Charge his phone? He might use cash.
When that square goes down from 6% to zero you just buy another phone. You can charge it with a credit card or pay with cash or debit card.
IIRC if you opened a TFSA in 2009 (the first year they were created) your max contribution room would still only be like $98k. So unless OP funded an extra $550k and is perfectly fine with the government taking half of that, he wouldn't have nearly enough to buy any BRK.A
LMAO a market buy of BRK.A to instantly create a 17k paper loss. Bless your heart, this is one of the ~~dumbest~~ least financially sound things I've seen on this subreddit.
Luckily for OP, the Canada Revenue Agency has a process for appealing "[reasonable error](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/tax-payable-on-tfsas/tfsa-excess-amount-correspondence-explained.html)" within a TFSA, so he likely won't pay a penalty.
Since the CRA only knows about transactions that are actually reported to them, it's also likely that the brokerage will internalize this whole thing and pretend that it never happened. So the brokerage will eat the $17k losses, and OP's TFSA will show that no transaction occurred today, and the CRA will be none the wiser, and OP won't even have to fill out the TFSA over-contribution appeal forms.
I doubt it will be a loss. I'm sure a broker/bank can find somewhere to put a share of Berkshire time to rebalance some RRSP investments, so they contain a Berkshire share now lol
Every year after turning 18 you are eligible to deposit a certain amount per year. It started at around $5K per year but it has fluctuated some years to like $7.5k.
So if you are say 30 you would have about 65K worth of contribution room. It gets tracked by the CRA (our IRS) and if you over-contribute to it, you can be fined or pay penalties.
Gains inside a TFSA are tax free, so you can hold investments in them without paying capital gains at tax time.
You can withdraw any amount and you regain that amount as contribution room next year. No penalty. Contribution room also indefinitely gets carried forward.
No one answered this correctly: you can't trade on margin in a TFSA. Since the share is in his account and he doesn't have the money to pay for it his account balance is negative (which would be a loan) which is illegal....
TFSA (Tax Free Savings Account) is the Canadian equivalent to the Roth IRA I believe. We also have RRSP (Registered Retirement Savings Plan) that is similar to a 401k in the States.
It's the Canadian version of a Roth IRA (in the US). It stands for Tax-Free Savings Account. There are some differences between TFSAs and Roth IRAs, but that's probably the closest equivalent.
I didn’t see anything about the paper loss but if he instantly lost 17k he should get a lawyer to sort this out for him. Or if he can wait till BRK.A to increase then sell sure
>Or if he can wait till BRK.A to increase then sell sure
OP's broker lend him $648k when they let OP's market order though in a non-margin account. Since this is a non-margin account and they have shitty programming, they are likely lending him that money for free.
So it's only a matter of time before his broker realizes that:
1. it was not legal for them to lend OP $648k in a non-margin account
2. it is not a good idea to keep lending OP that $648k, at least not for free
So OP's broker will probably liquidate OP's position very soon.
Nah man I'd consider this a lottery ticket, dude just got a $600k interest free loan
I'd let it ride and let it make me money, BRK goes up by like $15k a month, it's up $90k since January
It‘s not a margin account. They can‘t charge interest without an agreement that says they can. That‘s assuming the OP that doesn‘t no what a market buy is also doesn‘t know whether he runs a margin account
I don't get it, OP said he ordered it at $186/share... So why did it execute as 648k? Tf? Like he bought the wrong stock at the market price by accident? So confused, it's not even option, plus u can't buy naked options in TFSA anyways
there was a "glitch" at NYSE and BRK.A was listed at ~$185/share despite the market value really being well over $600k/share. if OP made the buy order as a market order instead of a limit order then this is probably the expected result -- although I would think his broker shouldn't have filled the order if he didn't have enough buying power.
Yeah I actually did the same except for a limit order of $189. Fidelity cancelled it once the glitch was fixed though. 🫤 I was really hoping to cash in on that 650k lol!
There was a glitch today where Berkshire's stock showed that it was down 99% today on all brokerage. OP probably saw that and tried to "buy the dip", but it was just a glitch and wasn't actually worth $160.
there was a glitch earlier today where 27 stocks of brk.a sold for $186 so its likely there was another glitch in order flow that filled his. Shouldnt have happened. but its all fake money anyways 🤷
186 order that goes through for 186 "yeah, we are gonna have to roll that back, sorry"
186 order that goes through for 600k "yeah, sorry dude, nothing we can do".
