REUTERS/Rick Wilking
- Day traders have recklessly bought into bankrupt and distressed companies in recent weeks.
- Billionaires Mark Cuban and Howard Marks compared the buying frenzy to the dot-com bubble.
- Warren Buffett has warned against speculating and discussed market bubbles many times.
- "Normally sensible people drift into behavior akin to that of Cinderella at the ball," he said.
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Day traders have piled into bankrupt and distressed companies in recent weeks, thumbing their noses at experts and proclaiming that "stocks only go up."
Warren Buffett, perhaps their favorite punching bag, has warned for years about the dangers of mindless buying.
See the rest of the story at Business Insider
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See Also:
- Day trading for fun is a 'losing proposition,' Wealthfront's investment chief Burton Malkiel warns
- Dave Portnoy, the poster child of the day-trading boom, told us why he thinks Warren Buffett is 'past his prime' and was wrong to ditch airline stocks
- India's GDP is likely to rebound to 8.5% in 2022, S&P says, but a forgotten community struggles to find any glimmer of hope
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