below where its been all year. That being said, even when the price drops to where I want to buy it, I seem to get squeamish and roll it out. I’m not certain if I’m going to do that or not yet.</p>
<p>It looks like QCOM had a good report but expectations were higher or there’s something in the conference call. This happened to CREE last night too. It gapped down and then went up, and up, and up and even closed in the green. So tomorrow’s action should be interesting.</p>
<p>Guidance was below expectations. Since this is a hedge fund favorite, it should be very interesting tomorrow.</p>
<p>Okay. I guess that I won’t be playing it in the near-term. BTW, I was watching it today but didn’t feel like buying anything tech-related given the narrow range of the indices (outside of the Russell).</p>
<p>The conference call is going on right now. You can also listen to the replay later.</p>
<p>I think you will be ok. Most traders get squeamish when puts end up in the money and these might not end up in the money…</p>
<p><a href=“http://www.nasdaq.com/article/qualcomm-q2-13-earnings-conference-call-at-445-pm-et-20130424-00459#.UXhJH1y9LCQ[/url]”>http://www.nasdaq.com/article/qualcomm-q2-13-earnings-conference-call-at-445-pm-et-20130424-00459#.UXhJH1y9LCQ</a></p>
<p>Most of the move is going to be made in the after hours. Remember… Traders are already reacting to the call. </p>
<p>This really isn’t a big deal. We aren’t talking ddd here or some speculative s… You can take the stock or buy a Couple of puts in or roll one to one , less than less than one to one more than one to one…</p>
<p>In the scheme of trading this is nothing.</p>
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<p>Another disadvantage of a money manager we experiencd was they need to trade a lot generating income whether you need it or not. Doing the tax this year after switching from having a money manager, I realized how little we need. Our manager were generating more income than we needed that’s taxed.</p>
<p>I was talking about traders, not money managers. </p>
<p>Igloo, you had a money manager that was excessively trading your account? Churning?</p>
<p>That is a big no-no.</p>
<p>Trading short term is not necessarily optimal for tax purposes.</p>
<p>If the money manager was putting you in investments for income when you really wanted capital appreciation, that was a disconnection between the customer and the manager. The money manager should be listening
to his client.</p>
<p>Was the money manager trading options for you? Selling covered calls?</p>
<p>I see that qcom is trading close to 63… Looking good</p>
<p>dstark, no idea if they were trading options or not. They were a team, an investment officer who was trading and a financial advisor. I don’t know how much is thought to be excessive trading by industry standard. If the end of year statement is about half an inch thick, single spaced, tiny prints, would you call that excessive? I suspect that they were under the pressure to produce. Do they get evaluated by how much gain they realize? If so, they are going to do that whether it is clients’ wishes or not or whether morally right.</p>
<p>After we converted our portfolio to mostly index funds, I tracked our old portfolio for a while to see how much we are losing by taking a passive approach. It was about the same not counting the fees and tax savings.</p>
<p>That is excessive. You should talk to the office manager. These guys should be fired and sanctioned.</p>
<p>There is probably a compliance officer too that can be contacted. These guys can get in a little trouble.</p>
<p>This market is insane. I’ve made about $40K this week. The question is: can I keep it?</p>
<p>Igloo, was this a major firm? Like BofA (Merrill lynch) or Chase? </p>
<p>Or was this a smaller firm?</p>
<p>Unfortunately, I don’t think that Igloo’s experience is all that uncommon. I think the data consistently shows that money managers do not beat the market over the long run. If you can establish some clearly defined strategy, it might be worth it to have someone else do the day to day calculations and legwork necessary to implement the strategy. Otherwise, all that money managers do is take your money.</p>
<p>Well, this is churning an account. Igloo can put the hurt on these guys if that is what Igloo wants.</p>
<p>Money managers as a group don’t beat the market, but I guess the good ones can help with asset allocation and they can make sure their clients don’t do something stupid. Most people don’t understand finance and want to spend their time doing something else so …</p>
<p>Agree on the last point, and that paying money for consultation to create a basic plan also makes sense for most people (including me). But after that (to use a simple example) why pay someone to put your money in the equivalent of VBINX?</p>
<p>People hire money managers so that they have someone to blame if the investment goes south - that’s my observation anyways. Some of these money managers know zilch about managing money - outside of buying mutual funds with good past performance. They get killed in a market downturn just like everyone else. These guys usually don’t churn accounts though.</p>
<p>Emm1, I don’t think you should.</p>
<p>nice problems with the cboe</p>
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<p>It used to be a small local bank. Through mergers, it became part of a major firm by the time we left. I can cite the bank history just by looking at the change of our statement over the years. </p>
<p>I don’t wish to hurt them. They were nice people, fun to talk to. They would listen to my objections sympathetically. My sense was that it was out of their hands.</p>