YouSaid · the spoken record

Tom Sosnoff

lines on the record: 44
first: 2021-11-12
most recent: 2021-11-12
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I'm on air every morning on Tasty Trade for the largest digital financial network now in the world, so tastytrade.com and we're free. Everything's free. The content's free, the archives are free, everything. So you can check out TastyTrade.com. I'm on from 7 a.m. Central Time to 10. a.m. Central Time. And then from 2.30 to 3 in the afternoon. And that's my daily stuff. And then if you want to see our software, which I think is the best in the world, and all the technology we've built, it's on tasty works. And it's a downloadable. So you can just go to TastyWorks, you can download it. And if you like our stuff, you can open an account with us. Our rates are great, our content's amazing, and our technology blows away everybody else. And we offer, we're the only firm that offers everything. Stock options, futures, futures options, crypto. We have everything.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“You know, Trey, with it, when it all boils down to it's just like you just look around, you're like, okay, this is cool. I would do this every afternoon and talk to people about it because it's just if it inspires someone like you or gets somebody else going, you know, and it lights a fuse or gets you excited about the business, it's cool because you guys are the guys that have to, you're the next generation, you have to carry the torch, you know, take it forward.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'm still doing what I've always done. I'm running this company, and we're trying to take a global, got some digital asset plans, some cool stuff we're building right now. I love the space. I mean, I'm a shareholder of the new company, so we're public in the UK. So that's cool. So that's what I'm doing right now. But, you know, I'll be investing. I'll be making investments. I'll be involved in different things. But I'm pretty happy with what I'm doing right now. So I love my job. I don't even know if I get paid, but I love my job and I love what I do. I love doing tasty trade. It's the greatest show on earth. And I love building technology and trading. So I'm pretty happy, but I'll keep myself busy by, you know, challenging myself until I'm never retiring. So I'm just going to keep doing stuff until I can't do it anymore.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Everything that's liquid is in play for me. Today, I'll just give you, I traded. My first trade of the morning was in 10-year notes. That's futures options. Then I traded Bitcoin, Ethereum, Polkadot. Then I traded Garmin, Tesla, eBay, Shopify, Coin, Facebook, a firm, more eBay, more coins, Starbucks, natural gas, UTU, Snap, soybeans, crude oil. I mean, that's just a name of a couple. But yeah, I mean, I'm all over the place. I'm indifferent to product. I don't give a crap. If it's liquid, I don't care what it is. The name means nothing to me.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Well, I base everything off expected move and implied volatility rank. So I'm looking for high implied volatility rank and then expected move like I didn't trade Apple to because the implied volatility was too low for me and the expected move was too low. But generally I will trade expected move and implied volatility rank. That's it. That's all we do.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“It's all relative. The VIX itself, I mean, some of the ETFs that always are in Cantango that always go down, that's one thing different. That's market structure. But the VIX has a floor, whatever that floor is, 9, 10, 11, 12, whatever it is. So no, it'll never go lower. But you can't just buy it because the cost of carry is so high.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“No such thing as aversion to the mean in price. There's no support for it in math worlds, but there is support for aversion to the mean and implied volatility. So we do look for versions to the mean implied volatility, but everything else we treat the markets as being, I'm an efficient market theorist, treat the markets being random.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I'm not a technician. I don't use any charts or technical analysis, none of it. No real traders do. I mean, that was always kind of the public way of thinking about, you know, we got to look at a chart and see what's going on. But there's no such fundamental, I look at statistics, probabilities. I look at the math. I have zero interest in fundamentals. No news, no company fundamentals, no interest in hearing what anybody else has to say, and zero interest in technical analysis.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Of course. I think it's going to be massive. I think the derivatives on the digital asset space is going to be huge. And I have no reason to think that we won't be knee-deep and headfirst into it. I think the derivatives on everything. Derivatives are capital efficient and underlines without derivatives, cash markets are not capital efficient. There's going to be no marketplace that survives long term without capital efficiency. No, I'm very bullish on the derivative space and on all the markets that haven't been exposed to derivatives yet.