I have noticed a trend in a few posts where some take offense to strategies used to shelter money, utilize loopholes in the tax code , etc. These include millionaires manipulating income to qualify for an ACA subsidy (Guilty!!!) or transferring assets to children to eventually qualify for MEdicaid benefits.
Well, at the risk of getting flamed (I can take it), yesterday morning after watching CNN....I watched the opening of the markets. At 9:45am MGM (MGM Resorts Int'l.) which owns Mandalay Bay spiked up to close to $32/share. I took a deep breath and shorted 10,000 shares. MGM lost 5.5% yesterday. At 3:45 pm I covered my short position for a profit of $12,000.
I do not tell this to brag in any way. Also, let me say the shooting was a tragedy of epic proportions. But would some say I was callous and dead wrong for "taking advantage" of a tragedy to profit...OR...was this just an investment opportunity which succeeded? Remember, it could have gone the other way as well. Also, I am sure that insitutional investors were doing the same thing ....perhaps... in some cases where investors profited without even knowing it.
After HArvey, I went long on both Lowes and Home Depot, which to date has seen both move higher.
My point is are we in this game to make money or is there a "line" you would not cross? If that makes any sense.
BTW, I am donating 20% of my profit on the MGM trade to the go fund me account for the victims of the Vegas shooting. So I do have a heart.
Well, at the risk of getting flamed (I can take it), yesterday morning after watching CNN....I watched the opening of the markets. At 9:45am MGM (MGM Resorts Int'l.) which owns Mandalay Bay spiked up to close to $32/share. I took a deep breath and shorted 10,000 shares. MGM lost 5.5% yesterday. At 3:45 pm I covered my short position for a profit of $12,000.
I do not tell this to brag in any way. Also, let me say the shooting was a tragedy of epic proportions. But would some say I was callous and dead wrong for "taking advantage" of a tragedy to profit...OR...was this just an investment opportunity which succeeded? Remember, it could have gone the other way as well. Also, I am sure that insitutional investors were doing the same thing ....perhaps... in some cases where investors profited without even knowing it.
After HArvey, I went long on both Lowes and Home Depot, which to date has seen both move higher.
My point is are we in this game to make money or is there a "line" you would not cross? If that makes any sense.
BTW, I am donating 20% of my profit on the MGM trade to the go fund me account for the victims of the Vegas shooting. So I do have a heart.