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

This guy was likely very dishonest -- trying to hide investment losses and lying to the people who had entrusted him with their money about it all -- reporting big profits when he had big losses. He acted like he was bulletproof. Living like a player and siphoning money from businesses he was involved with to cover his lifestyle and cover his trading fuck ups.

Most money managers really aren't great. It's pretty difficult simply to make money year after year, let alone outperform markets. It's nearly impossible to outperform the broad market indexes -- whatever it is you track -- on a consistent basis. Most money managers do very well in bull markets. They are smart enough not to get in their own way and a bull market makes everyone look smart. That has been the story of the last few years. They also do pretty lousy in bear markets. It's a much harder environment and they don't get lifted with the tide. The ones who outperform consistently -- in bull and bear markets -- are few and far between, and they aren't running yours or my money.

That all has nothing to do with this guy, though. The indictment read like he's a complete douchebag who got in over his head and rather than acknowledging that he lost money and taking his lumps, he tried to paper it over -- whatever it took; he tried to reneg on paying brokers what he owed them, for example, and he used Retrophin as a piggy bank to pay back on his hedge fund losses and to fund his lifestyle. That is just dishonesty and fraud, if the allegations are true. That has nothing to do with investing or trading. It's stealing and lying.

 

That is just awesome on so many accounts.

1) The FBI addresses the question everyone was probably calling and asking. Honestly, I wouldn't be surprised if they actually had to field that call multiple times yesterday.
2) They remind everyone that he was allegedly committing securities fraud. ... and spent $5 million of the ill-gotten money. ... to buy a. ... Wu-Tang Clan album. Does it get any better than that?
3) They cloak the whole "We are going to remind everyone what a douche this guy is in a tweet" thing in a statement that instead kind of says, "The arrest was done by the book, and the FBI didn't violate his rights by seizing anything without a warrant."

 

Either Martin Shkreli's Twitter Was Hacked Or He Has Gone Totally Insane | Zero Hedge