1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Former hedge fund manager acquires life-saving drug, raises price 5,555% to $750/pill

Discussion in 'Sports and News' started by bigpern23, Sep 21, 2015.

Page 11 of 20
  1. Riptide

    Riptide Well-Known Member

    You'd last about three minutes, too.
     
    Riptide, Dec 17, 2015
    #121
  2. doctorquant

    doctorquant Well-Known Member

    doctorquant, Dec 17, 2015
    #122
  3. YankeeFan

    YankeeFan Well-Known Member

    Doesn't sound like he was very good at his job:

    Authorities outlined years of investment losses and lies Shkreli allegedly told his investors almost from the moment he began managing money. By age 26, they said, he got nine investors to place $3 million with him, began losing their money and covering it up. Within a year, his fund's account was down to $331.

    But, who the hell gives a 26-year-old their money to manage?
     
    YankeeFan, Dec 17, 2015
    #123
  4. Neutral Corner

    Neutral Corner Well-Known Member

    Neutral Corner, Dec 17, 2015
    #124
  5. doctorquant

    doctorquant Well-Known Member

    You don't have to find that many suckers, and I'm sure he talked a good game. He probably even believed his own bullshit.
     
    doctorquant, Dec 17, 2015
    #125
  6. Stoney

    Stoney Well-Known Member

    Stoney, Dec 17, 2015
    #126
  7. Iron_chet

    Iron_chet Well-Known Member

    Iron_chet, Dec 17, 2015
    #127
    Donny in his element likes this.
  8. The Big Ragu

    The Big Ragu Moderator Staff Member

    It was money from a few friends and family.

    I posted early on the thread about his little free-riding caper on an options trade that Lehman sued him for. He was obviously trading way over his head. When you do that and it works, it makes you do even dumber things -- because you get seduced into thinking you are bullet proof. It can be an overleveraged trade or some free ride trades that work and make you think it is easy to "scam" your way into trading bigger than your actual account. Since you're never wrong, and it's so much money, what is the problem? I suspect that is what happened. It's like the gambler who wins a lot of money -- and then loses it all and then some.

    These kinds of things are a real test of your character. You either face your mistakes or you do something dishonest to try to cover it up. I suspect that when you piece together the reality of what happened, this guy's story is the latter.
     
    The Big Ragu, Dec 17, 2015
    #128
  9. YankeeFan

    YankeeFan Well-Known Member

    Oh boy is that ever true.
     
    YankeeFan, Dec 17, 2015
    #129
  10. doctorquant

    doctorquant Well-Known Member

    This may not be the exact quote, but it's close, and it's pretty apropos in circumstances like this: "There's nobody out there who's more dangerous, or vulnerable, than somebody who believes himself destined to be rich."
     
    doctorquant, Dec 17, 2015
    #130
  11. YankeeFan

    YankeeFan Well-Known Member

    Would you two please stop talking about me!
     
    YankeeFan, Dec 17, 2015
    #131
    doctorquant likes this.
  12. TigerVols

    TigerVols Well-Known Member

    All that's missing is the Skittles.

    [​IMG]
     
    TigerVols, Dec 17, 2015
    #132
Page 11 of 20
Draft saved Draft deleted

Share This Page