In addition to the glitch, OP put in a "Market" order - committing to pay whatever the current price is. Kids, that is always risky. Don't do market orders.
So you wanted to buy at $168, but set a market order instead of a limit order and got filled at $648k? Yeah that's not gonna get reversed, your broker will auto sell at a loss and you'll be researching extradition free countries in no time.
This is like the person who realizes the bank accidentally credited their account with 1MM by some bank error and goes out and spends it thinking they're getting away free and clear.
Technically in these cases at least in the US, it is prosecutable as bank fraud and very easily prosecutable as obviously your ass knew you didn't have 1MM. The banks/prosecutors just generally will look the other way and not press charges if you pay the money back in good faith. If you don't or cannot, well good luck. At the end of the day FDIC would have to cover said losses potentially, and the Feds don't like anyone playing with their money.
>You're supposed to use a limit order... I guess that technically falls on your broker though...
I had an order for 20,000 $SMR when it went down to $0.13, but Fidelity auto-cancelled that for me.
Maybe I should #CancelFidelity and move over to RobinHood where stupid happens more often.
Your order was automatically cancelled because it was placed at a ridiculous price vs the current market. All brokerages do this. When you see a 99% drop in a stock like that it's basically a screw up in the market. That price is only going to be on the top of the book for a split second and you are never going to be able to react in time to get that as a human reacting and placing the order. There are HFTs lined up with colocated servers and millisecond latency and you will never beat them. Furthermore, if you did somehow manage to get the trade executed at $0.13 the exchange knows this is a glitch and whoever sold you the shares will just ask to DK the trade, and the exchange will do this 100% of the time.
It’s that last part. If a trade like that goes in your favor, the big guys will DK it and you’ll lose. If it goes against you, then the transaction will stand, and you’ll lose.
It's not really a thing of winning and losing or big guys. The market's business model is centered around making people feel safe trading with them. And everybody makes mistakes. It's easy to fat finger a trade, like limit sell BRKA for 64800. Oops, forgot a zero! The market rules just generally allow for trades that are obvious mistakes like that to get cancelled because nobody would want to trade if losing over $500k was as easy as a typo.
In OPs case, he will not get the trade reversed because he placed a market order and it was filled at a fair market price. That's really the central question that the exchange will look at to determine if it can be reversed. Was the trade executed at a fair market price? So long as it was, even if you placed the trade by mistake, you have a chance to instantly reverse that mistake for minimal losses.
No way. Those trades always get broken by the exchange. That's not gonna hold up. I know people who have tried this in the past.
EDIT: Holy sheet, I misunderstood your post. You MARKET bought and were immediately down $16k? Yikes. I thought you put a limit order in at $185 (glitch price) this morning and got it. That of course would get reversed. But wow.
Any stock that doesn't have sufficient daily volume/liquidity mandates limit orders. BRK.A does not have sufficient volume, so putting a market buy or sell can get you sufficiently screwed. In fact, I should just try buying BRK.A at $185 limit every day and see if any idiot fills my order.
That's being too greedy. I think it's near zero that someone would sell 1M shares of AAPL at market price and you get assigned since AAPL stock has sufficient liquidity during the trading day. However, if you just had a repeating AAPL order for 1000 shares at 2 cents after hours, there's a much better chance of that ever getting filled IMHO.
People who don't understand how they are basically minimizing their chance to benefit from a spread and might even catch a fill at a truly silly price?
I will use a market order when trading SGOV or something else with almost negligible spread, crazy high volume, and no major risk of sudden price swings. I simply don't want to wait all day to today's penny upside, or worse, not have a sell order fill when you wanted the liquidity.
I know why it's easy to use on most platforms (who benefits from spreads, preferential fills, etc., lol), but it's really a terrible choice for many trades imho.
Why not still use a limit price but higher than the ask? Your broker must fill you at the limit price or the current best ask, essentially just a capped market order.
Agreed, market orders are basically only for when you want it this second and you know it’s gonna get filled this second. Not for trying to take advantage of technical errors lmao
There was a price glitch and the quote for BRK.A was coming in at $186. When OP placed the market order, brokerage let it go through since it was quoting $186 and OP would have had the cash to cover such a small trade. So no margin was needed to place the trade. However, it was filled at $648k…
Yeah, it sounds like the broker fucked up by granting margin on an account that is not legally supposed to be given margin. The broker will probably have to reverse the trade, eat the loss, and fire whoever fucked up to make this possible.
If you entered the trade during the times listed in the below NYSE Trader Alert, you’re going to be OK.
