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Ignoratio Elenchi

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Posts posted by Ignoratio Elenchi

  1. 1 hour ago, Mr Anonymous said:

    A bunch of sensitive snowflakes who hate when I keep slam dunking on them have me on ignore. You should join them.

    :lmao:  OK Shaq.  

    As a general rule I don't put people on ignore.  I prefer to keep an open mind to other thoughtful perspectives, and it's useful to keep tabs on what the resident dolts think about issues, too.  

  2. 52 minutes ago, Mr Anonymous said:

    WTF are you talking about? First you question if there was a source for the claim. I provide one and its not good enough. Then I provide the proposal direct from the Teacher's Union and now you're shifting to me needing to tell YOU why or why not the reason they gave for including police defunding in their demands for going to back to teach is justified or not. Read it for yourself. They don't provide a justification at all other than telling the government to take money from "them" and give it to "us". If a union holding gov't hostage and telling it where to take taxpayer money from to give to them is justifiable in your mind, then good luck living in that warped reality you've built for yourself.

    :lmao:  No wonder everyone has you on ignore. 

  3. 23 minutes ago, Mr Anonymous said:

    Nope, I'll happily say that your assumption is 100% wrong.

    I'll happily continue to believe my assumption was right.  If you already had sourced a 17-page document explaining their concerns, why did you repeatedly act like you had no idea and ask us to make up an answer for you?

    2 hours ago, Mr Anonymous said:

    I'd loved to hear an explanation of what that has to do with fulfilling their contract.

     

    2 hours ago, Mr Anonymous said:

    Lol, what explanation would justify that demand by the teacher's union in your mind?

     

    39 minutes ago, Mr Anonymous said:

    What possible explanation would be justifiable for the teacher's union to tie demands for police defunding to their refusal to go back to work?

    :shrug: 

  4. Just now, Mr Anonymous said:

    What possible explanation would be justifiable for the teacher's union to tie demands for police defunding to their refusal to go back to work?

    What possible explanation is there for you to repeat the same question I already replied to earlier?  My assumption is you're not answering because you "heard" this story (presumably from something like reallyrealnews.com) and, satisfied that the headline aligned with your existing beliefs, didn't bother to look into it any further.  :shrug: Am I close?

     

  5. 7 minutes ago, Mr Anonymous said:

    I've heard of at least one teacher's union demanding the local police department be defunded before they return. I'd loved to hear an explanation of what that has to do with fulfilling their contract. But it's all about the kids, right?

    I don't understand how you heard about this teacher's union but didn't hear the explanation.  

  6. 1 minute ago, shadyridr said:

    I'm not the one saying EVERY teacher was working hard. We already have several examples of the opposite. 

    I don't think anyone said that.  Like I said, everyone's welcome to their interpretation of the situation.  Given my experiences as both a parent of young kids and as someone who lives with a teacher and has many other teachers among my friends and family, I'm comfortable with my assessment of the situation.  Generally the people complaining about how little the teachers do are the ones least involved with their kids' education.  I know some bad teachers exist, just seems coincidental that the same types of folks always seem to have been stuck with the bad teachers. 

    In our district the teachers had a scheduled 30 minute video chat with the entire class each day for discussion, questions, etc.  It's very easy to see, for example, how some parents might mistakenly believe that the teacher was therefore only working 30 minutes a day, oblivious to the hours spent daily on other calls with parents and students who reached out for individual attention, curriculum meetings, lesson planning and creation, grading and feedback, interviews with child protective services, IT support for parents who don't know how computers work, and the myriad other things I've witnessed teachers doing these last few months to somehow transition to full-remote learning with literally zero advance notice.  I've had to work from home through all of this, too, and I took on most of the load of home-schooling our kids because I can mostly do my work on my own schedule as opposed to my wife who had to devote her attention to other people's kids most of the day. 

    Just seems silly for people posting on a fantasy football message board all day to complain that their kids' teachers weren't working hard enough.  

  7. 3 minutes ago, shadyridr said:

     I think you need to expand your horizons how things work outside of your community.

    This is particularly funny coming from the guy who seems to be always citing how things are going on Long Island or whatever as commentary on COVID, e.g. this latest gem:

    13 hours ago, shadyridr said:

    yes my son has been playing baseball for about 2 weeks now and there is zero social distancing and no masks. The members on this site are the far minority in their fear.

