Veteran investor Chris Sacca has a word of warning for novice investors who have left like a bandit this year: It’s not you.
In a tweet on Wednesday, Sacca left this “true truth” about novice investors: “Actually, you’re not that good at it. You just caught a wild bull market ”and advised him that it was time to take some profits.
The decade-long bull market has defied all odds and continued to grow this year, despite the economic ravages caused by the coronavirus pandemic, leading to easy money for some investors, especially in technology, where IPOs have risen and values they grew, leading to the worries of another bubble. Nasdaq COMP, a heavy technology
is up nearly 43% so far, unlike the S&P 500 SPX,
increases by almost 15% and DJIA Dow Jones Industrial Average,
modest gain of almost 6%.
See also: “The saint smokes, I’m a $ TSLA national!” Here’s how quickly Tesla’s wild ride turned modest investments into seven-figure floors
While the tweet brought a lot of praise as solid advice, it seems Sacca drew enough reaction – including from Barstool Sports founder and day trader Dave Portnoy, who told Fox Business that Sacca “sounds like a sour loser. and an idiot ”- that he responded with another tweet on Thursday, this time dripping with sarcasm:
(“Stonks”, if you’re not smart in today’s children’s language, is an internet meme used to make fun of bad financial decisions.)
Sacca knows what he’s talking about. He built his first fortune by investing in the dot-com boom two decades ago, then went astray when the bubble burst. He continued to found the VC Capital Minuscul fund and was an early investor in technology companies such as Twitter Inc. TWTR,
Instagram and Twilio Inc. TWLO,
He retired from the VC game in 2017.