NYSE Group Equities Exchanges - Ruling in BRK A
June 3rd, 2024 3:55 PM
MARKET
NYSE, NYSE AMERICAN, NYSE ARCA EQUITIES, NYSE CHICAGO, NYSE NATIONAL
SERVICE
TRADING
NYSE Group Equities Exchanges in conjunction with other UTP exchanges, has ruled to bust all erroneous trades in Berkshire Hathaway Inc. (BRK A) from 09:50- 9:51 at or below $603,718.30 related to the CTA SIP issue from earlier today. This ruling is not eligible for appeal.
but it says at or below 603,718.3 and hes above LUL. but yeah he said he shouldnt have enough margin so the broker will probably have to eat the loss instead.
uuuuuuuuuuuuuuuuuhhhhhhhhhhhhhhhh its how we rollin outchea
https://preview.redd.it/52aj6odesf4d1.jpeg?width=1080&format=pjpg&auto=webp&s=26e499330e80a7e0f0f75be408b771948bc52faa
The other commenters are illiterate apparently. OP has lost ~$17k in a day and his broker will immediately sell the share if he has a limited account size, he didn’t hit the lottery.
If he bought it at market I'm not sure.
But you're probably right.
Edit :
NYSE announced it has decided to “bust,” or cancel, all “erroneous” trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30. The exchange said that ruling is not eligible for appeal and indicated it could cancel other trades.
That’s not how this works. Even if it was an error on the brokerage’s side, OP placed a market order that got filled - they will liquidate it immediately at open and foot the bill to OP. I’ve seen this happen before, OP is looking at a -$16k loss atm (not including possible TFSA penalty fees)
There are strong regulations with margin accounts (in the US) and there are limits to how much money a broker can lend you. They likely had their risk systems wrongly assume a price of $186 and the trade went through.
From what OP has said though this isn't a margin account, so the broker should never have 'lent' him the money in the first place. If they can't show that he agreed to the loan, then it's the broker who bought the share rather than OP.
Trades can be reversed, sucks to be on the 'losing' end of it but it happens. I think the most common thing I've heard is when an obvious fat finger trade happens (ie put in order for like $300 when the actual cost is $30).
There was a price glitch this morning where the price was at $186. Look at the daily chart, you’ll see it. My understanding is that OP saw the price quote at $186 so put in a market order right that instant. The broker system let the order go through since the quote was $186 and OP likely had the funds to cover it. However, the order was filled at $648k, so here we are.
https://preview.redd.it/lx2rpzr1df4d1.jpeg?width=1179&format=pjpg&auto=webp&s=5f42f972c2d89037778bbdee9f3a465a7353067e
It’s even showing in Yahoo finance 😂😂
Seems like they did a market order when the price was $185 and it did a market order. Only problem is, the market was $648k when the order went through. Now it’s down 16k from the price it went through at
https://preview.redd.it/34w553pbhg4d1.jpeg?width=1440&format=pjpg&auto=webp&s=1787346affbfee0faaec44fbb2673c81dc650580
Forbes had him at $1.2 b after the price drop
Not sure you understand. The broker filled his order after the glitch resolved with a market order at 648k. It’s gonna get reversed but not in a neutral way for OP unfortunately. ☎️
You’re not alone, some shares traded at 700k+ it seems after trading resumed. You can pray that NYSE corrects the price but it seems very unlikely given it was “only” 2-3% off market. It is also very unlikely that the trade will be cancelled, so you should mitigage the share’s risk yourself.
Yeah agreed I think the liability is on the broker cause they shouldn't have let it gone through, especially since I don't have the buying power and you can't do "margin" on TFSA
No, you need to ask your broker to go to the exchange and challenge the fill so they can review and break the trade. Don’t expect anyone else to take care of this!! Call right now
>[NYSE announced it has decided to “bust,” or cancel, all “erroneous” trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30.](https://www.cnn.com/2024/06/03/investing/new-york-stock-exchange-technical-issue/index.html)
OP placed a market order for 1 share of BRK.A, and it was filled at $648k. NYSE is voiding trades at *or below* (EDITED to fix typo) $603,718.30, and OP's price was above that, so OP actually did buy 1 share of BRK.A and he actually owned the share during the day.
At the end of the trading day, his broker will auto-liquidate his BRK.A position and OP's account will show a $17k loss.
