Wednesday, February 21, 2018

Risky Crypto Bet Blows Up Dennis Gartman's Retirement Account


Sixty-seven-year-old Dennis Gartman, longtime publisher of a namesake daily investing newsletter and television commentator, just blew up his retirement account.

Bloomberg reports Gartman pt a stock called Riot Blockchain Inc. in his very own retirement account.

Here's the play-by-play from Bloomberg:
The stock lost a third of its value on Feb. 16 after CNBC broadcast an investigative story on the biotech-company-turned-blockchain-startup. The Suffolk, Virginia-based commodities trader and economist might have been hoping to strike it rich and retire early, but he may end up working a few extra years now.

“Friday was one of the worst days we have suffered through in a very long while,” he wrote in the Gartman Letter on Tuesday. “We were long of a sizeable position in a blockchain focused company that was the victim of a CNBC expose, which sent the shares down more than 20 percent and which sent us ‘down’ for the year to date, having been up about 6 percent previously.”
The firm announced in October that it was rebranding itself from Bioptix Inc. to Riot Blockchain after years of lackluster stock performance and minimal revenue growth, a move that led the shares to more than quadruple. The euphoria didn’t last.
  -RW

2 comments:

  1. Totally misleading headline.

    ReplyDelete
  2. To "blow up" an account means to have its value go to zero or near zero. Not what happened here.

    Still, sounds like he overweighted a risky stock.

    ReplyDelete