    Consider me shocked that people of a particular political bent apparently all have ####ty teachers who somehow have been on vacation the last six months.  What a coincidence!  Can't imagine why you're all so eager to send your kids back into a building all day with these incompetents, though. 

    • Thinking 1
  8. 3 minutes ago, parasaurolophus said:

    Or perhaps it was hyperbole and you are hypersensitive because your wife is a teacher. 

    Or perhaps because I live with a teacher I've seen all the work they do that most parents never see.  :shrug: You guys are of course welcome to your interpretation of the situation, I'm happy sticking with mine.  In my experience there are far more bad parents than bad teachers, e.g.:

    8 minutes ago, shadyridr said:

    She said she posted one assignment a day and nobody ever responded

    Parents complaining that they're "losing their minds" because they've had to work and also watch their young kids through this, and somehow making that the teachers' fault is ridiculous.  All of us who are parents, including many teachers who somehow are expected to remotely babysit to your child all day, are in the same boat.  

    • Like 1
  9. 7 minutes ago, need2know said:

    Not the case with my sons teacher.  Its different everywhere I'm sure

    I'm certain your son's teacher didn't stop working on January 15th.  And just because he wasn't chatting live with your son for 8 hours a day doesn't mean he wasn't working.  I suppose it's possible that your son's teacher literally just stopped working but that seems far less likely than you just not really knowing what you're talking about.  

    • Like 3
  10. 1 hour ago, need2know said:

    just know that parents like me who have worked through this whole thing while also watching our young kids are losing our minds. 

    Imagine being a teacher who also has young kids at home.  It's not like they're unaware of how challenging this whole situation is.  

  11. 57 minutes ago, shadyridr said:

    I know a couple guys who were here from Australia.  Around mid-March when it became clear that stuff was about to be locked down, they flew back to Australia.  Upon arriving they immediately were put up in a hotel for mandatory 14-day quarantine.  At the end of that period when they had demonstrated no symptoms, they were allowed to go home.  Here we can't even get people to fill out a form before leaving the airport.  :shrug: 

    • Like 1
  12. I saw an interesting suggestion somewhere recently.  Basically the idea was that all learning would be virtual, but if you need to send your kids to school you can, they'll be placed in a classroom and supervised while they do their virtual learning from there.  The actual teachers would teach remotely from their homes, while the school would be staffed with aides, etc. who maintain physical distancing and are just there to support and supervise the students.  That way no one has to go to the school if they don't feel safe doing so but it's still an option for families who need their kids to go to school so they can go back to work.  

    I'm very fortunate that I can work from home indefinitely, and my wife and I are leaning towards keeping our kids (ages 6 and 9) home in the fall.  They did relatively well with at-home learning the last few months of the school year and they've maintained social activity through online video chats and small, safe-as-possible get togethers with friends. My wife is an elementary school teacher and she's nervous about going back to work in the fall, secretly hoping that they go entirely virtual to start the year but that seems unlikely.  It's really a tough decision for everyone involved. 

    • Like 3
  13. 16 hours ago, Johnny Rock said:

    Sadly, I’m seeing plenty of posts recently that mention Quicken Loans and Rocket Mortgage. They must not have read @Chadstroma best practices posts. Not criticizing, because people can do whatever they want. Just know you’re likely leaving money on the table. 

    Funny that's happening, we just did a cash out refinance.  First I called Wells Fargo about our options since that's where the original mortgage is from, was told they're not doing cash out refi's right now.  Couldn't even apply.  Did some online quotes and got the best offer from Quicken.  Sent the loan estimate to a local mortgage broker and he said it looks like a good deal and he wouldn't be able to beat it.  :shrug:  Ended up doing 2.5% on a 15 year fixed.  Everything was quick and painless.  

    • Like 3
  14.  

    9 hours ago, DallasDMac said:

    I'm new to this thread. Any chance you could link to that post? Hard to skim 99 pages.

     

    On 4/3/2020 at 7:33 PM, Chadstroma said:

    I thought I would repost the "manifesto" as it has been a while and give some extra thoughts on the current state of affairs with lending: 

    VIRUS CRISIS NOTE: Lending is tightening (meaning loans are getting harder to qualify for). It is not a lender thing but a secondary market issue. All lenders are impacted- some more than others and some are reacting quicker or 'stronger' than others but it is only a matter of time until all lenders react the same unless something changes with how the secondary market operates. 680 is heading towards being the new "low score" for any loan. Non-QM (loans that do not fit the conventional or government backed loan buckets) are pretty much gone. Jumbo loans are nearly gone. Government backed loans are increasingly getting much harder to get with higher credit score requirements, higher reserve requirements, lower debt to income requirements, etc. Conventional are under a bit of extra pressure as well but not on the same level. 