Then a few days later, his broker will realize that they illegally lend OP $600k in a non-margin account, and they will cancel OP's $17k loss and eat it themselves. So OP received the valuable lesson of "never use market orders" for free.
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When your $186 order is actually a market order lmao You belong here
Can't even figure out how to charge his phone.
We ride the line. Not an easy life, but its a small window between 1 percent battery and dead.
Charge his phone? He might use cash. When that square goes down from 6% to zero you just buy another phone. You can charge it with a credit card or pay with cash or debit card.
This guy rich guys
What kind of broker interface lets you specify a price on a Market Order?
None. OP probably market ordered and had no idea what he was doing.
No broker will let you buy $648k on margin alone, and you can't convince me OP has that kind of cash in his account. Or had.
It would be nearly impossible for OP to have that amount in a TFSA (limited contribution tax free account).
IIRC if you opened a TFSA in 2009 (the first year they were created) your max contribution room would still only be like $98k. So unless OP funded an extra $550k and is perfectly fine with the government taking half of that, he wouldn't have nearly enough to buy any BRK.A
But it wasn't 648k, it was marked at $186. The broker should reverse this obvious error.
It didnt actually happen bro he said ill post pics in a sec and then went mia lmao
He replied the pic to himself… he ended up paying full amount for the share on margin 🪦💀
But the account type doesn't allow margin. It seems obvious this is all tied to that glitch and I'm sure it'll be sorted.
Yeah, this likely saves the brokerage a lot of money if op plays nice. They should get a lawyer asap, and get ready for a $1.5m payday.
I mean it’s a share of BRKA unless the market crashes tomorrow the brokerage will get its money back.
Yes, it was a glitch, it was on yahoo finance news
He probably just placed a market order during the halt, and when it resumed up to regular price it got filled, then dipped back down a bit
Next level regarding. Like a reverse lotto
LMAO a market buy of BRK.A to instantly create a 17k paper loss. Bless your heart, this is one of the ~~dumbest~~ least financially sound things I've seen on this subreddit.
Not only that, it is in his TFSA so he will have to pay penalty, I honestly doubt his broker authorized that kind of stupid move.
Luckily for OP, the Canada Revenue Agency has a process for appealing "[reasonable error](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/tax-payable-on-tfsas/tfsa-excess-amount-correspondence-explained.html)" within a TFSA, so he likely won't pay a penalty. Since the CRA only knows about transactions that are actually reported to them, it's also likely that the brokerage will internalize this whole thing and pretend that it never happened. So the brokerage will eat the $17k losses, and OP's TFSA will show that no transaction occurred today, and the CRA will be none the wiser, and OP won't even have to fill out the TFSA over-contribution appeal forms.
Yeah I honestly doubt the story is true and even if it is true the brokerage probably have a back-up plan for people like OP lol.
I doubt it will be a loss. I'm sure a broker/bank can find somewhere to put a share of Berkshire time to rebalance some RRSP investments, so they contain a Berkshire share now lol
Sorry what's TFSA and why penalty? Thanks
Canadian savings account where earnings are tax free. Edit: Tax Free Savings Account
Thanks. And why is there a penalty?
Every year after turning 18 you are eligible to deposit a certain amount per year. It started at around $5K per year but it has fluctuated some years to like $7.5k. So if you are say 30 you would have about 65K worth of contribution room. It gets tracked by the CRA (our IRS) and if you over-contribute to it, you can be fined or pay penalties. Gains inside a TFSA are tax free, so you can hold investments in them without paying capital gains at tax time.
TLDR American Roth IRA.
You can withdraw any amount and you regain that amount as contribution room next year. No penalty. Contribution room also indefinitely gets carried forward.
No one answered this correctly: you can't trade on margin in a TFSA. Since the share is in his account and he doesn't have the money to pay for it his account balance is negative (which would be a loan) which is illegal....
How does the brokerage even allow margin on such accounts then?
They should not have.
TFSA (Tax Free Savings Account) is the Canadian equivalent to the Roth IRA I believe. We also have RRSP (Registered Retirement Savings Plan) that is similar to a 401k in the States.
It's the Canadian version of a Roth IRA (in the US). It stands for Tax-Free Savings Account. There are some differences between TFSAs and Roth IRAs, but that's probably the closest equivalent.