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“That's only three states, and those are the three richest people in those states. This is a relatively new industry. So this is not like old money. But I would be, I think this is outside of crypto because there's a lot of very interesting new crypto gazillionaires. But when you look at the financial service world, I would say that in the modern era, there are either all the wealth has been created on the option side, the future side, or the crypto side. I don't think it's the stock side.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Well, the richest person in Illinois is Ken Griffin, who owns Citadel. Basically, they've made all their money selling options. The richest person in Florida is Tom Pedifry, and he's made all his money owning interactive brokers and basically trading options. The richest person in Philadelphia has the guy that owns Susquehanna. I mean, in Pennsylvania, I think his guy's from Susquehanna. I mean,”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“It depends how big your account is, but if your account size is relatively, if your account size is average, let's say $50,000 to $100,000 in that range, you know, it could be anywhere from 1 to 3%. If your account size is larger, it could be anywhere from a fraction of a percent to one or two percent. It really depends. But we almost never get bigger than 5% would be for me would be a huge position. I don't go there.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“No, I mean, I think I like Warren Buffett because although I don't know anything about him other than like whatever I've read commercially or whatever kitschy little thing we've seen over the years, he seems like a very interesting, decent man. You know, that's how I would describe him. I'm sure he uses some derivative strategies, mostly probably selling puts to get long. I've heard of some of his trades through the grapevine over the years. I don't necessarily, I mean, I would argue that Warren Buffett is he's obviously an outlier of massive proportions, but at the same time, I would probably argue that in today's world, he's an average investor. He is what he is. You know, like he's an outlier. He's an amazing outlier. And what he's done his career is incredible. But I wouldn't look at him today or Charlie Munger or any of those guys and say, wow, I want to do what they do. Like, it doesn't mean anything.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I do it. I have a day job. I'm a CEO of a billion dollar company. I mean, you know, I mean, I have a day job, of course. I do a show for three and a half hours a day. I got to run a company after that. I mean, yeah, sure, of course”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“No, no, no. I just credited small, having some fun, just trade it small. It's great. It's just like having some fun, buying and selling some futures, you know, just playing. It's just a big playground for me. And I've literally been playing in this playground now for 40 years. It's been every single day. The bell goes off in the morning. I love it. And we play until the end of the day, and that's it.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“In and out, like this morning, first trade I made today was selling some Tesla stock and covering $10 lower. And that kind of stuff. That's the stuff that turns me out. I like it.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Lot of new trades, a lot of closing trades, opening, closing, adjusting. I do a lot of adjusting, you know, tweaking my position all day long, a bunch of scalps, some swing trades.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I'm just saying, I don't look at any of my failures as things that have slowed me down or deterred me or changed my path or anything like that. And I don't even know if we would have been successful without all those failures and all those horrible investments. And all of them were passive, by the way. All the active investing I've done for 40 years has been great. All the passive investing I've done has been complete losers. And yet I value those losers. They've made me smarter”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“All across the board. It's not anything specific. I mean, we don't appeal directly to the Robin Hood demographic, but we do have plenty of Robin Hood type traders. We're pretty much across the board appeal to every demographic. I'm all for everybody getting into trading. I don't even know what the, like you ask me what the downside is, I mean, I couldn't even tell you. I mean, of course, you can lose money. Who cares? If you tell me I've lost money on 30 or 40 passive investments I've made privately over the last 30 years, I don't think I've ever cashed a single check and it's only helped me. It hasn't hurt me at all. Maybe into a better entrepreneur. It made me realize that, oh my God, these people I thought knew something, they know anything.