Octopus Overlords

So is buying into an IPO done just like a regular stock purchase?

If you are one of the plebs then, yes. If you are special then you are truly buying in to the IPO and getting the IPO set pricing before the plebs. If you are special then you know it and wouldn't be asking, you'd be working with the bank making the IPO happening.

LordMortis wrote: Sat Mar 23, 2024 8:10 am If you are one of the plebs then, yes.

I'm definitely one of the peons.

Carpet_pissr wrote: Fri Mar 15, 2024 12:41 pm Any of the 4 people left on OO that are also reading this board, currently or previously owned any cannabis or psychedelic related stocks? (or plan to buy in the future) I need someone other than the freaking Yahoo finance board to bounce shit off of. Preferably someone with a brain cell or two, and/or above the mental age/maturity of 15.

Reddit is pretty good, and far and above the Yahoo boards' trash, but I'm hoping for "next level" discussion.

I still have some CRON. Haven't really been following the space that much though.

em2nought wrote: Sat Mar 23, 2024 3:19 am So is buying into an IPO done just like a regular stock purchase?

Unless you're special, you buy it when it is a regular stock starting the day it is offered on the open market.

It's almost always better to wait though. Day 1 euphoria usually means a big premium.

LawBeefaroni wrote: Sat Mar 23, 2024 8:58 am It's almost always better to wait though. Day 1 euphoria usually means a big premium.

Yep *COUGH* RIVIAN *COUGH*

I believe in RIVIAN and made a few bucks off them but not much and not with many shares. Maybe it's time show some faith and get back in with a couple hundred shares, enough to sell options and cut in half with profit if they take an unexpected short term upturn. I think they will survive, unlike pretty much every other EV start up except TSLA. It's something to think about after the first when my next CDs mature.

LordMortis wrote: Sat Mar 23, 2024 11:39 am I believe in RIVIAN and made a few bucks off them but not much and not with many shares. Maybe it's time show some faith and get back in with a couple hundred shares, enough to sell options and cut in half with profit if they take an unexpected short term upturn. I think they will survive, unlike pretty much every other EV start up except TSLA. It's something to think about after the first when my next CDs mature.

I sold mine at a loss relatively recently. I think my cost basis was low $30's and I sold around $23 or $24. I felt bad at the time, but now I feel much better looking at the current price, wow! I was expecting it to drop into the teens, but didn't expect $10, Jesus.

Yeah, if you think they will even survive (or get acquired), now would probably be a great time to buy. That whole Georgia plant kerfuffle really turned me off of the investment as a whole. And the fact that the vehicles themselves are not as wildly popular as I assumed they would be when I first bought.

What about the poor bastards that bought at IPO, or even within a few days, from $100 to $128?! Gah.

Wow. What the hell is up with Apple stock. Insane jump today of 10 points. It's been struggling the last couple months here - but it just like rebounded it all in one day.

Apple stock has best day since 2022 after earnings beat, $110 billion stock buyback

Apple shares popped 6% Friday after the company reported better-than-expected second-quarter earnings and the largest-ever stock buyback program. It was the best day for the stock since Nov. 30, 2022.

The iPhone maker announced Thursday it would repurchase $110 billion of its shares, the biggest buyback in U.S. history, surpassing Apple’s prior repurchases. The company posted earnings of $1.53 per share on revenue of $90.75 billion, exceeding analysts’ estimates of earnings of $1.50 per share on revenue of $90.01 billion, according to LSEG.

GameStop is going crazy again, as it spiked 75% yesterday and is up a bit over 100% premarket as the meme traders are at it again.

GME hit a high of $80 in pre-market, currently around $36.5. Lots of FOMOers getting fleeced.

1,800x P/E.

Just a little over a month until I can "maybe" pull all my funds out of my annuity without a big pre 59&1/2 penalty. Depends on which answer we've had from them since they changed hands is the correct answer.

1. You can never pull out - original company answer that I suspect had to do with them selling off that branch of the company for big money just after giving us that answer.

