This comes to us from a Facebook friend. A brief but harrowing tale of pride before a fall in the commodities market. Real capitalism makes one pay for one’s mistakes.
We were all looking at the Chicago market, when it suddenly traded up a cent (a minute before, I had flashed my clerk and bought a large amount of WH [March Wheat] to cover a position there, and that uptick was my trade), and I offered more March wheat at 6.80. The kid hit my offer, saying “Take it.” I asked him how much he wanted, and he said, “All you got!” I said, “Sold 3,000,000 bushels (600 contracts).”
He sputtered, and said he couldn’t take that much, but I told him that he owned it already…