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Much maybe they made nothing, maybe they made three times as much. I have no idea. But what I do know is they are far better prepared for everything else they're about to address in the rest of their life than the person that passively invested. So I'm going to argue that in order to win, you have to experience things. And if you don't experience things,”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Or some passive investment. And at some point they'll be up some money, which is great. At some point, they'll be down some money. And they really don't understand it or care because they don't really know how it works. And they don't have to watch it every single day. To me, that makes it absolutely no sense because the learning from that learning process delivers zero. There's no takeaways. I mean, let's say you invest your money passively and after 10 years you made, let's just say you put your money passively away and the average passive return over time is like 5%, 7%, whatever it is. Let's say you make 10% a year over 10 years. And at the end of 10 years, you look at your money, you go, wow, that's a pretty good return. But now where are you? You don't know Jack. You've learned absolutely nothing. You know where all you've got is twice the money that you had when you first started, but you haven't learned anything else. You don't actually know anything. And the other person that did all their own investing, maybe they're up half of the”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Most people are actually fairly comfortable with risk. Most people aren't seeing things mark to market. So I mean, imagine if your house or your condo, whatever it is, and it had a running ticker on it. And so if the market was down 5%, you're like, oh my God, my half a million dollar house just lost $25,000. And I can't believe it. Now what am I going to do? You'd go crazy. But this is, I will argue that what trading does is it actually brings people into a completely different state of mind with respect to an acceptance of risk. They're just not used to things marked to market. I mean, imagine if we showed you a running ticker on your car how much it's depreciated every day. To me, that argument makes no sense because this is the most efficient market in the world and all we're doing is just disseminating prices. So you have to learn some point. The problem that most people have is that they'll give their money to some money manager.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Zero. I mean, you know, like, I can't worry about taxes. I can't worry about that stuff, but I can't worry about stuff I can't control. You know, I mean, the numbers are relatively, you know, it depends most are short term. Some are, you know, 1256B eligible, which is max 28%. But generally, I don't worry about taxes. It's not my. That's like saying, I don't worry about taxes in anything I do. If I build a business, I'm not sitting here wondering, you know, oh my God, you know, what's my tax liability going to be? It is what it is. I move on.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“45 to 21. It's a beautiful world. Put them on a 45, you know, roll them forward at 21, move on to the next trade. We've always been, we never really understood that until we started to do, I mean, Tasty is essentially a think tank. So until we started to do all that research, never really made any sense. Now we're kind of feel good about it.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“To the last 21 days, which is kind of the negative part of the decay curve for us and managing those positions earlier. So at 21 days, basically moving things out to the next month, like tomorrow is 21 days till November expiration. So we'll roll to December. And to me, that 21-day management has really been the key to significantly improving what we do.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Know, in my mind, the single, there's two, I'm not going to say single, there's two things that we've learned over the last 10 years that kind of blow me away because I miss them for the other 30 years of my career. One is the concept of trade small trade often, basically law of large numbers and understanding that really the only way to define and measure and control your risk is an order entry. So if you stay small, you effectively do all your risk controls by staying small. And then by trading often, you put yourself in a position where you are essentially creating a portfolio based off law of large numbers instead of a portfolio based on something subjective like technical or fundamental analysis or anything else. And so I really believe that trade small trade often critical. That's one. The second thing is as far as mechanics go, managing positions at 21 days as opposed to leaving them in”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Important, very powerful movement that will over time engage and empower individuals to manage their own money. And it's critical. And not paying somebody else to do things for you that you could learn how to do and at the same time improve your decision-making skills is critical.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“And I don't care what that means. So for one person, it means one thing, for somebody else, something else. Who cares? We're here in a really good online broker and a really good content provider, builds, writes content, researches content, and builds technology that basically allows the person that's using that content or use that technology to do whatever they want to do because I believe those decisions should be made by the individual, not by some third party. Power is going back to the individual, just like sometimes there's these huge movements in the world right now, there's a lot of leverage going back to the labor force, which has always been on the management side. It's now going back to the labor side, which is cool. There's also this big swing of passive investing moving towards active investing. And I think it's really healthy. Part of it was the meme stock explosion, and part of it's what you're continuing to see now with digital asset space exploding, other things like that. This is a very important...”