I remember several years ago telling everyone and their brother to sell short all the banks and bond insurers and financial companies.
I had several clients that worked at Lehman Bros (LEH). I even told many of them why I was shorting the company they worked at and how I believed it would go under. We always just agreed to disagree on the future of LEH and the market.
They kept going on and on how it would never happen and the sad thing is many of them had most of their net worth tied up in LEH stock. Many of them kept buying on the way down “averaging down”. I ended up short selling LEH into bankruptcy.
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Please also tell us about the financials that you shorted which survived and subsequently doubled and tripled. It defies reason that LEH was the only one you placed a bet on. Inquiring minds and all…
