136 karma · joined June 16, 2008
"Efraim Diveroli, by contrast, knew exactly what he wanted to be: an arms dealer. It was the family business. His father brokered Kevlar jackets and other weapons-related paraphernalia to local police forces, and his uncle B.K. sold Glocks, Colts and Sig Sauers to law enforcement. Kicked out of school in the ninth grade, Diveroli was sent to Los Angeles to work for his uncle. As an apprentice arms dealer, he proved to be a quick study. By the time he was 16, he was traveling the country selling weapons."
In this business, which is all about connections, Diveroli was blessed with a network of contacts through his family. Without these, it is doubtful Diveroli would ever have achieved anything close to what he did.
Some nice illustrations I found: http://i.min.us/ie52d2.jpg http://i.min.us/icklUo.jpg
To any firearms enthusiast, hearing clip and magazine being confused is like hearing nails on a chalk board. Imagine someone at your work insisting that Java and Javascript are the same language.
http://en.wikipedia.org/wiki/Short_selling
Basically, the hedge funds thought the stock would go down, so they "borrowed" or "rented" the stock from someone else and immediately sold it. The idea is by the time they have to return the stock the price will have fell.
Ie, if the stock is currently worth $100, and they borrow 1 share and immediately sell it, they have $100 and owe 1 share. Later, on the date they have to return 1 share, they go and buy 1 share and give it back. If the share price then is $80 they made $20 on the transaction. If the stock went up to $120 then they lost $20.
So, they shorted the stock, because they thought it would go down, but then the amount of stock available to be bought plunged right as they had to return the stock. So, there was a huge demand for the stock right as the supply was drying up. As such, the price went very high, but they were forced to buy it anyways to due to the previous agreement (that they had to give the stock back).
I was the last in my class to get a computer at home, around grade 6, but I am the second most tech savvy person at my school.
I remember my first experiences with a computer. It was at my elementary school, on an old black and white Apple.
How times have changed.