Dennis Gartman is not a happy camper.
After CNBC’s Michelle Caruso-Cabrera published a Friday exposé into “Riot Blockchain,” formerly a vetrinary products company which saw its shares rally after it simply changed its name to include the word “Blockchain” and began to dabble in the space, shares tanked – sending Gartman into the red YTD after he was previously up 6%.
As bitcoin hit record highs in late December, a hot new stock was making news on a daily basis. Riot Blockchain’s stock shot from $8 a share to more than $40, as investors wanted to cash in on the craze of all things crypto.
But Riot had not been in the cryptobusiness for long. Until October, its name was Bioptix, and it was known for having a veterinary products patent and developing new ways to test for disease.
“Nobody should think it is OK to change your name to something that involves blockchain when you have no real underlying blockchain business plan and try to sell securities based on the hype around blockchain,” SEC Chairman Jay Clayton said, speaking in generalities in recent testimony to Congress. The SEC declined to comment to CNBC about Riot Blockchain. –CNBC
WTF was Gartman even thinking? Dumbass. Oh – and he DOUBLED DOWN…
Check out his “poor me” after the CNBC expose:
As for our retirement account, Friday was one of the worst days we have suffered through in a very long while for coming into the session we were long of a sizeable position in a blockchain focused company that was the victim of a CNBC expose, which sent the shares down more than 20% and which sent us “down” for the year to date, having been up about 6% previously.
Worse, we broke our own rule and bought more shares on the materially weaker opening and that proved wholly ill-advised causing us to say then and all weekend that “If you break the rules you pay the price!” We broke our own primary rule; we paid a very real and a very high price. Lessons have to be learned again and again and again it seems; or at least we apparently have to learn them over and over and over again.
Sad!
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Poor Dennis. We are kindred spirits now. I too was block chained by the CNBC report, but I sold in the pre-market.
and still, after this debacle, Gartman knowing this was basically a company with a niche in the veterinary market, with only one diference – changing its name to ‘riot blockchain’ – he said, “… we were long of a sizeable position in a blockchain focused company…”
What a putz.
How does Gartman have any money at all with his track record of calls?
Why do people pay for his garbage write ups, that is sad and stupid
celebrity stawker
Everytime I hear this guy its “I don’t buy anything I don’t understand…” or, “I don’t know anything about blockchain”…
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