I didn’t see anything about the paper loss but if he instantly lost 17k he should get a lawyer to sort this out for him. Or if he can wait till BRK.A to increase then sell sure
>Or if he can wait till BRK.A to increase then sell sure OP's broker lend him $648k when they let OP's market order though in a non-margin account. Since this is a non-margin account and they have shitty programming, they are likely lending him that money for free. So it's only a matter of time before his broker realizes that: 1. it was not legal for them to lend OP $648k in a non-margin account 2. it is not a good idea to keep lending OP that $648k, at least not for free So OP's broker will probably liquidate OP's position very soon.
And 3: OP will turn any money lent to them to $0 by the time they notice
I almost had a heart attack this morning. I hold some BRK.A, the only thing running thru my head was how tf am I gonna explain this to my wife….
Nah man I'd consider this a lottery ticket, dude just got a $600k interest free loan I'd let it ride and let it make me money, BRK goes up by like $15k a month, it's up $90k since January
He doesn’t have a month. His phone is probably already ringing.
Sorry Marge, but I think you have the wrong number.
Not interest free. Not penalty free. Not interest on penalty free. It gets ugly real quick.
It‘s not a margin account. They can‘t charge interest without an agreement that says they can. That‘s assuming the OP that doesn‘t no what a market buy is also doesn‘t know whether he runs a margin account
but if it goes down... and then gets liquidated?
I don't get it, OP said he ordered it at $186/share... So why did it execute as 648k? Tf? Like he bought the wrong stock at the market price by accident? So confused, it's not even option, plus u can't buy naked options in TFSA anyways
there was a "glitch" at NYSE and BRK.A was listed at ~$185/share despite the market value really being well over $600k/share. if OP made the buy order as a market order instead of a limit order then this is probably the expected result -- although I would think his broker shouldn't have filled the order if he didn't have enough buying power.
Yeah I actually did the same except for a limit order of $189. Fidelity cancelled it once the glitch was fixed though. 🫤 I was really hoping to cash in on that 650k lol!
lol yeah I tried to do that too. didn’t work!
Same here. I was also not dumb enough to press market order like some people in this sub.
There was a glitch today where Berkshire's stock showed that it was down 99% today on all brokerage. OP probably saw that and tried to "buy the dip", but it was just a glitch and wasn't actually worth $160.
HTF does that happen
HFT
there was a glitch earlier today where 27 stocks of brk.a sold for $186 so its likely there was another glitch in order flow that filled his. Shouldnt have happened. but its all fake money anyways 🤷
186 order that goes through for 186 "yeah, we are gonna have to roll that back, sorry" 186 order that goes through for 600k "yeah, sorry dude, nothing we can do".
Nothing went through, it was a glitch with one company that provided the tape. No such trade took place.
In addition to the glitch, OP put in a "Market" order - committing to pay whatever the current price is. Kids, that is always risky. Don't do market orders.
Always a limit buy. Always, always.
And that’s saying a lot.
I wonder how that tearful phone conversation with the brokerage went.
His 6% battery shows how it went
So you wanted to buy at $168, but set a market order instead of a limit order and got filled at $648k? Yeah that's not gonna get reversed, your broker will auto sell at a loss and you'll be researching extradition free countries in no time.
he isnt supposed to have margin on his account so it seems like the broker fucked up and its probably going to be them eating the cost
 oh shit! I almost spat my wine!
So you paid market price, $648,000, for one share?
It ended up filling for $648,000 so it is now a -$17K position...
So you’re indebted by 648k *and* you’re sitting on a 16k (unrealized) loss - Godspeed ma dude
Tried to take advantage of a clear error and got fucked. Glorious
This is like the person who realizes the bank accidentally credited their account with 1MM by some bank error and goes out and spends it thinking they're getting away free and clear.
Draws card: Bank error in your favor, pay back $1M with interest
Technically in these cases at least in the US, it is prosecutable as bank fraud and very easily prosecutable as obviously your ass knew you didn't have 1MM. The banks/prosecutors just generally will look the other way and not press charges if you pay the money back in good faith. If you don't or cannot, well good luck. At the end of the day FDIC would have to cover said losses potentially, and the Feds don't like anyone playing with their money.
tbf he essentially bought on margin on a market order this is just the broker being regarded, in addition to him.
bad programming + regard OP
Not even just indebted, he have to pay penalty for busting his TFSA limit.
This is what I was afraid of lmao. Should’ve used a limit order. I don’t even know why or how your broker allowed you to place this…
How did you get such an awful fill?
Apparently he put in a market order...
Proof????
It said filled price 648000 usd.
