My Soon-To-Be Legendary-Cuz-It’s-Dead-On AMEX Black Card Interview

I’ve teased my recent interview about the AMEX Black Card in a few blog posts, but due to overwhelming demand and critical acclaim, I gotta post some of it below so that those who are too lazy to click links can see what all the hype is about…

These are just a few select questions-and-answers, see the full article HERE:

So Tim, what are your thoughts on the black card?

I think it’s got some great benefits and features and it’s definitely bragworthy, but I doubt it’s right for anybody who doesn’t own their own biz, is worth less than a few mil or for any cheap Jews. In fact, I think the Torah specifically states in Cheapjewonomy 3:23-7:11: “Thou shalt not spend $2,500/year on something so superficial”

In order to be in the Who’s Who on Wall Street, is a black card a requirement? If not, is there another card that people are starting to flaunt now?

No, in order to be WWoWS you just have to be a prick and willing to lie, cheat and steal—depending on the situation/client. A black card is just one of the many possible trophies you receive for being such a shitty human being/above-average financier.

The card now being flaunted around is the BOB card, or Banking On Bankruptcy card—as in “I’m banking from betting that your firm is going bankrupt.” It’s getting more popular by the day, especially among the hedge fund crowd.

Does it seem like everyone on Wall Street has one, or is still a symbol of having “arrived”?

Many of the true higher ups—and even moreso the wanna-appear-to-be-higher-ups-but-really-have-little-talent-importance-or-intelligence-just-family-money-connections-or-coke-problems-usually-all-three—definitely have one. Throw a bag of blow at anyone dining at Per Se, Masa or Daniel on any given night and chances are you’ll hit a black cardmember, not to mention you’d get a good laugh from watching the mad scramble for the bag itself as if it were Barry Bonds’ 756th home run ball. (If anyone takes me up on that suggestion, please put the video on Youtube, it’s got viral written all over it!)

What is the largest purchase, with the card, you have heard of someone making?

One of my fund manager acquaintances booked a week and a half stay at the Bellagio Villas, which at $6,000/night, came to $60,000 or so (see the pics HERE) and that was before all his costly “perks”.

I was invited to go, but there were three problems a.) I don’t do coke so I would’ve been the oddball of the group b.) I was in the middle of a big stock trade so I didn’t want any distractions and c.) I had just come down with a nasty sinus infection

Story of my life, my Jewishness, stock trading and lack of a drug addiction combined to prevent me from having fun at someone else’s expense. Life could be worse.

Posted in Interviews, Q&A, Rants

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  • Fantom

    Tim

  • Fantom

    Tim

  • http://www.timothysykes.com Pallian (Moderator)

    Interview is here: http://www.timothysykes.com/timtv/
    Post on interview coming soon!

  • http://www.timothysykes.com Pallian (Moderator)

    Interview is here: http://www.timothysykes.com/timtv/
    Post on interview coming soon!

  • TommyTim
  • TommyTim
  • getshorty

    Tommy, how much is your exposure shorting financials, you walking the talk?

  • getshorty

    Tommy, how much is your exposure shorting financials, you walking the talk?

  • TommyTim

    It’s not too late to buy some speculative 480 July GooG Puts. It’s ready to take the day lows. Market is now crumbling. Oil up to 131.

  • TommyTim

    It’s not too late to buy some speculative 480 July GooG Puts. It’s ready to take the day lows. Market is now crumbling. Oil up to 131.

  • getshorty

    So tell me Tommy… how much?

  • getshorty

    So tell me Tommy… how much?

  • Alex

    Any noteworthy microcap breakouts today?

    Look at OSTK…getting overdone now IMO

  • Alex

    Any noteworthy microcap breakouts today?

    Look at OSTK…getting overdone now IMO

  • Alex

    bot OSTK 16.90…back to 20 maybe by end of day

  • Alex

    bot OSTK 16.90…back to 20 maybe by end of day

  • getshorty

    ALex, I don’t see any reason to buy such a horrible breakdown, sounds like old wishful thinking on your side, I’ll rather short it if it breaks $17 support again with volume (apparently just bounced, but could try again)

  • getshorty

    ALex, I don’t see any reason to buy such a horrible breakdown, sounds like old wishful thinking on your side, I’ll rather short it if it breaks $17 support again with volume (apparently just bounced, but could try again)

  • Alex

    Not ideal because it was a slow selloff and not a panic spike yet. But the reason to buy is April support. And just a ridiculous nearly 40% down. And why? They increased revenue YOY. Analyst goes to SELL rated but target at $20.

  • Alex

    Not ideal because it was a slow selloff and not a panic spike yet. But the reason to buy is April support. And just a ridiculous nearly 40% down. And why? They increased revenue YOY. Analyst goes to SELL rated but target at $20.

  • getshorty

    Good luck, will let you know if I get the balls to short.

