Tunica trip was awesome – I highly recommend it if you are in the area (about 30 miles south of Memphis). The Horsheshoe was an excellent venue – tons of craps tables, flowing drinks and generous comps. I continued my winning streak (now at six sessions) but sadly SO’s came to an inglorious end on Sunday/Monday. A high school buddy of mine manned up bigtime and made the 2.5 hour drive to come stay up all night rolling bones. Two nephews also made a cameo appearance – good times. Anyway, I finished up around 4:30 AM on Monday so have been struggling to recover.
In lieu of a real post that requires, you know, thought, I’ll instead provide some links to some recent fantastic articles. They are about a week old, so maybe musty-read is a better title; if you haven’t read them though, definitely worth your time.
The Lenny Dykstra Saga
For those of you not familiar with the story, Lenny Dykstra was an outfielder for the Mets and Phillies in the 80’s and 90’s, a fan favorite nicknamed “Nails” for his hard-charging, fence-crashing style. Amid rumors of steroid use, Lenny faded from view in the mid-90’s. Lenny had made some money with a chain of car washes in and around Corona, California and somehow parlayed that into a gig at thestreet.com as an option strategist. Most option experts were highly skeptical of his strategy (buying deep in the money calls and waiting for them to go up $1), but Lenny consistently hyped his “record” of wins/losses. He didn’t go into much detail on how he would double down his initial bet (or much worse) to keep it alive so he wouldn’t have to register a “loss.” (These were all theoretical trades that he was recommending to subscribers, essentially a Martingale betting system were you just keep increasing your bet. I’m pretty sure most people wouldn’t be into buying $120k worth of Intel options hoping to make that initial $1k eventually).
Read these chronologically (the author of one of my blogroll blogs is even quoted in the espn piece):
“Nails Never Fails” – The New Yorker, March 24th, 2008
“You think your job sucks? Try working for Lenny Dykstra” – gq.com
“Dykstra’s business: a bed of ‘Nails‘” – espn.com
Not that I’ve ever thought much of Jim Cramer, but he will certainly never live down his calling Lenny “one of the great ones in the business.” I wouldn’t buy a bag of chips based on what Cramer has to say after that bullshit.
The Most Comprehensive Madoff Piece to Date
There will clearly be a lot more to come on this story, but definitely an interesting read. Particularly the role of his office manager, who will likely be critical to piecing together how/why/when/who. Is it possible his family really had no idea?
“How Bernie Madoff did it” – fortune.com
I’ll be back tomorrow with some hard-hitting insights into gum, comic books or something.