    The loan process is haphazard right now. There are the difficulties directly resulting from the crisis like verifying employment, getting insurance docs, title work, appraisals etc. The lenders are working from home as well. Productivity is way down and loan turn times are up. Some lenders have extremely long minimum lock periods (I have seen as high as 180 day locks), many will not lock until the loan is 'clear to close' meaning done. There are a lot of reasons to all of that. Lenders have killed programs or adding requirements with no notice even with loans locked or cleared to close (those are extreme cases as most honor the locked loans etc). 

    Interest rates are low. Comparatively speaking over the last few years VERY low. We had a real refinance boom about a month ago where rate were lower by about 25-75 bps. I am expecting rates to be relatively around where they are now with small hills and valleys as the Fed buys up MBS to keep them low and keep the mortgage liquid. I also do expect rates to go lower once the crisis is over and things settle. That being said, there is still significant potential for further disruption as the entire industry is under stress right now due to how the secondary markets work. Until that changes it could have dramatic impact and since there is no road map on anything like this happening before there is no way to really forecast what will happen with confidence. If you are in the market to refinance- I would say pick your rate that works for you and have that be a target to act. Don't get too greedy. You can't go broke from taking profit and it is extremely hard (impossible really) to call the bottom of any market whether you are talking stocks or mortgage rates. 

    One major thing. The deferment on payments is not free. The months skipped will be due at the end of the deferment unless they modify the loan to put on the back end or otherwise change the terms. This will also impact your ability to refi or get a new mortgage. Keep making your mortgage payment unless you really have no other options. 

    Here is a few tips for you guys when it comes to mortgages. (ok, more than a few)

    #1: The difference between retail and wholesale. Retail is your banks, credit unions and direct lenders (some big direct lenders would be Quicken, Guaranteed Rate, Fairway, etc). Wholesale is your mortgage broker. I shouldn't have to tell you which is going to end up giving better rates and cost on average. 

    #2: The bigger the Bank the more they usually suck. UNLESS you are your typical FBG rolling in cash. If you are, then the big and regional banks that have wealth management departments will be very aggressive in offering jumbo loans. They basically use it as a loss leader. They will give you a great deal and then get you into their wealth management where they make all their money off of you. When it comes to mortgages, a jumbo is pretty much the only time you want to talk to a bank. Otherwise, avoid banks though sometimes your smaller banks will have a pretty good deal.  

    #3: If you see them advertising on TV, I promise you, they suck. Quicken spends ridiculous amounts of money on advertising. Why? Because the people who don't know better who have done loans with them before and almost always got bent over are paying for this marketing machine. Plus, they are pretty much the slimiest lender out there. Over and over and over again hearing clients tell me "they said X to me" and in reality it is "Y". They also typically will start off with what seems like a great rate and then charge 3 points in origination charges. DO NOT go to Quicken (aka Rocket Mortgage) or one of the slim ball VA lenders like Veterans United or New Day. 

    #4: I love credit unions. Huge fan of them. I belong to two of them. CU's are usually your best bet for checking, savings, car loans, personal loans, equity loans or lines, etc. However, one area that they are not usually your best bet is mortgages. The reason is mostly about scale. There are some large CU's but most are still relatively small. They do not do enough volume to be efficient and the large loan amounts take a big chunk of their reserves. Go ahead and check with your CU, they can offer some good deals, I have seen it and they will still tend to beat banks and direct lenders but not usually the best bet. 

    #5: Rate is not the end all be all of doing a loan. You have the rate which of course is important but there are also fees and origination charges. A typical game that is played is showing a great rate but then when you compare to another lender you see that you are really PAYING for that great rate. Often times as a broker, I am able to match the rate and give a credit versus the origination points they are charging. Be mindful of that. 

    #6: Use the Loan Estimate! Wherever you go, when you get the Loan Estimate, shop it to other lenders. You can just send it to the lender and let them come back with their offer or you can put more work in it and just shop and compare rates. What happens if you do? Worst case, you get the peace of mind that you are getting a good deal. Best case, you save yourself thousands of dollars!

    #7: Your current lender is not going to make it easier than going to another lender. They will need to get all new docs or if it a streamline another lender can do a streamline as well. 

