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The CEO of Robinhood, a hedge fund manager who lost 53% in January, a day-trader who made $48 million on GameStop, and Ken Griffin walk into a bar.
No, this is not the beginning of a bad finance joke. It s the actual collection of individuals grilled by Congress on Thursday in a high-profile display of political theater the stock market has rarely experienced before.
Gabe Plotkin the famed hedge funder who took home $846 million in 2020, then took a massive bath on his GameStop short last month was asked with a straight face if he s a registered broker. He was later asked if he thought short-selling constituted market manipulation, to which he replied no (presumably because it doesn t). Nobody pronounced Vlad Tenev s last name right for five straight hours. Keith Gill (known on YouTube as Roaring Kitty) was mostly ignored. It was nobody s idea of a productive time.
If Tesla stock plummets 90% this year, it would put a stop to cult-like support of certain companies without endangering the financial system, Michael Burry tweeted on Monday. $TSLA below $100/share by later this year will not crash the system, the investor said. There is no reflexivity in such a fall, he continued, dismissing the risk of a positive feedback loop where investors lose confidence and hoard their money, hurting the economy and scaring investors even more.
Advertisement But it would trigger the end of an era for a certain type of investing, Burry added. His latest comments echo his recent criticism of speculative betting on Tesla, bitcoin, and GameStop, and his warning of dangerous bubbles in
stocks, and the key things they ve learned during their careers in a recent RealVision interview.
The
Gotham Asset Management agreed there were signs of irrational exuberance in
markets.
However, they argued that some technology companies deserve aggressive valuations, and rock-bottom interest rates are limiting investors options. They also questioned the long-term consequences of the US government s efforts to prop up asset prices.
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Here are the nine best quotes from Marks and Greenblatt, lightly edited and condensed for clarity.
Marks: We are definitely in a time of optimism that is largely man-made, stemming primarily from the actions of the Fed and the Treasury to counter the economic weakness of 2020. They produced a resurrection of risk-bearing. FOMO took over from fear of losing money. And it really led to very strong demand for securities. So that s worrisome.
Bitcoin drops from record-high of nearly $50,000 after a week of increased attention on Wall Street
Bitcoin drops from record-high of nearly $50,000 after a week of increased attention on Wall Street
Shalini NagarajanFeb 15, 2021, 18:18 IST
Cesc Maymo/Getty Images
Bitcoin fell from its record high of nearly $50,000 on Monday after a week-long flurry of increased attention.
The token traded around 1.6% lower at $47,845 after hitting its latest all-time high of $49,716 on Sunday.
Rising prices and market dominance will lead to increased regulatory scrutiny, one crypto expert said.
Bitcoin slid on Monday from its latest all-time high as investors took profit from its record-breaking rally last week.