  • getshorty

    Good luck, will let you know if I get the balls to short.

  • getshorty

    Now I want to short, and can’t get a representative

  • getshorty

    Now I want to short, and can’t get a representative

  • Alex

    You gotta take chances on these getshorty…my stop is tight..16.45, looking to get $18-20.

  • Alex

    You gotta take chances on these getshorty…my stop is tight..16.45, looking to get $18-20.

  • Alex

    It’s waaay to far down to short now. You shoulda been on that this morning. I’m looking for the short sqeeze on the daytrader shorts now.

  • Alex

    It’s waaay to far down to short now. You shoulda been on that this morning. I’m looking for the short sqeeze on the daytrader shorts now.

  • getshorty

    Shortes 150 shares of ostk at 16.82… SPIN THE WHEEL !!!!!

  • getshorty

    Shortes 150 shares of ostk at 16.82… SPIN THE WHEEL !!!!!

  • Alex

    Still looking okay..hasn’t made any downward progress in the last half hour.

  • Alex

    Still looking okay..hasn’t made any downward progress in the last half hour.

  • Alex

    shorty – you’re crazy – there’s no downside left for today

  • Alex

    shorty – you’re crazy – there’s no downside left for today

  • Alex

    shorty – if you look at the chart, failure of support at $22 was the place to short based on TA

  • Alex

    shorty – if you look at the chart, failure of support at $22 was the place to short based on TA

  • getshorty

    I don’t see any support until $15 now.

  • getshorty

    I don’t see any support until $15 now.

  • Alex

    It’s definitely got some support at 16.75 now…no new lows for close to an hour now…shorts gonna get squeezed if it gets over 17.50

  • Alex

    It’s definitely got some support at 16.75 now…no new lows for close to an hour now…shorts gonna get squeezed if it gets over 17.50

  • Alex

    This was certainly a perfect short when it failed $22 this morning

  • Alex

    This was certainly a perfect short when it failed $22 this morning

  • Alex

    But now, many of these daytraders are gonna take their $5 profits

  • Alex

    But now, many of these daytraders are gonna take their $5 profits

  • getshorty

    Maybe I am wrong, but I thinks odds are on my side since that 17.74 is pretty weak and there is a lot of fear in the air.

    EVen I am wrong or right, think it is a trade worth a little more in deep analysis later.

    On other news, reshorted FNM at 13.38 at Tommy Tim request, but since he never replied telling me if he is putting his money where his mouth is, got out for another quick scalp at 13.17 for a crappy $30 after commissions. If you ever come to Vancouever Tommy, let me know to take you to sushi so we can spend that scalp together : )

    Uoh oh, my Parl STOP BUY just got trigerred since it broke resistance at 5.45…. keep going baby….

  • getshorty

    Maybe I am wrong, but I thinks odds are on my side since that 17.74 is pretty weak and there is a lot of fear in the air.

    EVen I am wrong or right, think it is a trade worth a little more in deep analysis later.

    On other news, reshorted FNM at 13.38 at Tommy Tim request, but since he never replied telling me if he is putting his money where his mouth is, got out for another quick scalp at 13.17 for a crappy $30 after commissions. If you ever come to Vancouever Tommy, let me know to take you to sushi so we can spend that scalp together : )

    Uoh oh, my Parl STOP BUY just got trigerred since it broke resistance at 5.45…. keep going baby….

  • http://collegepennystocks.blogspot.com UFgemini

    The chatroom is finally up and running in collegepennystocks.com

  • http://collegepennystocks.blogspot.com UFgemini

    The chatroom is finally up and running in collegepennystocks.com

  • getshorty

    Tommy, looks like you were kind of right….. guess you’ll be paying for the sake

  • getshorty

    Tommy, looks like you were kind of right….. guess you’ll be paying for the sake

  • Alex

    shorty – someone just bot 100K shares at $17, if that’s not a buy signal I don’t know what is

  • Alex

    shorty – someone just bot 100K shares at $17, if that’s not a buy signal I don’t know what is

  • getshorty

    Tommy, looks like you were kind of right….. guess you’ll be paying for the sake !!!

    Hope you actually have a lot of money short there

  • getshorty

    Tommy, looks like you were kind of right….. guess you’ll be paying for the sake !!!

    Hope you actually have a lot of money short there

  • getshorty

    Alex, you planning to hold over the weekend.

    On my side I am closing today.

  • getshorty

    Alex, you planning to hold over the weekend.

    On my side I am closing today.

  • getshorty

    Sorry, that was a question , u holding ostk over the weekend?

  • getshorty

    Sorry, that was a question , u holding ostk over the weekend?

  • Oracle of NYC

    Don

  • Oracle of NYC

    Don

  • getshorty

    Can you elaborate Oracle, it has had a spike of 25% in one day, show me something.