    #8: Unless you hate yourself and want to throw your phone away forever do not go to a website that 'shops' loans. First of all, they don't really. All they are doing is selling the leads to lenders. Second, you will get bombarded by phone calls and wish you never even heard of Lending Tree or whatever else. 

    #9: Always shop lenders. Mortgage brokers do the shopping for you accessing multiple lenders and getting wholesale pricing. 

    #10: Don't make assumptions about what you can or can not do with a refinance. Talk to someone who actually knows. They can go over your options after figuring out your situation and your goals. I have seen some bad thinking in here that is costing people significant money. 

    #11: The better your credit score the better your rate. You are going to top out around the 740-750 area. So, don't worry about getting an 800 credit score. 

    #12: If you have more debt other than the mortgage/equity loan or line then you might be better off refinancing all the debt into the home. 

    #13: DO NOT listen to Dave Ramsey when it comes to mortgages. He is a dolt when it comes to mortgages, gives horrible advice and then sends his followers to Churchill mortgage because he gets paid advertising from them. It disgusts me. People trust him and he sends them to a crappy retail lender because he gets a big check from them on top of giving really HORRIBLE advice that ends up costing people tons. Just ignore him when it comes to mortgage advice. 

    #14: If you are getting a mortgage, don't do anything stupid like deposit a bunch of cash into your account or buy a new car or change jobs. Anything to do with your job, credit and income can cause problems for the loan. Yes, I don't care if you are doing the same job for more money- I can't close your loan on time now. (real life situation, I was able to save the loan but this ding dong couldn't get through his head that most lenders would have killed the deal and it was all our fault somehow that we couldn't close on time). 

    #15: Realize that the vast majority of down payment assistance programs are pushed by lenders who do them and realtors who want you to buy a home with them as free money is NOT. Why do they pitch it like that? Well, why wouldn't you use a lender or realtor who is offering you free money?! This is the way that most of them work... they are set up to give money in a form of a forgivable loan or silent second or another such form. You must keep the loan for an extended period of time 5-7 years is most common. Once you do (meaning you can not sell or refinance that loan) then you are free! Here is the thing... that 3-3.5% of the purchase price that they gave you jacked up your rate. I have calculated the differences- not from different lenders but from lenders that I know using a program, the rate you would get with them without the DPA and the rate you get with it... and let's say you got $10K from them... that $10K ends up costing you $30-40K over the period that you did PLUS potentially an opportunity cost of refinancing as I have done for all my clients who listened to me last year and now that rates have dropped are realizing large savings. There are true grants out there (where there is no ties to the money) but most of these also have a higher rate. I have access to some of these programs but only have done one in the last few years and that was after being sure to explain everything in detail and the real cost to the client (side not, the plan was to refi them later which we plan on doing in a couple of months). 

    #16: If you are veteran, first responder, medical profession- the great sounding program (Homes for Heroes is the largest one) where you get money back isn't as great as it sounds. I promise you. The realtor part of it is actually a good deal for you but the lender side where they typically pay for your appraisal (around $400-600) is likely costing you a ton of money in the rate and cost of the loan. These are usually retail lenders who have lot's of extra cash (there is a reason why they have to charge higher rates and fees/origination) that pay into these programs, which are relatively expensive (for a lender about $1800 a year for Homes for Heroes just to be part of their program and that is it). You can still shop the lender. DO SO!

    #17: First time home buyer programs are usually marketing schemes. There are some benefits offered if you are doing a conventional loan which anyone can have access to. Other things are usually the DPA programs (see #15)  and should be avoided. Your third cousins best friend's dog's breeders brother who got $10K free money to buy a home is more times than not money that cost them. 

    #18: Most loans over 80% loan to value that doesn't have mortgage insurance is costing you in a higher rate. If you are doing conventional loan, you can get rid of the MI later. If it is baked into the rate it is there for life of the loan. 

    #19: FOR THE LOVE OF GOD AND ALL THAT IS HOLY if you are building a home PLEASE understand that the builders preferred lender that they are going to give you $10K in free upgrades for using them is going to cost you much more money than the $10K they are 'giving' you. Here is how this scheme works. The free upgrades actually are going to cost them maybe $2K if that to do. In return for you using their preferred lender and getting absolutely bent over they are going to get a nice big fat check worth alot more money. The builder and the lender will laugh at you sitting in the model house counting your money you just forked over as they watch you move in. 

