Lenny Dykstra declares bankruptcy - What happens when you're broke and owe millions? - Page 2

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Lenny Dykstra declares bankruptcy - What happens when you're broke and owe millions?

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07-10-2009 , 12:57 PM

#26

iamjustin

grinder

Join Date: Feb 2008 Posts: 558

Quote:

Originally Posted by Huck Cheever

So did he actually scrounge money to keep flying in private jets because he was delusional and thought his business would be successful?

I always wonder what goes on in the minds of these people. I watched my friend go through a (obv scaled down) similar situation, I have no idea how he let himself go past broke either

It's an interesting question. My father and I were having a similar conversation about the odd similarities between people in Lenny's situation and many who lived through the great depression. Perhaps those who have financial experiences drastically removed from the mean are psychologically unable to adjust even when their situation does.

However, in the case of Lenny and others like him (and unlike their opposites), there does come a point where the credit necessary to sustain that standard is no longer available...

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07-10-2009 , 01:46 PM

#27

Mempho

Pooh-Bah

Join Date: May 2005 Posts: 4,296

Quote:

Originally Posted by ArturiusX

What drugs do you smoke, I want some.

Dude, I saw the segment on (I'm pretty sure it was on Real Sports) and it was all about how he was one of the best traders ever. Cramer did vouch for him, too, saying "one of the best."

EDIT: obv I grunched...been covered well

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07-10-2009 , 02:36 PM

#28

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 100,714

Not just one of the best, ONE OF THE GREAT ONES.

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07-10-2009 , 03:38 PM

#29

Ditch Digger

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Join Date: Jan 2006 Posts: 9,989

Wonder if HBO sports will do another story on him. Probably not since it'll make them look like fools.

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07-10-2009 , 03:57 PM

#30

JayTeeMe

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Join Date: Jan 2008 Posts: 29,419

Quote:

Originally Posted by suzzer99

Not just one of the best, ONE OF THE GREAT ONES.

That's probably not as good as one of the best.

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07-10-2009 , 05:36 PM

#31

JohnnyHumongous

old hand

Join Date: Jan 2005 Posts: 1,962

Great article...

"Other times, Lenny’s attempts at humor can be downright offensive. At one meeting, Lenny goes off on how a particular layout looks “*****”—despite the presence of a gay page designer in the room. (Later, Lenny says to me: “Did you see the look on that ***’s face?”) On another occasion, I field a call from Lenny about potential cover subjects while I’m at home; Lenny’s on speaker when he proudly states, for both my wife and me, that “nobody can call me a racist—I put three darkies and a bitch on my first four covers.” "

Last edited by JohnnyHumongous; 07-10-2009 at 05:37 PM. Reason: *** = gay insult, starts with F... ***** same word plus "gy"

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07-10-2009 , 08:20 PM

#32

nadical

banned

Join Date: Apr 2005 Posts: 781

Quote:

Originally Posted by Ditch Digger

Wonder if HBO sports will do another story on him. Probably not since it'll make them look like fools.

They did last week or two weeks ago how he is getting sued by all these people and basically dead broke.

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07-11-2009 , 01:24 PM

#33

LocustHorde

adept

Join Date: Jan 2007 Posts: 1,170

http://www.bloggingstocks.com/2009/0...nbc-interview/

Great CNBC interview lol

7:12 he leeeffffftt..

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07-11-2009 , 01:51 PM

#34

golfnutt

banned

Join Date: Oct 2007 Posts: 5,966

Quote:

Originally Posted by LocustHorde

http://www.bloggingstocks.com/2009/0...nbc-interview/

Great CNBC interview lol

7:12 he leeeffffftt..

Gold. What a tooooool. Any player that would give him a $1 deserves to lose this.

I love how he says he is 111-0 on his stock picks. Him and Bernie Maddoff.

He should be in jail. Love how she asks how he is living at the home with no furniture. "It is going through a remodel!" Haha.

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07-11-2009 , 03:01 PM

#35

StockMarketFTW

adept

Join Date: Feb 2008 Posts: 743

Wow. This is horribly embarrassing. Lets blame it all on Wamu. He is in such denial that it his sad. His attorneys need to sit him down and explain the situation.

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07-11-2009 , 03:18 PM

#36

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 100,714

I'm surprised he has anything to pay his attorneys.