2. You can pull out on the five year anniversary of your mother's death - answer I got from them when I called them.

3. You can pull out at anytime - answer my sister got when she called them.

I'd read the fine print on that one. Annuities tend to be locked and cashing out tends to be an exercise in financial pain. Starting with "surrender charges"

https://www.investopedia.com/terms/s/surrenderfee.asp

LordMortis wrote: Wed May 15, 2024 7:19 pm I'd read the fine print on that one. Annuities tend to be locked and cashing out tends to be an exercise in financial pain. Starting with "surrender charges"

https://www.investopedia.com/terms/s/surrenderfee.asp

Thanks for the heads up. I'm kind of aware of them trying to screw me no matter what I do already. I moved my funds into a money market product that they had just created a fee for removing funds from. Probably because they imagine people are going to run to perceived safety soon which "this" money market fund isn't.

877-CASH-NOW

Isgrimnur wrote: Fri May 17, 2024 2:24 pm 877-CASH-NOW

I did ask J.G. Wentworth awhile back, and they didn't seem interested. I kind of have the idea that when I file the paperwork the dudes at this new company will eventually figure out "somehow" that I can't access my funds. Sort of like the three times over the space of ten years that Comcast absolutely promised they could provide internet to my old business only to be told in the end each time that I'd have to spend $10,000 to get the cable laid. It would probably be $20,000 now.

$8500 for my old business but this was subsidized by signing on to 5 year contract. Six months after we broke down and got stuck with Comcast (be glad you didn't what I nightmare their service was) Fiber became available after years of being told it's not available and there is no ETA on when it will be. Nevermind the fact all of the last mile fiber providers were out digging up the front of the office, laying in Fiber... for someone else... Like the neighboring US Olympic hockey arena or Stardock or they just needed to run the line for something further away and we were on the way.

And Schwab is down, not for the first time since they absconded with the account I really liked. Why did they have destroy something that was so perfect? I really need to get over my inertia and leave this platform. Also they've down for well over an hour, at least, when I first tried to log in but only just now acknowledged "some clients may be having difficulties".

Edit: and finally up after 10:00...

LordMortis wrote: Tue Jun 11, 2024 10:00 am And Schwab is down, not for the first time since they absconded with the account I really liked. Why did they have destroy something that was so perfect? I really need to get over my inertia and leave this platform. Also they've down for well over an hour, at least, when I first tried to log in but only just now acknowledged "some clients may be having difficulties".

Having the same issue. Irritating.

Fidelity, IAB, and Ally all working fine.

LawBeefaroni wrote: Tue Jun 11, 2024 10:04 am

LordMortis wrote: Tue Jun 11, 2024 10:00 am And Schwab is down, not for the first time since they absconded with the account I really liked. Why did they have destroy something that was so perfect? I really need to get over my inertia and leave this platform. Also they've down for well over an hour, at least, when I first tried to log in but only just now acknowledged "some clients may be having difficulties".

Having the same issue. Irritating.

Mine finally just came up.

Edit: And TIL you cannot do a same day cash withdraw from your individual account back to your linked bank account. My love for this company grows three sizes...

Unagi wrote: Fri May 03, 2024 9:54 pm Wow. What the hell is up with Apple stock. Insane jump today of 10 points. It's been struggling the last couple months here - but it just like rebounded it all in one day.

And, damn - now it's up again. Up nearly 15% in 2 days. (sitting at 217 now, was at 170 April 30th) I can't imagine that will hold for long, but it's a new high.

I put a lot of money into them like 20+ years ago and have been rolling it over.

My guess is it's on the "Apple Intelligence" announcement after it was amplified by a gazillion when DJMusk announced he would ban Apple devices if they didn't meet with his approval.

I've been waiting for this sell off for a long time. It's not painful yet but if it gets drastic, it could hurt a bit. I haven't bought anything since I don't know when, if this continues I am going to stop diverting to TBills (which I am likely to do anyway as rates keep dropping) and start dipping my toes back in with small buying, probably in focused or broad ETFs with my meager dividends, letting my TBills mature and live off of those for a while.

