Also, from @NewRiverInvest; "hussman has been trapped in a macro hole he’s trying to double-down his way out of for most of my career. he wasn’t always a crank. but as the hole has gotten deeper he’s changed how he rationalizes his bad macro in a way that makes for charts that give you ~feelings. it didn’t have to be like this, he could’ve taken the L and moved on. but instead he’s been losing money being short nominal growth and effects from real discount rate changes. its cope-posting. he hedged away his returns and then some hoping that the world wouldn’t change anyways people lying to you is part of this biz and its really nbd once you are used to it, you learn how to spot it and avoid it. but lying to yourself is a bottomless pit of confirmation-bias and rationalization and echo-chambers populated with other stupid losers. dont do that. if there is any useful advice i can give you about markets it’s this: learn when to take the f**king L. markets give you a blank slate every day. what you thought yesterday is worthless today. your cost basis is irrelevant. there is no points awarded for hardship or loyalty."
“Plaintiffs originally held an investment account at Oppenheimer, but when Albertoand Guillermo Roditi opened NRI, they “induced Plaintiffs to move their money there.”(Id. at 17.) Both of Plaintiffs’ depositions allege that Alberto Roditi promised plaintiffs he would invest conservatively, keeping Plaintiffs’ retirement goals in mind. (Id. at 12 (citingVenice Depo., at 11:16–12:5; Manual Depo., Vol. II at 141:9–144:8).) Plaintiffs claim tohave relied on this representation, and “Alberto later traded naked call options without Plaintiffs’ knowledge, leading to liquidation of the [Interactive Brokers] account.” (Doc.58 at 12.)
After the account sustained significant losses, Plaintiffs contacted Alberto Roditi in January 2020 “to figure out what had happened and why so much money had been lost” and “Alberto ‘promised [Plaintiffs] that the money would be invested little by little and without taking any risks.’” (Doc. 58 at 17 (quoting Doc. 58–1 at 37).) Plaintiffs state that “Alberto proceeded to double down on the TESLA positions . . . then transferred approximately $215,000 from the [TD Ameritrade] account to the [Interactive Brokers] account, to offset some of the losses incurred from the uncovered TESLA positions.” (Doc. 58 at 17–18 (citing Venice Depo., at 11:21–12:5, 15:16–20; Manuel Depo., Vol II at 143: 13–16, 143:23–144:8).)
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