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07-12-2009 , 11:50 AM

#37

Yowserrrs

Pooh-Bah

Join Date: Nov 2007 Posts: 5,347

Almost all his trades were purchases of deep in the money options. His trading strategy was to sell once a fixed amount was made (like $1) or hold indefinitely until the option went to 0. 90%+ of his portfolio was long.

The most amazing part of the story is that he freely confessed this to be his stratgegy long before things turned bad.

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07-14-2009 , 12:47 AM

#38

savman

old hand

Join Date: Apr 2005 Posts: 1,469

Just watched the trainwreck errrr interview. He did compare himself to the Donald....roflcopter.

that is all.

savman

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07-14-2009 , 01:59 AM

#39

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 100,714

Donald should have Lenny open for him every time he gives a speech. Next to Dykstra, Trump seems like the epitome of class, grace and style.

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07-14-2009 , 02:42 AM

#40

savman

old hand

Join Date: Apr 2005 Posts: 1,469

Quote:

Originally Posted by suzzer99

Donald should have Lenny open for him every time he gives a speech. Next to Dykstra, Trump seems like the epitome of class, grace and style.

But which one could lay claim to owning the worlds best everything????

Quote

07-14-2009 , 05:53 AM

#41

Huck Cheever

banned

Join Date: May 2007 Posts: 512

The interview is fantastic, it looks like he might actually believe it's not his fault, and the magazine will still be successful. I am looking forward to more stories/interviews

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07-14-2009 , 11:19 PM

#42

savman

old hand

Join Date: Apr 2005 Posts: 1,469

ZOMG!!!!!!

John Stewart has picked up the story and OWNS Cramer once again. This is awesome. LOLLOLLOLLOL

savman

P.S. obviously Stewart browses BFI for material.

edit: If he incorporates The Donald after commercial break it will be the Holy Trinity of The Daily Show.

Last edited by savman; 07-14-2009 at 11:21 PM. Reason: Daily Show edit obv

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07-15-2009 , 12:35 AM

#43

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 100,714

Dammit I had to skip the 8pm show to record Nova and the All Star game. 30 minutes til 10pm I want to see this so bad. Why can't it be 10pm NOW????

Quote

07-15-2009 , 11:10 PM

#44

HoosierAlum

veteran

Join Date: Oct 2006 Posts: 2,402

Wow, I'm not sure if he actually believes what comes out of his mouth or if he is that delusional.

Quote

07-16-2009 , 05:43 AM

#45

mexineil

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Join Date: Sep 2004 Posts: 17,173

Great article. Just watching the video - this guy is off his nut. I lost count of how many times he said "The bottom line is..."

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07-24-2009 , 12:43 PM

#46

Justin_Bobby

grinder

Join Date: Nov 2007 Posts: 562

Dykstra claims to have 110 wins, zero losses. I predict he ends up in jail.

http://www.nailsinvestments.com/

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07-24-2009 , 06:03 PM

#47

bills217

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Join Date: Jul 2005 Posts: 7,462

Quote:

Originally Posted by Justin_Bobby

Dykstra claims to have 110 wins, zero losses. I predict he ends up in jail.

http://www.nailsinvestments.com/

Oh I believe him 100%. All he does is Martingale deep-in-the-money options. Very easy to be 110-0 when that's your strategy. It's the 1 you have to be worried about.

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07-24-2009 , 07:23 PM

#48

nuclear500

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Join Date: Aug 2004 Posts: 10,515

I tried watching that interview for the first time...yah, I couldn't even get halfway through he's such a moron.

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07-24-2009 , 07:34 PM

#49

Justin_Bobby

grinder

Join Date: Nov 2007 Posts: 562

Quote:

Originally Posted by nuclear500

I tried watching that interview for the first time...yah, I couldn't even get halfway through he's such a moron.

If you want to hear Nails at his best he gives a great interview here...

http://sportsillustrated.cnn.com/danpatrick/

Quote

07-24-2009 , 08:08 PM

#50

tttwwwooo

grinder

Join Date: Aug 2007 Posts: 554

Quote:

Originally Posted by bills217

Very easy to be 110-0 when that's your strategy. It's the 1 you have to be worried about.

+1

He also doesn't count mark-to-market losses in his W-L record because he just keeps holding onto losing positions. If you doesn't close out the position, it could still be a winner!

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