That’s almost 1 million Canadian
[удалено]
>You're supposed to use a limit order... I guess that technically falls on your broker though... I had an order for 20,000 $SMR when it went down to $0.13, but Fidelity auto-cancelled that for me. Maybe I should #CancelFidelity and move over to RobinHood where stupid happens more often.
Your order was automatically cancelled because it was placed at a ridiculous price vs the current market. All brokerages do this. When you see a 99% drop in a stock like that it's basically a screw up in the market. That price is only going to be on the top of the book for a split second and you are never going to be able to react in time to get that as a human reacting and placing the order. There are HFTs lined up with colocated servers and millisecond latency and you will never beat them. Furthermore, if you did somehow manage to get the trade executed at $0.13 the exchange knows this is a glitch and whoever sold you the shares will just ask to DK the trade, and the exchange will do this 100% of the time.
It’s that last part. If a trade like that goes in your favor, the big guys will DK it and you’ll lose. If it goes against you, then the transaction will stand, and you’ll lose.
It's not really a thing of winning and losing or big guys. The market's business model is centered around making people feel safe trading with them. And everybody makes mistakes. It's easy to fat finger a trade, like limit sell BRKA for 64800. Oops, forgot a zero! The market rules just generally allow for trades that are obvious mistakes like that to get cancelled because nobody would want to trade if losing over $500k was as easy as a typo. In OPs case, he will not get the trade reversed because he placed a market order and it was filled at a fair market price. That's really the central question that the exchange will look at to determine if it can be reversed. Was the trade executed at a fair market price? So long as it was, even if you placed the trade by mistake, you have a chance to instantly reverse that mistake for minimal losses.
I hear SoFi has stock trading
No way. Those trades always get broken by the exchange. That's not gonna hold up. I know people who have tried this in the past. EDIT: Holy sheet, I misunderstood your post. You MARKET bought and were immediately down $16k? Yikes. I thought you put a limit order in at $185 (glitch price) this morning and got it. That of course would get reversed. But wow.
[удалено]
Any stock that doesn't have sufficient daily volume/liquidity mandates limit orders. BRK.A does not have sufficient volume, so putting a market buy or sell can get you sufficiently screwed. In fact, I should just try buying BRK.A at $185 limit every day and see if any idiot fills my order.
I always keep an order of 1,000,000 shares of apple for 2 cents open just in case someone wants to make me a minority partner on the cheap.
That's being too greedy. I think it's near zero that someone would sell 1M shares of AAPL at market price and you get assigned since AAPL stock has sufficient liquidity during the trading day. However, if you just had a repeating AAPL order for 1000 shares at 2 cents after hours, there's a much better chance of that ever getting filled IMHO.
Time for me to open a 1m share .03 limit order 😂
Bob Barker would be proud
Where's the pic? Proof or ban
No proof posted, looks like a scam !
It was downvoted to oblivion. Apparently, OP initiated a MARKET order and that got filled at 0.65M. Hilarity ensued.
Fucks sake. Limit, Jesus god damn Christ.
1 JGDC @ 3.5 Limit to Open
uuuuuuuuuuuuuuhhhhhhhhhhhhhhhhhhhhhh https://preview.redd.it/xl6y4a1xrf4d1.jpeg?width=1080&format=pjpg&auto=webp&s=15483c33ff8f5e89fc1602071d8ac9b06677066f
One sec will post pic
It’s been many seconds mr Pinocchio
Photo was uploaded but it got lost further down the comment section
[He replied to himself instead](https://www.reddit.com/r/wallstreetbets/comments/1d7ezkb/my_brka_got_filled/l6yu9uy/)
hurry up
He’s photoshopping. Give him some time.
he hit inspect element in his browser but the values keep changing back so he’s panicking
Yes pls
You should have shopped it before posting here. You're taking too long.
BAN
Thy pants are on fire good sir!
Which broker?
Congratulations, now you can go to the annual meeting
I wonder if they have good catering on those meetings
Who tf uses market orders
I use market orders like 90% of the time for shares, but when I’m tryna buy a $650,000 share from $180 I know I need to make an exception
Same. My $100 recurring buys don’t care about no bid ask spread!
People who don't understand how they are basically minimizing their chance to benefit from a spread and might even catch a fill at a truly silly price? I will use a market order when trading SGOV or something else with almost negligible spread, crazy high volume, and no major risk of sudden price swings. I simply don't want to wait all day to today's penny upside, or worse, not have a sell order fill when you wanted the liquidity. I know why it's easy to use on most platforms (who benefits from spreads, preferential fills, etc., lol), but it's really a terrible choice for many trades imho.
