Let’s see what you guys think: after I labeled him a “classy pump and dumper” in THIS post, Dennis Gartman, the man himself, was kind/brave/classy enough to post this comment under that post:
I take rather strong exception to your comment referring to me as a “Pump and Dumper.” That is simply not true. I know of no one in the industry who puts forth his positions in the funds managed or the personal trading accounts run that are as transparent and as clear as are mine.
Rather than “pump and dump” COIN last time, I bought it and ended up losing a goodly sum of money… Indeed, that was the largest loss I’ve had this year, although I remain up 7% for the year-to-date, and was up a bit more than 22% last year, and nearly that same amount the year before that, and the year before that. Oh, and the fund I manage in Canada is up 29% from its inception last April, so clearly I have some modest abilities in the arena of investing/trading.
At any rate, I have indeed bought back into COIN; the company intrigues me. My position is small, and as is always the case, I’ll add more when my initial positions proves profitable and has been insulated from what I perceive to be random market noise.
Dennis, thanks for your reply, I never meant to offend you—it’s nothing personal, it’s just business—tracking pump and dumps is my business. When Barrons publishes a list of your stock picks and COIN a.) is the only microcrap listed, b.) the company not only has a shady past, but is directly connected/managed by people with shady pasts and c.) you admit to selling into strength just a few days after that article, strength that was directly caused by your article, something ain’t right.
There’s no doubt you’re a talented investor, but you must realize how microcrap momentum works, so I gotta call it like I see it. Not because I have a problem with stock promotion or price manipulation—I welcome the opportunity to profit from such market inefficiencies—I do it the legal way, through short selling, but because your article loses lazy/naïve investors money and makes it tougher for me to get people to trust me. No different from CNBC touting paid-for microcrap stock promotion as credible research, TheStreet.com pumping a product a microcrap company sold off a month earlier and Investopedia being dead wrong in saying shorting penny stocks/microcraps is impossible (and this all just in the past few weeks!), you’ve used a “credible media outlet” to pump (COIN was pumped up through your article) and dump (you did sell into that pump). I’m sorry, but I gotta cut through this kind of BS—I’ve already gotten rich from it, now it’s time to help others (and like a good Jew, I’ll also profit from that teaching!)
You must’ve known that by including COIN—a company in a hot sector with ZERO revenues, tons of fluffy forward looking press releases (while somehow being unable to find the time to ever put out an earnings press release), thousands of naïve investors who, not knowing any better, believe those fluffy press releases (never questioning where the earnings releases are) and some very sophisticated short sellers—in the Barrons article where all your other picks are much larger and fundamentally sound companies, the price would spike as thousands of naïve investors would buy in, thinking this is the next big thing, squeezing the shorts and inevitably creating a 50%+ drop due to the cause and effect of the runup—again, all thanks to your pumping.
So, tell me Dennis, how are you any different than stock promoters who are paid by these kinds of sketchy/99% of the time fraudulent-type companies or third-parties except that you might or might not have accepted cash—all you did was profit from selling into the strength you helped create (hence, me complimenting you for being classier than those other promoters) even if somehow you believed this company’s line of BS (trust me, I’ve been there) and now have a loss.
PS I’ve made millions profiting from both the long and short side of this kind of boom-bust pattern—which I call a Supernova—as detailed in my 6-hour instructional DVD PennyStocking…I even made some nice gains shorting COINW right at the top—even while screwing it up, as is typical for me
PPS Dennis, until you start listing all your entries/exits and position sizes, blogging like a madman and answering 500 emails/day relating to your strategies and theories, I am the most transparent person in this industry, but I welcome you to try to dethrone me….please do start posting on Profitly, we would GLADLY welcome it