Chris Sacca has been warning meme-stock buyers and cryptocurrency enthusiasts repeatedly against loading up on debt to maximize their gains.
However, amateur traders who didn’t take his advice into consideration are now begging him for help, following the market crash on the weekend, Sacca revealed in a recent tweet.
“It’s not fun to be right about it,” Sacca said, referring to a year-old tweet.
In that tweet, the billionaire founder of Lowercase Capital told retail traders that their gains during the Covid pandemic are thanks to a lucky time. Sacca suggested that traders should pack some of their profits.
“I have been long this market and taken my lumps with everyone else,” Sacca continued. “Just tried to help people not trade money they don’t own. Now my inbox is filling up with requests to bail strangers out of margin debt.”
Betters on volatile growth stocks were hit hard
In a follow-up tweet, the former “Shark Tank” investor said that retail traders who made bets on volatile growth stocks were the worst performers compared to those with diversified portfolios.
