Exiting at a loss is often the 'smart' call.
Bill Ackman did basically the same with Netlfix for a 400 million dollar loss: https://variety.com/2022/digital/news/bill-ackman-sells-netf...
He'd be up huge if he held, but he 'paper handed'. Is he a dumb guy?
ive come to believe its often a matter of solvency, theres only so long you can keep that money invested before people start wanting/needing it back. Especially with large economic shifts that weve been seeing.
Or at least that’s the story he’d want to tell
Of course that doesn’t mean it was a dumb trade but his rationale in the letter doesn’t make a lot of sense to me. It has the vibe of something you would come up with if you needed to sound smart justifying a decision you had already made emotionally
Wait, someone actually traded on Cramer's advice? Please tell me this is a joke.