    #20: A realtors 'preferred lender' can be good or can be bad. There is no way to tell. Here is how it works in the industry. Retail lenders who tend to charge more have bigger budgets to spend on marketing. They will 'partner' with realtors and pay for the realtors marketing (also sponsor things like their meetings, or holiday party, or conferences or whatever else) and in return the realtor makes them their 'preferred lender' so the realtor will refer you to them when you are not already using a lender. Now, you can also have 'preferred lenders' that don't do that stuff and the realtor has found them to be a good lender. (side note here, in the average realtors eyes, a good realtor is one that closes deals and does it on time and not so much about rate and cost) For example, I am several realtors 'preferred lender' but do not spend money on them and it is really based on them knowing I can get more loans approved, close on time and give their clients great deals. Overall, NEVER get loan advice from a realtor unless they are the rare ones that are licensed for lending and actually know what they are talking about (that is significantly less than 1% of them)

    #21: You don't need 20% down. Don't keep waiting to buy when you are spending money away on rent. Every month you pay someone else's mortgage (paying rent) is money you will never see a dime of again. As an owner you are building wealth. Think of it this way... landlords are landlords for a reason. They are not losing money and on top of it are gaining equity. For most Americans, their 'wealth' is almost exclusively in their homes. Not retirement accounts or stocks etc but built up equity from paying down principle and appreciation of their homes which is historically pretty consistently 5% over periods of time (including booms and crashes). 

    #22: You don't need perfect credit to get a mortgage. You can do a FHA loan with a minimum credit score of 580 with as little as 3.5% down of the purchase price. 

    #23: When picking a good realtor find out these things about them: A) Do they do this as a full time job or is it a side gig or something they do when they are bored etc. You want a full time realtor for the experience and focus. Trust me. The exception on this would be a semi-retired realtor but honestly, they are usually ones to pass on as well. You want someone who knows the market, is sharp on negotiation and has good contacts. B) How long have they been doing the job. Experience counts for sure. But I rather go with a rookie doing it full time than someone been doing it 10 years as a part time gig. C) What is their availability. You want someone that will be available on your time tables and not theirs. D) How many houses have they sold or closed on? It will give you an idea about how productive they are. But keep in mind, someone who isn't as productive might be hungrier and more flexible to you versus someone who is doing tons of volume. 

    #24: Always get an inspection done from a good inspector. Do not skimp here. A good inspector will give you very important info on the home even if there is nothing to be concerned over and potentially catch a very big problem. Keep in mind even the best inspectors will not be able to find out anything and everything wrong with a house. Find out of they do mold and radon testing or not and if it is extra if they do. I would go ahead and do it. Keep this in mind, this is usually the largest financial transaction of your life so far. Do you want to be penny wise and dollar foolish on it?

    #25: If you are military or a vet. Run away from supposedly veterans lenders like Veterans United and New Day (and more but those are two big ones) THEY SUCK. Even good places like USDAA (who does insurance well), Navy Fed, may do a lot of good for vets in other areas but are not the best in mortgages. 

    #26: As I will get to soon... brokers are better. This is true for insurance too. I see insurance quotes often and I personally did my own shopping where I shopped 10 carriers plus one insurance broker. The broker easily won out. Plus, the big carriers suck if you end up with a claim. I have a whole personal story about Allstate sucking big hairy monkey balls. On top of it all an agent at a large carrier has NO sway on anything on a claim. A broker actually does (as counter intuitive as that seems) because they can tell the insurer that if they don't do something right that he will not send that insurance company any more business. The captive agent has no choice. 

    #27: If you are in a rural area, check out a USDA loan. You can finance up to 100% but keep in mind, you actually might end up better served doing a FHA loan depending on specifics. 

    #28: Brokers are better. They weren't always... they use to be a pack of scumbags and slimballs who would screw over their own mothers for an extra 20 spot. Before 2008 I had plenty of chances to be a broker and would not even though I would have made 3 or 4 times more than I was making because again the vast majority were nastier than moldy dog poo with worms in it. That being said, even back then you could get a better deal from a broker IF you knew what you were doing and could protect yourself. Otherwise, you could get screwed so badly that it would make going to Quicken seem like a good deal. In fact, I actually used a broker on both of my home purchases even though at both times my wife and I worked at banks. That is right, when bankers want to do their loans- you know who they come to? Brokers. Things have changed and really the consumer advocates are now brokers and the things they use to do before that would screw people over are things that can not be done now. Not only are you going to get a better deal at a broker the vast majority of the time but you are also not going to get screwed over. Plus they have options that banks, credit unions and direct lenders don't have to get you approved if you have a harder to finance situation like a business owner, bad credit, recent major credit event (foreclosure, bankruptcy, etc) etc. Also, brokers can close quicker than other lenders on average. How do you find a broker? Well, you can ask me, I know brokers throughout the country. I have no problem connecting you to one (and if you are wondering, by regulation and the risk of losing my license, I can not get paid for referring you to a broker... it is purely out of help you out) or if you want you can check out www.findamortgagebroker.com oh... and if you are in Illinois, I can help you directly. 

