The poster boy of self-taught trading and stock-market veteran Mark Minervini has tweeted his displeasure over inexperienced and inept traders masquerading as stock-market gurus.
With the Indian stock market riddled with fake stock-market gurus, or ‘furus’ as they are referred to as, and the growing regulatory scrutiny they are facing, Minervini couldn't have spoken at a better time.
Minervini tweeted, “Stop listening to the clowns on TV shows, YouTube channels, and children with a track record and fewer years of experience than my oldest pair of underwear. Everyone is a fu#&ing expert, giving advice on things they haven't even accomplished themselves.”
What sparked Minervini’s anger was an interaction he had while out for dinner.
He wrote that he got talking to the parking attendant who was “a kid in his early 20s at best”. The young valet was impressed with the car Minervini was driving, appreciated it and asked him what he did for a living.
Minervini replied he was a stock trader.
The attendant then told him that he had been trading for two years and was about to launch a service that teaches people how to trade.
A shocked Minervini tweeted. “This is the world we live in” and then went on to write about people who dupe others into believing that they have superior skills in investing or trading, without a shred of evidence to back that claim.
While his anger was directed both at analysts and finfluencers, his was particularly harsh on furus.
He posted, “You have all these analysts and Wall Street opinions on this company and that industry and on where the general market is going, but 99% of them couldn't even beat the S&P 500 if their life depended on it. Stop listening to these self-proclaimed "experts." Stop listening to analysts that spew seductive balance sheet jargon. If reading balance sheets was the secret to stock investing, accountants would be the wealthiest people in the world. Most of all... stop listening to the clowns on TV shows, YouTube channels, and children with a track record and fewer years of experience than my oldest pair of underwear. Everyone is a fu#&ing expert, giving advice on things they haven't even accomplished themselves. It's ridiculous!! And what's even more ridiculous is... people take advice from these impostors and then wonder why they suck!”
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