  • getshorty

    Can you elaborate Oracle, it has had a spike of 25% in one day, show me something.

  • Alex

    Shorty – whether I hold depends on the close…I might get out if it doesn’t make a move. If it closes in this low range then there’s a good chance it goes down more on monday. I’m gonna watch closely the close

  • Alex

    Shorty – whether I hold depends on the close…I might get out if it doesn’t make a move. If it closes in this low range then there’s a good chance it goes down more on monday. I’m gonna watch closely the close

  • getshorty

    Alex, I am getting bored of it, and don’t have the balls to hold over the weekend after that drop. ANy weekend news can trigger a reaction either way. Will get out and break even.

    Good luck !!

  • getshorty

    Alex, I am getting bored of it, and don’t have the balls to hold over the weekend after that drop. ANy weekend news can trigger a reaction either way. Will get out and break even.

    Good luck !!

  • Alex

    hit my stop, and filled at 16.50

  • Alex

    hit my stop, and filled at 16.50

  • Alex

    shorty, you missed a little drop in last 5 min

  • Alex

    shorty, you missed a little drop in last 5 min

  • getshorty

    covered my miserable 150 shares at 16.45 for a 60ish gain after commissions. nothing to brag about but could have been better, it coul have fallen down to support at $15, hope you got out without much harm alex.

  • getshorty

    covered my miserable 150 shares at 16.45 for a 60ish gain after commissions. nothing to brag about but could have been better, it coul have fallen down to support at $15, hope you got out without much harm alex.

  • kondal reddy

    Tim,What if i open 4 brokerage accounts at a time (for not being able to trade more than 3 times in a week with one account ..SEC Rule)..so that i could trade a few more times……is it possible ….is this something against the law…Tim and friends please let me know …waiting for your nswer…thanks

  • kondal reddy

    Tim,What if i open 4 brokerage accounts at a time (for not being able to trade more than 3 times in a week with one account ..SEC Rule)..so that i could trade a few more times……is it possible ….is this something against the law…Tim and friends please let me know …waiting for your nswer…thanks

  • getshorty

    Going into the weekend short 300 shares of alth at 8.12 (broke small support, looks like fading)

    400 shares long of Parl at 5.50 (strong close)

    and 500 shares short on UBHI, one of those strange cases where IB had shares available and TOS didn’t, thats why I won’t close my account with IB even most of my money is with tos.

    Will now get up and have lunch.

    Glad I cover my shrt position on OSTK, after that big drop, I have no clue what will cook on the weekend and how will everybody react. Alex mentioned that he will only stay long if it had a strong close so I hope he sold.

    Have a good weekend, will read technical analyisis using multiple timeframes over the weekend, hope to come back on monday as a better trader.

  • getshorty

    Going into the weekend short 300 shares of alth at 8.12 (broke small support, looks like fading)

    400 shares long of Parl at 5.50 (strong close)

    and 500 shares short on UBHI, one of those strange cases where IB had shares available and TOS didn’t, thats why I won’t close my account with IB even most of my money is with tos.

    Will now get up and have lunch.

    Glad I cover my shrt position on OSTK, after that big drop, I have no clue what will cook on the weekend and how will everybody react. Alex mentioned that he will only stay long if it had a strong close so I hope he sold.

    Have a good weekend, will read technical analyisis using multiple timeframes over the weekend, hope to come back on monday as a better trader.

  • getshorty

    You can do that kondall, I have 2 accounts and that works for me. But that’s considering TOS doesn’t have to apply the PDT rule to canadian accounts. I was considering moving altogether to TOS but I am keeping around 5k in Interactive Brokers, for going long (cheaper commissions) and for some shorts that sometimes they have and TOS doesn’t (usually is the other way around)

    Hope it helps

  • getshorty

    You can do that kondall, I have 2 accounts and that works for me. But that’s considering TOS doesn’t have to apply the PDT rule to canadian accounts. I was considering moving altogether to TOS but I am keeping around 5k in Interactive Brokers, for going long (cheaper commissions) and for some shorts that sometimes they have and TOS doesn’t (usually is the other way around)

    Hope it helps

  • Oswald2001

    Getshorty,

    How would you compare the availability of shorts, generally speaking, on IB versus TOS. From what I gather, IB usually has greater short share availability.

    Also, how would you compare IB and TOS in terms of user friendliness of their interface, speed of execution, etc.

    I’m kinda leaning to switching to IB at this point, but, maybe maintain a TOS account too.

    Not sure yet.

  • Oswald2001

    Getshorty,

    How would you compare the availability of shorts, generally speaking, on IB versus TOS. From what I gather, IB usually has greater short share availability.

    Also, how would you compare IB and TOS in terms of user friendliness of their interface, speed of execution, etc.

    I’m kinda leaning to switching to IB at this point, but, maybe maintain a TOS account too.

