Mark Cuban explains why he lost a ton of money on Facebook stock
// September 10th, 2012 // Entertainment News
Mark Cuban, the geeky American magnate who owns the Dallas Mavericks NBA team, posted an interesting take on the mentality of stock trading. If you are a geek that trades stocks or is interested in pillaging the stock market, check out Cuban’s reason for losing a boatload of money buying Facebook stock. Facebook stock was played up before it was introduced and a bunch of people piled in on the action. The stock ended up tanking which made people feel like they had been duped. Cuban explains who was to blame.
I bought and sold FB shares as a TRADE, not an investment. I lost money. When the stock didn’t bounce as I thought/hoped it would, I realized I was wrong and got out. It wasn’t the fault of the FB CFO that I lost money. It was my fault. I know that no one sells me shares of stock because they expect the price of the stock to go up. So someone saw me coming and they sold me the stock. That is the way the stock market works. When you sit at the trading terminal you look for the sucker. When you don’t see one, it’s you. In this case it was me.
The geek rockstar is smart enough to know who really was to blame and confident enough to openly admit it. We like the guy.
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