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I think one of the reasons I think we're successful is I don't view the online brokerage business the same way other CEOs do. I view the online brokerage business as it is our obligation to present you the customer with the ability to do whatever it is that you want to do”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Different strategies are appropriate for different implied volatility conditions. So, for example, you might use an iron condor if implied volatility is really high because you're hoping you're selling something that's rich and hoping it just sits right there, like a calendar or any kind of a horizontal strategy, you're over multiple months. You're kind of hoping that volatility expands. So the back month premium that you're buying will go up. So it's just more of a, you just kind of have to a little bit just think through what you want to play this volatility-wise. And that's essentially, those are the mechanics that we basically teach every day on tasty. And we review them to death. Like we have mechanics for everything, every level of volatility, every level of implied, every level of implied volatility, every level of implied volatility rank, which is ability to measure it against itself, every level of price. Every level of S&P volatility, I mean, it's all part of the concept of when you build a platform around a”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“There's lots of strategies when you think like nothing's going to happen. You can sell an iron condor, you can sell strangle, you know, there's lots of different approaches to use. I mean, the beautiful thing about option strategies is it's the same general ingredients. You just make lots of different food with the same ingredients.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“At 20%, I think it's going to make 200% or 300%. I mean, those are the people that sometimes there's a few of those outliers that get really rich, and most of them don't make any money. But who knows?”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I mean, when you lower your basis, you're obviously, you have to, every time you prove your position, you have to give something up. If you're improving your basis or lowering your cost basis, you're obviously going to have to give up some upside. But at the same time, you're taking your 50-50 bet and you're making it 60, 40 your way. That's all it is. So if you gave people the choice of, and you said, you know, here's a bottle of water. You can buy it for a dollar and it's a 50-50 if it's no up or down. Or here's a bottle of water. You can buy it for 80 cents. It's worth a dollar if you can buy it for 80 cents, but it can only go to $1.20. So most people would say, well, that's a 20% return. And obviously in this case, I have an 80% my probability of profit has improved by 20% over where it was before. So I have a 60% 6040 is my probability of profit and I can make 20% on it. Well, I do that. And some people go, I think this water is going to $3. So I don't want to cap myself.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Well, first of all, it's totally fine. You know, in 2021 now, online training technology is so good. And the excess product accessibility is amazing. So you can basically trade anything from a single platform, doesn't matter what it is. And so there's no excuse for not kind of learning what you can do. And layering anything on top of any kind of static investment, if you're improving your basis or giving yourself a chance to improve your basis, I mean, why wouldn't everybody do that? Do you know what I'm saying? It doesn't make any sense. Why not? So I love the idea of, in fact, I don't know why anybody that has a static investment unless you're not allowed to trade something against it wouldn't trade something against. It doesn't make any sense to me. If you had a chance to sell a call on anything that you own, it was a liquid marketplace, you'd do it. I mean, what do you care if it gets called away? I mean, unless it's your kids or something, you know, who cares?”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“A metric, it is a fear metric, but essentially implied volatility is another word for expected move. And yes, in a perfect world, if you got to choose the perfect time, you would sell implied volatility when it's high. I mean, as opposed to when it's low. And so usually you get high implied volatility in down moves. So if the market is going down or it's pulling back or whatever you want to say and volatility is expanding, usually have the perfect scenario for selling puts, which is low basis, high implied volatility, low basis just meaning low price. So low price, high implied volatility, sure, it's perfect world.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Probability of profit. So if you buy a stock and you're bullish on it, it's basically a 50 50 shot. If you sell it out of the money put, you have limited profitability, but you probably have an 80% chance of being right. So people like the 80% chance of being right more than they like the unlimited profitability. I mean, there are people that like unlimited profitability. I'm just one of those people that like the 80% chance of being right.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Strategy over a long period of time because the market has positive drift and stocks like to go higher. That's all there is to it.