My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

I am far from giving advice but traditional wisdom says banks aren't good when rates fall. Traditional wisdom get me burned, so I don't follow that either...

I am not a "time the market" guy but I have a not small amount of cash that I have sitting in my checking that I just recently needed there for a "proof of funds" thing. Really going to have to fight the urge today to not throw it all into VTI/VXUS etfs when things really tank. (I'm a boring total world market index investor so those are my go to). In any case, I'm still 12+ years aways from touching my investments so my mood today is just:

P.S. A gentle note that if anyone decides to liquidate funds today you are very likely to lock in losses and miss the eventual rebound. I didn't sell, or even change, my regular contributions during the covid crash and . . . .checks balance . . . am very thankful that I didn't.

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

I really don't think that is where we are headed, but FDIC banks are, well, federally insured. And the gov would attempt to faciliate someone else taking it over prior to a true failure anyhow. I use Schwab as my "bank" (checking and money market funds) and Fidelity as for my investments. I won't be touching anything.

More about what happens if a bank fails here: https://www.investopedia.com/what-happe ... pplicable).

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

Hamlet3145 wrote: Mon Aug 05, 2024 9:13 am I am not a "time the market" guy but I have a not small amount of cash that I have sitting in my checking that I just recently needed there for a "proof of funds" thing. Really going to have to fight the urge today to not throw it all into VTI/VXUS etfs when things really tank. (I'm a boring total world market index investor so those are my go to). In any case, I'm still 12+ years aways from touching my investments so my mood today is just:

P.S. A gentle note that if anyone decides to liquidate funds today you are very likely to lock in losses and miss the eventual rebound. I didn't sell, or even change, my regular contributions during the covid crash and . . . .checks balance . . . am very thankful that I didn't.

It's a meltdown of the yen carry trade. Everyone borrowing yen for free money essentially just got a margin call when Japan raised rates and they're selling off other assets to cover. Which craters those other assets which creates a lot of other margin calls. So more selling...

LawBeefaroni wrote: Mon Aug 05, 2024 9:44 am

Hamlet3145 wrote: Mon Aug 05, 2024 9:13 am I am not a "time the market" guy but I have a not small amount of cash that I have sitting in my checking that I just recently needed there for a "proof of funds" thing. Really going to have to fight the urge today to not throw it all into VTI/VXUS etfs when things really tank. (I'm a boring total world market index investor so those are my go to). In any case, I'm still 12+ years aways from touching my investments so my mood today is just:

P.S. A gentle note that if anyone decides to liquidate funds today you are very likely to lock in losses and miss the eventual rebound. I didn't sell, or even change, my regular contributions during the covid crash and . . . .checks balance . . . am very thankful that I didn't.

It's a meltdown of the yen carry trade. Everyone borrowing yen for free money essentially just got a margin call when Japan raised rates and they're selling off other assets to cover. Which craters those other assets which creates a lot of other margin calls. So more selling...

This.

Schwab is down "for some clients" which always seems to me. And they are always slow and sometimes pop up wrong screens and require <f5> a lot. Gotta love them. One of these day I will overcome inertia and leave them behind.

Due to a technical issue, some clients may have difficulty logging in to Schwab platforms and may have difficulty reaching us by phone. Please accept our apologies as our teams work to resolve the issue as quickly as possible.

We're unable to authorize your access. Try again later.

The friggin magic 8 Ball of investment UI. Maybe I need to shake my monitor.

LordMortis wrote: Mon Aug 05, 2024 10:53 am Schwab is down "for some clients" which always seems to me. And they are always slow and sometimes pop up wrong screens and require <f5> a lot. Gotta love them. One of these day I will overcome inertia and leave them behind.

Due to a technical issue, some clients may have difficulty logging in to Schwab platforms and may have difficulty reaching us by phone. Please accept our apologies as our teams work to resolve the issue as quickly as possible.

We're unable to authorize your access. Try again later.

The friggin magic 8 Ball of investment UI. Maybe I need to shake my monitor.

Fidelity, man. They continue to impress me on the regular, on multople fronts. I am considering even moving my checking/savings to them. Every encounter I have had with them just screams professionalism.

