After all that, finally covering my Greek put option shorts

Months ago, around the last Greek elections when Syriza was elected, I went short the National Bank of Greece. I bought 20 contracts of a 50 cent January 2016 put for 10 cents each. For those who aren’t familiar with options, a put gives me the right to sell a security at a certain price by a certain date. 10 cents a put really means $10, because each contract controls 100 shares.

So 20 contracts cost me a grand total of $200. It was a nickel and dime trade, because had I known economics back in 2008 (I wasn’t introduced until 2012) I would have gone short Greece then and made a lot of money. I wasn’t confident I would still make money on my contracts after Varoufakis resigned and the Greeks took the bailout, but I kept them anyway and the National Bank of Greece kept on plummeting down.

So today I sold all 20 puts for 19 cents a contract. NBG is at $0.70 a share. I think I bought them when it was at $1.50 or so. The $0.50 puts are still not in the money, but if someone wants to buy them for $0.19, they are betting NBG will go to $0.29. I don’t know if they’ll get that far. So I sold them.

(Disclaimer for all the government people, I love you all dearly: I am not advising anyone. No one should listen to anything I ever say about anything. This is all for raunchy entertainment purposes.)


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