It’s happening again. I don’t know how this Martin Shkreli keeps infecting my life with his brand of asshole; but I seem my be getting annoyed by him far too often.
Recall it was this little asshole who started the biotech rout a few month’s ago, after jacking prices higher for some little known aids drugs. Politicians went apeshit and he admitted to having been short the whole time, netting $15 million in profits from bets against biotechs. Those were his words, not mines.
Now, he’s back in my life in the form of a crazed greedy goblin, in cahoots with friends to manifest the biggest short squeeze the world has ever known. Bear in mind, I love short squeezes. It’s just that, KBIO is a pile of shit, a shell company with a failed drug. And, to boot, because of this epic run from $0.25 to $42 in less than a week, every Tom, Dick, and Harry are speculating over “the next KBIO.”
I guarantee this ends badly, for all parties.
This unchecked speculation into micro-cap biotech is only going to tarnish an already damaged biotech sector. I am here, trying diligently, to manage money into National Festival. I’d like it, very much, if I could do so without the distraction of Russian warplanes being shot down by NATO countries or river boat gambling in the biotech sector.If you enjoy the content at iBankCoin, please follow us on Twitter