Bitcoin And Sardines

Seth Klarman's comments on Bitcoin.

It was another famous hedge fund manager's turn to comment on Bitcoin. Seth Klarman said yesterday that :

"Many financial-market participants are attracted to speculation, never bothering to taste the sardines they are trading.....trading in and of itself can be exciting and, as long as the market is rising, lucrative...You may find a buyer at a higher price, a greater fool, or you may not, in which case you yourself are the greater fool".

For those who don't know him, Seth Klarman is a billionaire and a famous hedge fund manager, as shown here.

Although I like some of his bullish picks, I didn't like Cheniere Energy (LNG), which was one of his core holdings in 2015.

On that front, I wrote two bearish articles on Cheniere Energy (LNG) in early 2015 when the stock was at $74.

To me, LNG was at $74/share thanks to the lng frenzy given that LNG was the first lng player. Actually, this lng frenzy might remind you of the ongoing bitcoin frenzy.

To me, LNG's fundamentals didn't support the price of $74/share, as presented in my bearish articles of January 2015.

LNG hit $80/share a couple of weeks after the publication of my bearish articles, but LNG tanked in 2015 and hit $30 in early 2016. Currently, it stands at approximately $49.

Those who followed my bearish calls and shorted LNG by buying puts made more than 300% in less than one year.

My two bearish articles on LNG at $74 are here and here .

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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Comments
No. 1-1
zenzen70
zenzen70

Sardines are far more beneficial to your health than bitcoin....well written, VD!