Hey Guys,
An update an BAM. I had already closed that position in my account earlier this week, but then this morning in my account, new positions showed up related to BAM.
My original position on BAM showed up as a "short" position on BAM. And I had that exact same number of shares of a new stock in my account for the ticker BN. They were like offsetting positions.
In the deal BAM did early this week, it decided to change its ticker symbol to BN. So that part makes sense. The weird part is that I had already closed all my positions on BAM. But it's like they wanted to reverse what I did before and have me transact it through BN
So right at the opening bell, I closed both positions. For the BAM shares that were in a short position, I bought those to close the position. And for the BN shares, I sold like those like normal. That flattened the entire position.
The good news is apparently that trade was not as unprofitable as I thought. I ended up gaining roughly a full percentage point of profit back from this adjustment. Apparently it wasn't as much of a disaster as it originally seemed and the funky bookkeeping by the broker just made it seem worse that it was.
I know that for many of you, your original position on BAM turned into a wonky ticker symbol that wouldn't allow you to trade it the last couple days. Since my account had this update today, it's possible that now your accounts will also be updated and maybe you'll be able to finally manage the positions now.
I've never seen a sequence like this before in all my years of trading. If you have any questions, just reach out to me and I'll do my best to help you figure it out.
If you have any questions or feedback, I'd love to hear from you.