Word: cafazza
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Dates: during 1987-1987
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...Tony Cafazza, 46, owner of a St. Louis company that sells and services cash registers, rang up profits even as the crash began. Cafazza had sold his stock holdings during the previous three months, for a profit of $100,000. Then, in September, he bought so-called puts on General Motors -- options to sell the company's stock at a fixed price in the future. On the Friday before Black Monday, as GM stock nose-dived 4 7/8 points to close at 66, Cafazza cashed in his options, which soared in value because their set purchase price was higher than...
Trump and Cafazza were among the thousands of U.S. investors, big and small, who beat the odds and emerged as winners in the midst of the stock market's bloodletting. Some of those players, like Trump, had sensed the big drop coming and took their profits before that climactic moment. Others, like Cafazza, in effect bet on the market plunge by making investments that rise in value when stock prices crumble -- either through options trading or a practice known as short selling. Yet another group of investors swooped aggressively into bargain-basement stock buying on Tuesday, after the Dow took...
...Parameswaran, 57, president of First Asian Securities, a tiny New York City brokerage, earned a $13,750 profit last Monday using the same method as Cafazza: put options. Parameswaran made such a gamble on 5,000 shares of National Semiconductor, a Santa Clara, Calif., electronics company, which zoomed in value from 25 cents to $3 a share as the stock price of the firm tumbled 2 1/4 points on Monday, closing at 15. "I could have waited and got $4.25 per share for the options," Parameswaran said, "but I was not greedy...
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