Veteran investment investor Chris Sacca has a word of warning for novice investors who came out as a bandit this year – it’s not you.
In a tweet on Wednesday, Sacca dropped this “hard truth” about novice investors: “You’re not really that good at it. You just grabbed a wild bull market,” and advised them that it’s time to get some benefits.
The ten-year bullish market has defied all odds and has continued to rise this year, despite the economic devastation caused by the coronavirus pandemic, which has caused easy money for some investors, especially in technology, where IPOs grew and ratings skyrocketed, prompting concerns over another bubble. The NASdaq COMP
so far it has increased by almost 43%, compared to the S&P 500 SPX,
increases by almost 15% and the DJIA of the Dow Jones Industrial Average,
modest gain of almost 6%.
See also: “Holy smoke, I’m a $ TSLA-naire!” Here’s how quickly Tesla’s wild journey has turned modest investments into seven-figure exits
While that tweet generated a lot of praise as solid advice, apparently Sacca got enough reactions, including Barstool Sports founder and day trader Dave Portnoy, who told Fox Business that Sacca “looks like a bitter loser and a idiot “- he replied with another tweet on Thursday, this time dripping with sarcasm:
(“Stonks,” if you’re not currently in the kids’ diary, is an Internet meme used to mock bad financial decisions.)
Sacca knows what he’s talking about. He built his first fortune by investing during the boom of the point like two decades ago, and then exploded when the bubble burst. He founded the VC Lowercase Capital fund and was a first investor in technology companies like Twitter Inc. TWTR,
Instagram and Twilio Inc. TWLO,
He retired from the VC game in 2017.