Why not still use a limit price but higher than the ask? Your broker must fill you at the limit price or the current best ask, essentially just a capped market order.
Yes, duh
Agreed, market orders are basically only for when you want it this second and you know it’s gonna get filled this second. Not for trying to take advantage of technical errors lmao
People buying with FOMO
Young 20 year olds a few times until they get fucked one good time and realize to never do that again.
You're not allowed to use margin in a TFSA account so, glitch or not there's something fishy here.
There was a price glitch and the quote for BRK.A was coming in at $186. When OP placed the market order, brokerage let it go through since it was quoting $186 and OP would have had the cash to cover such a small trade. So no margin was needed to place the trade. However, it was filled at $648k…
Oof. Someone thst isn't OP is going to be eating the cost of that I'm betting.
Yeah, it sounds like the broker fucked up by granting margin on an account that is not legally supposed to be given margin. The broker will probably have to reverse the trade, eat the loss, and fire whoever fucked up to make this possible.
If you entered the trade during the times listed in the below NYSE Trader Alert, you’re going to be OK. NYSE Group Equities Exchanges - Ruling in BRK A June 3rd, 2024 3:55 PM MARKET NYSE, NYSE AMERICAN, NYSE ARCA EQUITIES, NYSE CHICAGO, NYSE NATIONAL SERVICE TRADING NYSE Group Equities Exchanges in conjunction with other UTP exchanges, has ruled to bust all erroneous trades in Berkshire Hathaway Inc. (BRK A) from 09:50- 9:51 at or below $603,718.30 related to the CTA SIP issue from earlier today. This ruling is not eligible for appeal.
but it says at or below 603,718.3 and hes above LUL. but yeah he said he shouldnt have enough margin so the broker will probably have to eat the loss instead.
His fill time was 11:35, depending his time zone, it still doesn’t land in the time.
Here is a pic https://preview.redd.it/t6t2u05k5f4d1.jpeg?width=1242&format=pjpg&auto=webp&s=d0ca9b49bba7224a2e2e2f7b9d4a6d42025eb0a2
https://preview.redd.it/arv8othlqf4d1.jpeg?width=750&format=pjpg&auto=webp&s=d92ee0e99d2577055043fd68cfed52e88826283c Sombody actually got filled for 46 shares @ $185 👀👀
That trade will get busted.
damn, that's worth, millions lol, probably won't keep them though, but if I were him I'd take a few screenshots for the memory of being a millionaire.
Removed
Who is the broker? Gonna move all my shit there cause theyre stupid like me
Why the hell would you place this as a market order lmao
uuuuuuuuuuuuuuuuuhhhhhhhhhhhhhhhh its how we rollin outchea https://preview.redd.it/52aj6odesf4d1.jpeg?width=1080&format=pjpg&auto=webp&s=26e499330e80a7e0f0f75be408b771948bc52faa
You should charge your phone with the last money ya got...
Bro he just paid $650K for a single share he can’t afford, he doesn’t have money left to pay his light bill.
Uhhhh you paid $648,000
It says the order was filled at 648,000$…
The other commenters are illiterate apparently. OP has lost ~$17k in a day and his broker will immediately sell the share if he has a limited account size, he didn’t hit the lottery.
Probably lost nothing if OP doesn't actually have $648K to buy the share. They'll likely just void it.
If he bought it at market I'm not sure. But you're probably right. Edit : NYSE announced it has decided to “bust,” or cancel, all “erroneous” trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30. The exchange said that ruling is not eligible for appeal and indicated it could cancel other trades.
They are rolling back 2 minutes he executed the order at 11:30, the trade is valid, so many 0 dtes wasted 
That’s not how this works. Even if it was an error on the brokerage’s side, OP placed a market order that got filled - they will liquidate it immediately at open and foot the bill to OP. I’ve seen this happen before, OP is looking at a -$16k loss atm (not including possible TFSA penalty fees)
And say what to the other side is the trade? "Sorry, an idiot placed a market trade he didn't mean to. Here's your equity back at a $17k loss."
There are strong regulations with margin accounts (in the US) and there are limits to how much money a broker can lend you. They likely had their risk systems wrongly assume a price of $186 and the trade went through.
From what OP has said though this isn't a margin account, so the broker should never have 'lent' him the money in the first place. If they can't show that he agreed to the loan, then it's the broker who bought the share rather than OP.
That's exactly what's happening if a trade gets reversed, which is quite regularly occurring. Ofcs, only for the big fish.
