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Posted 1 month, 12 days ago.

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

Tags: Interviews, Q&A, Rants

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.

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Related Reading

Two Interviews: One Video, One Written, Both Edu-tainment To The Max! May 15, 2008
Lessons Of A Publisher/Video Blogger/Trader (In That Order) May 12, 2008
Why Bear Stearns And Every Other Brokerage Are Nothing More Than Scummy Peddlers March 15, 2008

55 Responses

Pages: [1] 2 » Show All

1Fantom

July 18th, 2008 at 12:37 pm

Tim’s and fam, what’s the deal with the new short selling rule?

Where’s the link for your Fox interview.
2Pallian (Moderator)(TIMBUCKS: $51)

July 18th, 2008 at 12:47 pm

Interview is here: http://www.timothysykes.com/timtv/
Post on interview coming soon!
3TommyTim

July 18th, 2008 at 12:48 pm

Sykes- Here is a good way for you to use that card on me.

http://cgi.ebay.com/ebaymotors.....dZViewItem

X-mas is coming up.
4getshorty(TIMBUCKS: $316)

July 18th, 2008 at 12:59 pm

Tommy, how much is your exposure shorting financials, you walking the talk?
5TommyTim

July 18th, 2008 at 1:01 pm

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.
6getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:02 pm

So tell me Tommy… how much?
7Alex

July 18th, 2008 at 1:06 pm

Any noteworthy microcap breakouts today?

Look at OSTK…getting overdone now IMO
8Alex

July 18th, 2008 at 1:08 pm

bot OSTK 16.90…back to 20 maybe by end of day
9getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:31 pm

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)
10Alex

July 18th, 2008 at 1:37 pm

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.
11getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:38 pm

Good luck, will let you know if I get the balls to short.
12getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:39 pm

Now I want to short, and can’t get a representative
13Alex

July 18th, 2008 at 1:40 pm

You gotta take chances on these getshorty…my stop is tight..16.45, looking to get $18-20.
14Alex

July 18th, 2008 at 1:41 pm

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.
15getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:43 pm

Shortes 150 shares of ostk at 16.82… SPIN THE WHEEL !!!!!
16Alex

July 18th, 2008 at 1:43 pm

Still looking okay..hasn’t made any downward progress in the last half hour.
17Alex

July 18th, 2008 at 1:44 pm

shorty - you’re crazy - there’s no downside left for today
18Alex

July 18th, 2008 at 1:48 pm

shorty - if you look at the chart, failure of support at $22 was the place to short based on TA
19getshorty(TIMBUCKS: $316)

July 18th, 2008 at 1:51 pm

I don’t see any support until $15 now.
20Alex

July 18th, 2008 at 1:59 pm

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
21Alex

July 18th, 2008 at 2:01 pm

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

July 18th, 2008 at 2:02 pm

But now, many of these daytraders are gonna take their $5 profits
23getshorty(TIMBUCKS: $316)

July 18th, 2008 at 2:07 pm

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….
24UFgemini(TIMBUCKS: $177)

July 18th, 2008 at 2:25 pm

The chatroom is finally up and running in collegepennystocks.com
25getshorty(TIMBUCKS: $316)

July 18th, 2008 at 2:27 pm

Tommy, looks like you were kind of right….. guess you’ll be paying for the sake
26Alex

July 18th, 2008 at 2:27 pm

shorty - someone just bot 100K shares at $17, if that’s not a buy signal I don’t know what is
27getshorty(TIMBUCKS: $316)

July 18th, 2008 at 2:30 pm

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
28getshorty(TIMBUCKS: $316)

July 18th, 2008 at 3:03 pm

Alex, you planning to hold over the weekend.

On my side I am closing today.
29getshorty(TIMBUCKS: $316)

July 18th, 2008 at 3:05 pm

Sorry, that was a question , u holding ostk over the weekend?
30Oracle of NYC

July 18th, 2008 at 3:24 pm

Don’t know if anyone else mentioned it, but SPRD looks like a good short.
31getshorty(TIMBUCKS: $316)

July 18th, 2008 at 3:32 pm

Can you elaborate Oracle, it has had a spike of 25% in one day, show me something.
32Alex

July 18th, 2008 at 3:35 pm

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
33getshorty(TIMBUCKS: $316)

July 18th, 2008 at 3:40 pm

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 !!
34Alex

July 18th, 2008 at 3:52 pm

hit my stop, and filled at 16.50
35Alex

July 18th, 2008 at 3:53 pm

shorty, you missed a little drop in last 5 min
36getshorty(TIMBUCKS: $316)

July 18th, 2008 at 3:57 pm

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.
37kondal reddy

July 18th, 2008 at 4:12 pm

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
38getshorty(TIMBUCKS: $316)

July 18th, 2008 at 4:18 pm

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.
39getshorty(TIMBUCKS: $316)

July 18th, 2008 at 4:22 pm

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
40Oswald2001(TIMBUCKS: $21)

July 18th, 2008 at 4:56 pm

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.
41getshorty(TIMBUCKS: $316)

July 18th, 2008 at 5:43 pm

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
42Oswald2001(TIMBUCKS: $21)

July 18th, 2008 at 7:08 pm

Thanks, Getshorty.
43YngvaiMalmsteve(TIMBUCKS: $588)

July 18th, 2008 at 7:48 pm

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
44YngvaiMalmsteve(TIMBUCKS: $588)

July 18th, 2008 at 7:49 pm

Oh, and how do I add an avatar?
45Pallian (Moderator)(TIMBUCKS: $51)

July 18th, 2008 at 7:51 pm

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.
46YngvaiMalmsteve(TIMBUCKS: $588)

July 18th, 2008 at 7:56 pm

OK, testing this to see if it shows up
47YngvaiMalmsteve(TIMBUCKS: $588)

July 18th, 2008 at 7:57 pm

Hmmm, it didn’t show up. I logged out and logged back in…let’s see if it appears now…
48YngvaiMalmsteve(TIMBUCKS: $588)

July 18th, 2008 at 7:59 pm

Hey, Pallian, I used the same email address but nothing is showing up
49kondal reddy

July 19th, 2008 at 12:07 am

Thanks Getshorty
50pumacom(TIMBUCKS: $71)

July 19th, 2008 at 8:36 am

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.