The following is the OptionBT sighting of
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Position Description   :
Position taken   :     January 08,2003
11 Months out,
400 points in the money straight long call position for "debit".
Dec 19,2003 / Settlement = 1091.61
9500 long calls
Credit or (Debit)   :
No Margin Required.
profitable @ SPX=908 or above dollar for dollar times 9500
If allowed to settle at 1091 then the net would be about $174,733,500.
Comments   :   "Captain Courageous"
"Captain Courageous" has no idea how the Iraq War will turn out because
it hasn't started at the time his position is set. With these deep deep deep
in the money calls he doesn't have long to wait until there is a profit
possible (like maybe the end of the day). It is not clear the exit strategy which he
used. There are many options for the winding down of this position. The amazing thing
here is the size of the position ($387M) and the single mindedness (straight long) of the
It turns out that achieving SPX above the 908 break even was a struggle
at least in the first half of 2003. In the end however the "Captain" not only survived he prevailed.
If you had wanted to follow the "Captain" on his journey it would have been a bit pricey for
most of us. Considering each option was $40,800 a pop.
To buy one would have been betting the Lincoln, but buying 9500 is betting a piece
of the Queen Mary II.
No doubt there was a party on the deck this Christmas.
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