FORTUNE -- On Monday Fortune.com published The rise and fall of Andy Zaky -- the tale of an Internet-trained investment advisor who led hundreds of followers over their own personal financial cliffs last fall when Apple's (AAPL) stock price collapsed. Over the next two days, many former members of his Bullish Cross investment groups wrote to say that my estimate of their losses was off by at least a factor of 10 and perhaps more.
On further investigation, I think they may be right.
Forms filed with the SEC show that investors in Bullish Cross Capital L.P. -- Zaky's failed Apple hedge fund -- had put up at least $10.6 million and lost it all.
What I could only guess at were the losses suffered by the hundreds of subscribers to his Bullish Cross financial newsletter who -- on his advice -- had put their money into high-risk Apple options.
What I can say now is that I've heard directly from 39 former Bullish Cross members who tell me that they lost anywhere from $15,000 to $50 million apiece.
Given that at its peak, Bullish Cross had 700 members, it's quite likely that Andy Zaky's followers -- many of whom had put their savings and retirement accounts into Apple call spreads -- lost hundreds of millions of dollars. If the members I haven't heard from were large investors, total losses could reach into the billions.
One final, disturbing thought: Zaky was hardly the only Apple investment guru encouraging retail clients to buy bullish Apple options just as some of the largest funds on Wall Street were pulling their money out of the underlying stock.
How an Internet-trained Apple analyst lost tens of millions of other peoples' money
FORTUNE -- In the late 1990s, an ad agency creative director I'll call Joe Smith bought several hundred shares of Apple (AAPL) at $60 apiece. Last fall, at age 42, he found himself out of work and increasingly dependent on the value of those shares to make ends meet.
Following the lead of a 33-year-old investment advisor named Andy MOREPhilip Elmer-DeWitt - Mar 4, 2013 1:07 PM ET
A cult figure among day traders issues a rare "buy" recommendation
FORTUNE -- With Apple (AAPL) trading just over $530 a share -- under 13 times last year's earnings and 10.56 times his estimated October earnings -- Bullish Cross' Andy Zaky on Thursday told his readers to buy:
"Those who have been waiting for a correction in Apple to buy the stock now have that opportunity to do so. On a technical MOREPhilip Elmer-DeWitt - May 18, 2012 7:25 AM ET
Andy Zaky has a plan
FORTUNE -- Most Apple (AAPL) analysts will offer estimates that look a few quarters or even a year in advance.
Andy Zaky is not like most analysts.
For one thing, his estimates over the past four years have been considerably more accurate than your average Wall Street analyst (see, for example, here).
For another, he's not afraid to stick his neck out -- way out -- both in his MOREPhilip Elmer-DeWitt - May 9, 2012 6:50 AM ET
There are, in fact, limits to how far the stock can fall
FORTUNE -- Watching Apple's (AAPL) share price see-saw over the past three weeks -- up to $644, down to $555, up to $618, down to $581 -- investors might well wonder whether there's any limit to how high or, more to the point these days, how low the stock can go.
To set some guidelines, we asked Bullish Cross' Andy MOREPhilip Elmer-DeWitt - May 3, 2012 5:45 AM ET
The estimates range from 26 to 44 million. The best analysts' consensus: 35 million.
The most important metric for Apple (AAPL) in the quarter that ended two weeks ago -- likely to account for more than half of the company's revenue for fiscal Q2 2012 -- is the number of iPhones it sold from Jan. 1 to Mar. 31.
We've polled 48 analysts -- evenly divided between professional and independent -- and the indies, MOREPhilip Elmer-DeWitt - Apr 16, 2012 5:00 AM ET
The company has gained nearly one Facebook in value since Steve Jobs died
On Oct. 4, the day before Steve Jobs passed away, Apple (AAPL) shares closed at $372.50 and its market cap stood at $347 billion.
Four months later, the stock is up nearly $100 and its market cap is $437 billion. To put that $90 billion gain in perspective, it's nine tenths the value analysts have placed on Facebook in MOREPhilip Elmer-DeWitt - Feb 8, 2012 7:09 AM ET
It's a piece of cake, he says. Just take the company's revenue guidance and add 15%
In a 5,000-word essay posted in Bullish Cross Monday, Andy Zaky laid out his method for estimating Apple's (AAPL) quarterly revenue and earnings numbers. He starts with three assumptions:
That most Wall Street analysts and financial writers are completely clueless and couldn't analyze their way out of a paper bag
That the earnings guidance numbers Apple issues each quarter MORE
A blogger-analyst highlights the growing gap between its earnings and its stock price
"In just four-years," writes Andy Zaky in a passionately worded post published Sunday on his Bullish Cross blog, "Apple's earnings have grown 600% to $27.68, and its revenue skyrocketed 341% to $108.2 billion. That's the most explosive 4-year growth rate of any large-cap company on the entire S&P 500."
Yet Apple's (AAPL) shares closed last week at $363.57 with a MOREPhilip Elmer-DeWitt - Nov 28, 2011 7:15 AM ET
In the past, shares rose on the rumor and fell on the news. Not this time.
Wondering what's going on with Apple's (AAPL) share price with a big iPhone announcement just around corner?
Andy Zaky has been tracking the trading patterns before and after Apple's special events on his Bullish Cross blog (now behind a paywall) for several years. He offers these observations (I quote):
With the exception of the iPhone 1, Apple has MOREPhilip Elmer-DeWitt - Sep 30, 2011 10:55 AM ET
|Canadians arrest a Heartbleed hacker|
|US Airways won't fire worker who sent lewd tweet|
|5 people you might not tip (but should)|
|Toyota unveils redesigned Camry|
|Google stock sinks after missing Street|