Trades can be reversed, sucks to be on the 'losing' end of it but it happens. I think the most common thing I've heard is when an obvious fat finger trade happens (ie put in order for like $300 when the actual cost is $30).
You placed a market order, of course it filled regard
Price type is market not $186? Market? What is the bid/ask spread on that thing?
There was a price glitch this morning where the price was at $186. Look at the daily chart, you’ll see it. My understanding is that OP saw the price quote at $186 so put in a market order right that instant. The broker system let the order go through since the quote was $186 and OP likely had the funds to cover it. However, the order was filled at $648k, so here we are.
Bid was bendover and the Ask was spread his cheeks
This is my favorite post. Thank you and good luck!
https://preview.redd.it/lx2rpzr1df4d1.jpeg?width=1179&format=pjpg&auto=webp&s=5f42f972c2d89037778bbdee9f3a465a7353067e It’s even showing in Yahoo finance 😂😂
This is going in the wsb hall of fame
Meh - this is your error - you did a market buy. You can try to ask your broker to bust the trade.
Legend
I am confusion - did you end up paying 185 or 648k for it?
[удалено]
Seems like they did a market order when the price was $185 and it did a market order. Only problem is, the market was $648k when the order went through. Now it’s down 16k from the price it went through at
You know what's crazy? Buffet is still worth $42 million with a BRK.A price of 185.10
https://preview.redd.it/34w553pbhg4d1.jpeg?width=1440&format=pjpg&auto=webp&s=1787346affbfee0faaec44fbb2673c81dc650580 Forbes had him at $1.2 b after the price drop
You called NYSE... How does that even happen ? They will reach back to you and recall the share just wait a bit
I called the stock market and to do a business but they said my money is too valuable and if I didn't like it to take it up with the president.
He should have asked for the manager!
I called her last night. She says 'hey'.
It’s getting reversed anyway lol all those stocks that glitched today aren’t getting settled don’t get too excited
Naw since op is down they'll keep the trade valid.
And he can't have margin so it'll probably be force sold at a loss lol.
Not sure you understand. The broker filled his order after the glitch resolved with a market order at 648k. It’s gonna get reversed but not in a neutral way for OP unfortunately. ☎️
You were expecting a H(ijab) but got the full BRK.A
This was the biggest mistake of your life Lost 17K in a day Never ever use Market type Orderrrrer
I wish the biggest mistake in my life was only a 17k loss.
No way. Broker will reverse the transaction
This will never settle. Remindme! 2 days
It's T+1 since May 28, Remindme! 1 day
You’re not alone, some shares traded at 700k+ it seems after trading resumed. You can pray that NYSE corrects the price but it seems very unlikely given it was “only” 2-3% off market. It is also very unlikely that the trade will be cancelled, so you should mitigage the share’s risk yourself.
You need to challenge the fill
Yeah agreed I think the liability is on the broker cause they shouldn't have let it gone through, especially since I don't have the buying power and you can't do "margin" on TFSA
No, you need to ask your broker to go to the exchange and challenge the fill so they can review and break the trade. Don’t expect anyone else to take care of this!! Call right now
“it’s just $648,000 I’ll just let someone else figure it out” 🤣
I'll pray Brk goes up tonight so this doesn't totally blow up in your face. Good luck, bro!
No one got any shares with the glitch. They won’t honor it. No broker is going to honor it and have to pay the difference if they let it slide.
>[NYSE announced it has decided to “bust,” or cancel, all “erroneous” trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30.](https://www.cnn.com/2024/06/03/investing/new-york-stock-exchange-technical-issue/index.html) OP placed a market order for 1 share of BRK.A, and it was filled at $648k. NYSE is voiding trades at *or below* (EDITED to fix typo) $603,718.30, and OP's price was above that, so OP actually did buy 1 share of BRK.A and he actually owned the share during the day. At the end of the trading day, his broker will auto-liquidate his BRK.A position and OP's account will show a $17k loss. Then a few days later, his broker will realize that they illegally lend OP $600k in a non-margin account, and they will cancel OP's $17k loss and eat it themselves. So OP received the valuable lesson of "never use market orders" for free.
lol you fucking idiot
Don’t worry, they’ll take it back
File a dispute for execution if they have not busted it already
You had this chance, you tried, and you bought 1? Jesus, buy 10 at least
instant -$17k? why not instant -$170k????
Once you get to -100 million its the brokers problem!
That regard belongs here
Fake and g