Schwab down for me as well. Fidelity and IAB both up and working fine.

It's back up but its responsiveness is even worse than its normal poor benchmark. If you were an active home trader that must have killed you. I missed a chance to buy back some of my covered calls on the super cheap. I guess that's what I get for not setting GTG on all my options. Only I like to see what's happening before making a decision rather than set or forget. For instance, I could have accidentally sold a ton this morning at 5%+ decline that I couldn't get in to change.

LawBeefaroni wrote: Mon Aug 05, 2024 9:28 am

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

I'm talking about having cash deposits under $250k, and a certain worry about access to safety deposit boxes too. My current bank isn't one of the too big to fail banks. I've also got a Schwab account just for being able to use the debit card overseas and get ATM fee refunded. I'm glad I'm not a trader trying to use a Schwab account today.

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

I will only say this: consider that your "friend" may be reacting to political messaging vs financial reality.

As an anecdotal example, most right political people I know have an almost constant "impending doom" mentality (and often impending financial, large scale doom) likely due to a steady diet of Fox News. conservative talk radio and the like, that love to beat the fear into their listeners. I seriously am not trying to turn this thread political, but given your political stances, just something to be aware of. Of course there is no harm in moving to a big bank, so not really a downside, I guess.

Markets go up and down. There are corrections, recessions, and depressions. There are also surges, bull runs, etc.

I will assume you are being honest with your question here, vs fearmongering (which I don't think would work very well in this tiny forum anyway), but I would strongly consider the source. Ask your friend why he is saying this, and why now? Critical thinking FTW! Is he legit worried about some future SVB kind of situation, or simply reacting to today's market drop?

em2nought wrote: Mon Aug 05, 2024 12:16 pm

LawBeefaroni wrote: Mon Aug 05, 2024 9:28 am

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

I'm talking about having cash deposits under $250k, and a certain worry about access to safety deposit boxes too. My current bank isn't one of the too big to fail banks. I've also got a Schwab account just for being able to use the debit card overseas and get ATM fee refunded. I'm glad I'm not a trader trying to use a Schwab account today.

Cash deposits under 250k, as long as the bank is FDIC insured, are protected whether or not the bank is too big to fail.

stessier wrote: Mon Aug 05, 2024 12:29 pm

em2nought wrote: Mon Aug 05, 2024 12:16 pm

LawBeefaroni wrote: Mon Aug 05, 2024 9:28 am

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

I'm talking about having cash deposits under $250k, and a certain worry about access to safety deposit boxes too. My current bank isn't one of the too big to fail banks. I've also got a Schwab account just for being able to use the debit card overseas and get ATM fee refunded. I'm glad I'm not a trader trying to use a Schwab account today.

Cash deposits under 250k, as long as the bank is FDIC insured, are protected whether or not the bank is too big to fail.

I wonder what that means though? If a bank fails do the bank facilities close until they get picked up by a bigger bank? Do you temporarily not have access to your funds or safety deposit boxes?

What about money market accounts?

Well, political messaging in this case could be the Project 2025 plan to change the FDIC

https://www.wthr.com/article/news/verif ... 2cec8ec210

Regardless of what the actual changes would be, the prospect of change on this scale is something to be concerned about and good financial planners hate that kind of uncertainty (ditto the Fed changes), giving more power to the banks (or politicians here) to use as they see fit is a very concerning thing, especially in light of the S&L crisis, 2008 crash, multiple Wells Fargo shenanigans, etc.

While wholesale change is unlikely, the discussions are about risk management, and do need to be evaluated. Pretty tough to do so tho.

TBH, I do put the odds of this happening as lower than nuclear war.

I'm looking the other way, as a long time wells Fargo customer, I'm looking at ways to unentangle that connection and move to a credit union for better rates, less shenanigans and more local control. The bath I took in 2008 from an investment in Bank of America (which has still done far better than other banks like Citi, who still hasn't recovered to pre-2008 levels) taught me the hard lesson that banks today aren't the bastions of fiscal conservatism they once were, and that the fraud only really shows up when things are in the toilet.