    #29: You are not locked in to a lender with a pre-approval. Unscrupulous lenders who tend to overcharge will have a lot of nasty little tricks that they do to keep you stuck with them. Fear is one of the big ones backed with lies. That fear will be to tell you that you can not change lenders once you have an offer accepted from a pre-approval or you can lose your earnest money. FALSE! Or that you will end up not being able to close on time with another lender (a favorite of retail loan officers to say about brokers when broker turn around times are actually quicker than retail). Your Loan Estimate is provided to assist you as the consumer to not only better understand the true costs of the loan but to be able to shop your loan around or the best options for you and then be able to compare them as close to apples to apples as possible. Don't let liars overcharging you win!

    Hope this helps guys. I am always willing to help out if you have any questions or want to connect with someone licensed for your state. Just DM me.  

    • Like 2
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  15. Just now, Walking Boot said:

    They were at .30 to 1.00 before the covid connection. So, without it, somewhere about there.. right?

    I think fairly or not, a failure to successfully treat COVID will negatively impact the perception of its likelihood to successfully treat those other things, so I'd guess it would drop lower. 

    • Like 2
  16. Haven't followed the discussion closely but I've seen the "6 week" thing mentioned in relation to the likely time lag between certain large gatherings and death spikes because it accounts for several iterations of transmission, e.g. a bunch of 20 year olds go party on the beach and COVID spreads there, most of them won't die but they'll also take it home with them and spread it to their parents, some of whom will die and many of whom will spread it to their elderly parents and then we see an uptick in deaths, etc.  Basically the theory is that we may witness some correlation between infections and deaths over a longer time period than just 2 weeks not because it takes that long for an individual to die, but because it takes that long to spread through their network to people who are more likely to die.  Not making any claims to the validity of the theory, just providing a different way to think about the 6 week thing and where the idea may have come from. 

    • Like 1
    • Thanks 2
  17. 7 minutes ago, Doug B said:

    Of the three grocery stores I regularly visit, only one has floor arrows 'enforcing' a one-way-aisles scheme. In that particular store, there are two places where following the arrows will lead you into a corner with no means of escape except to violate an arrow. There's another spot where two floor arrows in the same aisle, about twelve feet apart, point toward each other -- if you approach from the north, it's a northbound aisle ... if you approach the same aisle from the south, it's southbound.

    In that store, I frequently "back into" an aisle so that even though I'm traveling the 'wrong way' ... I'm facing the 'right' way. Thankfully, I don't go to that store during peak hours.

    Reminds me of the sign in the stairwell that says stay to the right when going up, stay to the left when going down. 

    • Laughing 2
  18. 13 minutes ago, adonis said:

    Good point :).  Getting crossed up on the terminology.  Just trying to talk through how to assess a trade with all the info.

    How about:

    Options question: If I thought AAPL would decrease in price in the second half of this year significantly, say 20% or more, I could buy a put for say $340 that expires in November, right?  So if the list price is $15.75 for a strike price of $340 for nov 20th, 2020, would I have to pay $15.75*100=$1,575 to have the opportunity between now and November 20th to sell apple shares at $340?

    What's the limit of the number of shares I can sell at that price?  I assume it's 100 in my example?  Do i have to sell all 100, or can I just sell 10 or so...?

    And for the sale, would I have to have the shares to sell in my account?

    Yes it's standard for an options contract to be for 100 shares.  Someone more experienced will correct me if I'm wrong, but I don't believe you can partially exercise a contract, it's 0 or all 100.  (If you bought two options, you could exercise 1 and not the other, but you can't break up a single option by only exercising 10 of the 100 shares or whatever). 

    You don't need to have the shares to sell in your account when you buy a put.  When you decide to exercise the option (e.g. if you bought a put with strike price of $340 and now the price of AAPL has dropped to $300), you'd effectively just buy the shares at that point for $300 and immediately sell for $340, pocketing the difference.  

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