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SEIL | Early 90's one of my high school friends was a corn buyer for Frito Lay. I thought with all the info available to him he would be ahead of the game. He called me during a dry spell about 30 minutes before the Friday close and said, "We would be limit up three days next week." Of course I went long. Then the rain from nowhere came. (There was not the slightest chance for any rain in anyone's forecast on Friday). Limit down Mon, Tues, Wed of course.
Someone tell me what year that was?
One of the greatest learning lessons of my life. "Never place any value on opinions of experts not betting their own money." My friend was betting with Frito Lay money. I was betting with mine. We are still good friends and he is now an extremely successful partner in a venture capitol firm.
Second worst- I once traded a stack of hundred dollar bills for a brand new Polaris 4 wheeler. | |
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