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“It has the highest statistical chance of success of any strategy. Markets have what they call positive drift embedded in them. That just means that markets have a small drift to the upside because it's how you get paid over risk-free rates. So if you think, hey, I could put my money in XYZ risk-free, and I can earn, let's say, a few basis points right now. Well, if you're going to invest in the stock market, you're going to take risk, you deserve to make more than a few basis points because you're taking risk. So we call that kind of positive drift. So the concept of selling puts is you sell something that is expensive, that has a very high probability of success. And even though it has limited profitability, it generally works over time. Generally, and that's the whole thing behind selling puts. I mean, it's some people like to say puts or schmutz. Other people like to say, hey, you know what? It is the most successful.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Now and then, and leaving a lot of men stranded type thing. So, anyway, that's my approach. So, I prefer the cell side and the short premium side, and it tends to work for me.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I want to do things that have a very high probability of profit or a very high probability of success, I should say. And in order to get a high probability of success, you have to have unlimited losses and limited profitability. That's the simple model, and it's very hard for people to understand because options are different. Options are strategic, whereas stocks and futures and things like that and digital assets are all black and white, so they're static, as we say. But options give you an opportunity to do something that's a little bit different. You can take, you can use a strategy with limited profitability and unlimited risk, which will essentially give you a higher chance of being successful than anything else. That's just a math model. And then I actually like that because I like to be right. It doesn't mean you make money. It just means you like to be right. And so I feel like if you combine lots of wins, it's easier to be successful in the long run than trying to hit a home run every”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's theoretically, it's not necessarily more advantageous to sell options than it is to buy options because theoretically the markets are tight, they're priced efficiently, there's no theoretical edge. We like to think that there's some kind of like a mechanical edge, which essentially just means that I like to force the market to beat me rather than I'm going to try to beat the market. So I think it's easier to sit back and let the market try to outsmart you than it is for me to try to outsmart the market. This is a very simple game. There's only two sides. So there's only two players. And so it's not this massively complex game where there's a hundred different choices or something like that. There's only two sides and there's lots of strategies, but there's only two sides. And so my preference is, and I've been doing this a really long time, and my preference is”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“I still love trading. I mean, this week I've averaged over 100 trades a day. I did just under 100 trades today. I did like 120 trades yesterday. I did 100 trades on whatever was Tuesday. No, I trade all day long. I love running the business and I love doing the show and I love building technology. But, I mean, this is my life. I don't really have any hobbies. So like some people have hobbies. You know, they paint or they travel. I don't do anything. I just, you know, trade and work. I'm okay with that too, by the way. I don't feel like I need something else necessarily. I'm okay with it. I'm okay with it. I'm good in my skin.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Epstein used to say, I can spend 10 years with one team, and then I got to shake it up a little bit. I kind of feel there's a little bit of truth to that after 10 years, you know, especially where I am in my life. I need to shake things up a little bit. And so 10 years into this, and then at the end of right around when the pandemic started and through the beginning of 2021, we had five cash offers for Tasty Trade and five offers, solid real companies with real money and the whole deal. And they were all somewhere higher than we took. We just decided that this was the best trade for us and we were ready to do something a little bit different. So we went that direction.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT
“Day one, when we built Finkersim, we were 10 years old. When we had people that were inquiring about the firm because it was a really good firm for a couple times throughout the years, but we really didn't get serious office till we were 10 years old. And at 10 years old, we had three, we were a public company, we had three cash office for the business. We had to take those to our board. And since we lost control of the board through dilution and other things like that, we basically had to pick one of the three and we picked two Meritrade for a couple different reasons. But with Tasty, we never had a single person. We were outcasts. I mean, not one person in 10 years. We started 2011. It wasn't until the end of 2020 when we got our first group that was interested in us. And we hadn't heard from a single person for 10 years before that. We were like, does anybody know how cool this business? And we were not shopping. We have this kind of like 10 years.”
2021-11-12 · We Study Billionaires · TIP395: Option Strategies and Building a Billion Dollar Business w/ Tom Sosnoff · IDENTIFIED FROM THE TRANSCRIPT