    Not sure yet.

  • getshorty

    Oswald
    Don’t switch all together to IB, TOS has more availability of shorts as I say on my previous posting. today was one isolated case where I could short a stock that I couldn’t on TOS. Usually is the other way around

    I got used to IB software and use it for charts and to me looks more user-friendly, but that may be because I haven’t bothered to learn the TOS stuff (for example, Tim trades with TOS but uses Ameritrade graph tools because that is what he got used to in a beginning)

    Open an IB account for sure if you have enough money to trade on both (maybe 3k on each at least) That way you may try to find shorts with both traders. Also, you can offset positions with the other broker instead of incurring PDT, beware you will be paying double commissions though.

    Hope it helps

  • getshorty

    Oswald
    Don’t switch all together to IB, TOS has more availability of shorts as I say on my previous posting. today was one isolated case where I could short a stock that I couldn’t on TOS. Usually is the other way around

    I got used to IB software and use it for charts and to me looks more user-friendly, but that may be because I haven’t bothered to learn the TOS stuff (for example, Tim trades with TOS but uses Ameritrade graph tools because that is what he got used to in a beginning)

    Open an IB account for sure if you have enough money to trade on both (maybe 3k on each at least) That way you may try to find shorts with both traders. Also, you can offset positions with the other broker instead of incurring PDT, beware you will be paying double commissions though.

    Hope it helps

  • Oswald2001

    Thanks, Getshorty.

  • Oswald2001

    Thanks, Getshorty.

  • YngvaiMalmsteve

    EFFC is a low-floater poised for the 17 cent break next week. This can move a lot and doesn’t need a lot of volume to do it.

    I took a small position in NNVC today for a number of technical reasons outlined in my blog. I’ll add to my position if it breaks out of its ascending triangle pattern next week.

    welcometothegutter.blogspot.com

  • YngvaiMalmsteve

    EFFC is a low-floater poised for the 17 cent break next week. This can move a lot and doesn’t need a lot of volume to do it.

    I took a small position in NNVC today for a number of technical reasons outlined in my blog. I’ll add to my position if it breaks out of its ascending triangle pattern next week.

    welcometothegutter.blogspot.com

  • YngvaiMalmsteve

    Oh, and how do I add an avatar?

  • YngvaiMalmsteve

    Oh, and how do I add an avatar?

  • http://www.timothysykes.com Pallian (Moderator)

    To add an avatar – go here: http://en.gravatar.com/
    Signup using your email address you use here – upload a pic and you’re set.

  • http://www.timothysykes.com Pallian (Moderator)

    To add an avatar – go here: http://en.gravatar.com/
    Signup using your email address you use here – upload a pic and you’re set.

  • YngvaiMalmsteve

    OK, testing this to see if it shows up

  • YngvaiMalmsteve

    OK, testing this to see if it shows up

  • YngvaiMalmsteve

    Hmmm, it didn’t show up. I logged out and logged back in…let’s see if it appears now…

  • YngvaiMalmsteve

    Hmmm, it didn’t show up. I logged out and logged back in…let’s see if it appears now…

  • YngvaiMalmsteve

    Hey, Pallian, I used the same email address but nothing is showing up

  • YngvaiMalmsteve

    Hey, Pallian, I used the same email address but nothing is showing up

  • kondal reddy

    Thanks Getshorty

  • kondal reddy

    Thanks Getshorty

  • http://www.myspace.com/koudirka pumacom

    I’ve had my hands tied for 2 days without a trade… I hate waiting for funds to settle! Luckily nothing I’m watching has really done anything.

  • http://www.myspace.com/koudirka pumacom

    I’ve had my hands tied for 2 days without a trade… I hate waiting for funds to settle! Luckily nothing I’m watching has really done anything.

  • http://www.getflashmedia.com ivegotstylekid

    this makes sense as to why I’ve never heard of a black card

  • http://www.getflashmedia.com ivegotstylekid

    this makes sense as to why I’ve never heard of a black card

  • http://www.timothysykes.com Pallian (Moderator)

    HEY YngvaiMalmsteve – I see your avatar!

  • http://www.timothysykes.com Pallian (Moderator)

    HEY YngvaiMalmsteve – I see your avatar!

  • cash

    i guess i am out of it cause i do not know what an amex black card even is.

  • cash

    i guess i am out of it cause i do not know what an amex black card even is.

  • http://www.timothysykes.com timothysykes
  • http://www.timothysykes.com timothysykes
  • http://www.tradingheroes.com/ fxtrader

    That’s frickin’ funny. The guys at the hedge fund I was at didn’t care about having one.

  • http://www.tradingheroes.com/ fxtrader

    That’s frickin’ funny. The guys at the hedge fund I was at didn’t care about having one.

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  • Joe WallStreet

    Awesome interview! Love the Tim tude’.