All is fair in love, war and markets.
I own some Bitcoin and Jamie Dimon yelled fraud last week. In the course of a few days, Bitcoin fell 30 percent.
Jesus H. Christ!
I also owned some $UBNT and today Citron research called ‘fraud’ on them. I woke up and saw the stock being pummeled.
I don’t have deep enough pockets to argue with the markets or the people that can move them.
Some days you wake up and just take lumps.
The question is what do you do next.
Unless it is one of my 8-80 stocks, I generally kick out any stock that gets attacked with ‘fraud’ and take my lumps. I did that with $UBNT. If Citron is wrong, today was just a gift to those that have conviction in Ubiqiti Networks ($UBNT).
Bitcoin fraud and zero calls I shrugged off. I love this line from a Bloomberg piece outlining what Jamie Dimon got wrong:
Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks of e-mail.
If anything the last few days are a good reminder that stocks and markets don’t just go up every day.
I hate getting blindsided, but that is part of the business.
Also published on Medium.