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.


  1. 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.