I have a confession to make….
Is this a guy you would listen to for stock picking advise?
I was writing a post earlier, and Mark Cuban owner of the Dallas Mavericks came on CNBC touting his buy today of Netflix. Cuban made his fortunes at the height of the pre-2000 internet craze when he sold his company www.broadcast.com for 6 billion dollars to Yahoo. From there he purchased the Dallas Mavericks basketball team for a mere $285 million. He wears a lot of t-shirts, goes to a lot of basketball games and wishes he could own a baseball team, but the Major League Baseball cartel, would not let him in their club when he tried to purchase the Cubs.
He is now on the show Shark Tank, where he invests in start ups.
It was reported that he tweeted how he bought Netflix today, and because he is who he is, it landed him on CNBC.
Guess who closed his eyes and bought Netflix with him?
Moi
Did I define risk. No! Did not limit risk. No! None of that. Just went right in, and bought. After all, when asked “When he might be inclined to sell?” Cuban’s response was “Never” What more do I need to know.
The price immediately proceeded to head down about $7.
Granted it ain’t the end of the world (that old excuse), and I “never plan on selling” (haha), but my grade for the day….a big fat “F”
