I made a rookie mistake the last few months.
When late stage companies are in the news all day, smart growth and momentum investors in the public markets will often pile into proxies.
Sometimes the market is that easy/smart/dumb and you just have to accept it.
My mistake was not buying the Robinhood, Etoro and Coinbase public proxies around the world.
I am not talking Schwab or Etrade, but FUTU Holdings ($FUTU), Binance (BNB.X) and UP Fintech ($TIGR) . The people on Stocktwits have been all over these too.
Have a look at $FUTU the last year (up from $10 to $180):
There are more, but I can’t stand the sight of them.
The market is a full time job and it is no wonder so many young people have the bug. It is not my full time job so I miss a lot of things in real time.
As the private and public markets meld with low interest rates, SPAC’s and IPO’s, ‘crossover funds’ are the celebrities in finance these days. This trend is just beginning and at some point late in my career I intend to do this full time as well.
My own exposure to Etoro and Robinhood had me in the wrong frame of mind to be adding additional exposure to the same sector in the public markets.
Have a great day.