Is Dennis Gartman A Classy Pump And Dumper? You Be The Judge
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:
Tim,
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.
Warm regards,
Dennis Gartman
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.
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| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| Sept 4 | COIN | $5.70 | $6.21 | $745 |
| Sept 3 | COIN | $6.49 | $6.30 | $305 |
| Sept 3 | COINW | $2.75 | $2.85 | $180 |
| Sept 2 | TAYD | $7.51 | $8.13 | $545 |
| Aug 18 | FOUR | $2.80 | $2.66 | $342 |
| Aug 14 | APII | $2.66 | $3.30 | $1261 |
| Aug 12 | APII | $3.25 | $3.40 | $285 |
| Aug 7 | NOBL | $5.02 | $5.49 | $680 |
Total: $26,508 (
114%)
1be-the-ball
May 2nd, 2008 at 12:01 pm
tim,
you should be flattered he noticed your article
2timsykes
May 2nd, 2008 at 12:05 pm
ha i am flattered
3Bob the VC(TIMBUCKS: $237)
May 2nd, 2008 at 12:06 pm
HDY.. anyone?
4BDOG
May 2nd, 2008 at 12:06 pm
yes that was awesome….
5Bob the VC(TIMBUCKS: $237)
May 2nd, 2008 at 12:07 pm
Wow, I just noticed there is a blogger out there that calls himself the ViciousChicken… I though I was the only person to use that old Monty Python reference..
6noobtrader.08
May 2nd, 2008 at 12:10 pm
TIMMER!! You are not only the Simon Cowell of the financial industry (and I f$#@ing respect anyone who calls a spade a spade), you pack a mean f&#*ing and powerful right hook (aka HONESTY!!!). You put people in their place like Mike Tyson did (during his prime) in the ring!
I’m going to refer to you as (unless you tell me not to) as “Iron Cowell”. A name combination of two of the respected and feared men in their respective industries.
Ya gotta love’em. =D
7YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 12:21 pm
Nice post
8Max(TIMBUCKS: $22)
May 2nd, 2008 at 12:27 pm
NXTM cracked sideways action after failing to break through morning high - when it cracked I (stupidly) chased the trade shorting at $6.48 but I will not cover at loss unless it retraces to high on strong volume
9Dan-O
May 2nd, 2008 at 12:30 pm
Dennis Gartman lost money on COIN?
That’s just too damn bad. Let’s all pray that he can make it back rolling around in the mess he made.
I also like his “classy” attempt to brow beat you with false modesty about his trading prowess.
10Davey(TIMBUCKS: $194)
May 2nd, 2008 at 12:33 pm
Damn there goes VM, tank came a little later
11timsykes
May 2nd, 2008 at 12:34 pm
ah VM, just the latest $ i’ve left on the table…welcome to my life
12Max(TIMBUCKS: $22)
May 2nd, 2008 at 12:36 pm
NXTM cracking more
13Davey(TIMBUCKS: $194)
May 2nd, 2008 at 12:37 pm
Out 3.70s from 4.01, almost got shaken out but the pattern stayed true to form.
14monkiman(TIMBUCKS: $38)
May 2nd, 2008 at 12:37 pm
AMKR keeps going down….. oh why am I such a wimp to cover too early……
Dennis should pump EDEN for us…
15timsykes
May 2nd, 2008 at 12:39 pm
nice Davey, thats what i like to hear!
16YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 12:40 pm
Looks like the fade is on for MESA…finally cracked $1.10, I was in at $1.07…now at $1.05 and fading
17Bob the VC(TIMBUCKS: $237)
May 2nd, 2008 at 12:42 pm
I should have gotten in on HDY around $2.30ish where I wanted to.. Now I’ve got 600 shares waiting to short at 2.23.. I can even see my tiny order on the Nasdaq Book Viewer..
18YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 12:45 pm
VSCI might be one to watch
19YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 12:46 pm
Hmmmm….may have been faked out on the MESA fade….I’ll hold my position for now
20Bob the VC(TIMBUCKS: $237)
May 2nd, 2008 at 1:05 pm
Got picked up at 2.23.. Now to hope for that fade.. I’m doing a bit more gambling on this one than I like..
21Davey(TIMBUCKS: $194)
May 2nd, 2008 at 1:08 pm
whoa, i left a ton on the table, this thing is dropping fast.
22Davey(TIMBUCKS: $194)
May 2nd, 2008 at 1:09 pm
sorry VM that is, now at 3.42
23Gabec(TIMBUCKS: $11)
May 2nd, 2008 at 1:09 pm
Nice call on VM Tim. I got a few points, sold waaaaay to early, thought resistance would have kicked in, dammit. Its still dropping.
24YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 1:10 pm
Yeah, I’m ticked at myself with VM. I was planning on holding a bit longer just in case the bounce was temporary, but got nervous. If I had just stuck with my original plan…
Need more discipline and patience…
25Michael
May 2nd, 2008 at 1:14 pm
Anyone looking to short MESA here? volume died.
26YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 1:16 pm
I’ve got a short position on MESA right now
27be-the-ball
May 2nd, 2008 at 1:18 pm
Tim,
a suggestion on the site. I keep the comments section of the latest post on auto-refresh in order to keep up with the action. Problem is when there is a new post, I don’t know about it. Can your webmaster set up some automated feature which posts a comment on the old post indicating a new post is up? Would be a huge help for many here I am sure.
28Davey(TIMBUCKS: $194)
May 2nd, 2008 at 1:19 pm
I’m not gonna lie watching VM tank hurts a little bit, I know no one has ever gone broke taking a profit, but geez. I’ve left over 400 on the table now. Next week Tim, lets get back in the groove of things and kick May off the right way.
29Goose(TIMBUCKS: $34)
May 2nd, 2008 at 1:20 pm
Yea its hurting me watching VM drop
30Davey(TIMBUCKS: $194)
May 2nd, 2008 at 1:22 pm
This is a perfect example of why the SEC does not help the under 25K guy, if we could trade more freely we could have re-entered when needed. Instead you’re basically handcuffed after you make one trade.
31Michael
May 2nd, 2008 at 1:24 pm
Was just about to short MESA till I saw that 150k block show up at 1.07
32Dan-O
May 2nd, 2008 at 1:27 pm
I hate the pattern daytrading rule with the white hot intensity of a thousand suns.
33Roderic
May 2nd, 2008 at 1:29 pm
What was the reason behind the pattern day trading rule? Does anybody know?
34YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 1:31 pm
Yeah that block on MESA ticks me off. MESA just doesn’t want to crack away from the sideways action at $1.10
35Michael
May 2nd, 2008 at 1:32 pm
VNDA is shortable in a day or two from now.
36Davey(TIMBUCKS: $194)
May 2nd, 2008 at 1:33 pm
To protect us from ourselves, at least that’s what they say. I have no problem with a limit, but how you go from unlimited to 3 a week is beyond me. I use TOS so I’m allowed to day trade more frequently but because I’m under 25K I have less buying power and once you use your BP your basically done for the day.
37GabeC(TIMBUCKS: $11)
May 2nd, 2008 at 1:33 pm
SIX looks like a pump to me.. what u guys think.
38Dan-O
May 2nd, 2008 at 1:34 pm
My .02, it helps the big guys (Mutuals) hold on to customers.
Of course, they sell the idea that they do it to “protect” you but it really is a punitive measure.
I can’t wait until we have a REAL free market system.
39Dan-O
May 2nd, 2008 at 1:37 pm
Gabe, sorry to say it’s an earnings mover. SIX flags reports E on May 8th.
I put the link up in my signature.
40noobtrader.08
May 2nd, 2008 at 1:38 pm
Are “warrants” good plays???
41Dan-O
May 2nd, 2008 at 1:46 pm
I lost $$$ (94%) on Calpine warrants when the stock jumped into another exchange.
They work like call options, meaning that they are leveraged derivative and are designed to go to zero.
They are great if you SELL them in order to be put into a stock at a discount (that’s why they are a fave of INVESTORS. However as trading vehicles they F’n suck.
42GabeC(TIMBUCKS: $11)
May 2nd, 2008 at 1:48 pm
MESA looks like a short trap, dips and comes right back, now hugging 1.10, possible breakout?
43noobtrader.08
May 2nd, 2008 at 1:50 pm
Thanks for the reply Dan-O!
I’ll do more research before I take the plunge!
44YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 1:52 pm
MESA’s been dancing around $1.10 most of the day
45timsykes
May 2nd, 2008 at 1:57 pm
Exactly Davey, I’m a good picker, but not a great timer, the SEC rule is like limiting a painter to a certain number of brushstrokes aka absurd
46noobtrader.08
May 2nd, 2008 at 2:04 pm
I think this is an obvious answer, BUTTT… if you open an account with 25K, then you’re NOT limited by the rules and regs, right?
47Davey(TIMBUCKS: $194)
May 2nd, 2008 at 2:08 pm
I’m in school taking classes in the evening and I’m thinking of getting a freaking job late nights at Whole Foodshere in CT to speed up the process to 25K plus the food is good. Hard work over leverage is the way to go, I could take a cash advance on my credit card but that would be irresponsible.
48Dan-O
May 2nd, 2008 at 2:10 pm
MESA does look interesting, a pop on a press release and then another move following the sector.
It’s a safe bet that oil is just taking a breather, and will resume the utter devastation of all the airlines at it’s leisure.
Gabe, you might have a point about the trap, but all airline stocks are horrible investments.
49timsykes
May 2nd, 2008 at 2:15 pm
when u click the posts on the front page under the tabs that say “read these damnit!” and “most commented”, do u guys get taken to the posts or does it take you back to the latest posts like it does for me?
50Dan-O
May 2nd, 2008 at 2:18 pm
It works fine for me, I clicked on the EDEN post and it directed me to the correct page.
I like the new site by the way, and the Biz model.
51Tony Ellis(TIMBUCKS: $128)
May 2nd, 2008 at 2:20 pm
JRJC squeeze alert
52Davey(TIMBUCKS: $194)
May 2nd, 2008 at 2:22 pm
Tim, you have check your site on all browsers, it works fine on IE but on Firefox which i guess your using it is going back to latest posts. Just fix the firefox version to match the IE browser
535holeSAVE(TIMBUCKS: $39)
May 2nd, 2008 at 2:25 pm
Testing - Just want to see if TIMbucks is working.
Site looks great TIM and loving that you linked up WSW episodes.
Keep up the good work man!
54YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:28 pm
MESA still stuck in sideways action
55AP
May 2nd, 2008 at 2:29 pm
Tim,
You say there is no doubt that Gartman is a talented investor. I have doubts. First, he isn’t famous for investing, but for writing. Second, he has been in the game for years and he gives you a one year track record?
Just my two COINs
AP
56Dan-O
May 2nd, 2008 at 2:34 pm
YngvaiMalmsteve is the best signature, ever.
57will_the_thrill(TIMBUCKS: $41)
May 2nd, 2008 at 2:39 pm
gabeC wouldn’t short six, maybe a buy til earnings, then dump
58YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:39 pm
Haha, Dan-O, glad someone picks up on the meaning of my signature
59Dan-O
May 2nd, 2008 at 2:41 pm
It’s f’n clever.
60Dan-O
May 2nd, 2008 at 2:46 pm
BEHOLD! Yngnai Malamasteve!
61YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:47 pm
Dan-O, the image isn’t showing on my computer
62Dan-O
May 2nd, 2008 at 2:48 pm
63YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:49 pm
Hmmm, pic still doesn’t show on my computer…not sure why….maybe my work firewall is blocking it
64Dan-O
May 2nd, 2008 at 2:50 pm
Damn, too bad. That’s some funny stuff.
65YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:50 pm
Maybe it will show on my computer at home. I’ll check it out later tonight
66Dan-O
May 2nd, 2008 at 2:52 pm
67Tony Ellis(TIMBUCKS: $128)
May 2nd, 2008 at 2:53 pm
GTE nice squeeze
68YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 2:57 pm
OK, now I see the pic….haha, I have that tab book!
Now you just need to put up a Steve Vai pic along with it…hence my hybrid name of the two guitarists
69Dan-O
May 2nd, 2008 at 3:01 pm
You’ve gotta be a talented guitarist to play metal, anyway I killed the thread to make a bad joke. Sorry.
70noobtrader.08
May 2nd, 2008 at 3:08 pm
Tim, both links are broken. I use firefox. FYI
71noobtrader.08
May 2nd, 2008 at 3:08 pm
Thoughts on NG?
72Dan-O
May 2nd, 2008 at 3:20 pm
I think Benbien posted something about NG in the forums.
73J-Mo
May 2nd, 2008 at 3:34 pm
Is LNG still a good short?
74noobtrader.08
May 2nd, 2008 at 3:55 pm
Thanks Dan-O!
75Jeff C
May 2nd, 2008 at 4:02 pm
Anyone’s thoughts on MESA…any shorts out there? Nice site TIM
76YngvaiMalmsteve(TIMBUCKS: $593)
May 2nd, 2008 at 4:03 pm
I’m holding my short until Monday and we’ll see what happens then
77J-Mo
May 2nd, 2008 at 4:18 pm
Wow, PDO jumped today. Anyone get in at the top of this one?
78ivegotstylekid(TIMBUCKS: $188)
May 2nd, 2008 at 4:34 pm
great post, I didn’t even see he responed in the last one
79Sports Photographer
May 3rd, 2008 at 9:03 am
… frequently gets caught in the classic “did-the-right-thing-last-week” talking head trap.
Public image, embarrassment avoidance, dishonesty, change the channel.
80patrick
May 25th, 2008 at 9:58 am
Tim you rock man! Your book was awesome. Thanks a million buddy. Patrick