Dude. Cash out when you’re up 100 million maybe? Or like…10% of that amount? You’re taking fucking *loans* out against your position when you could just cash out and you know…not do that? Sounds like he was a r/wallstreetbets user that didn’t know what he was doing.
And he wanted to turn that money into assets to generate “passive income”. My man, you’re up $450 million. The house always wins. Know when to take the fucking money – you would have already set your great great great grandchildren up to be wildly rich. That’s like selling a Point Grey mansion to invest in timeshare condos in Mexico.
Inevitable-Click-129 on
Good luck…
Aggressive-Yellow-70 on
GUH
JadeLens on
Sounds like he should be suing Musk.
Nero92 on
Yeah..wtf…dude get 88k to 5.5 mil and doesnt cash out at least part of it? Then it balloon to hundreds of millions and you don’t cash out to reinvest into less volitle markets? Just what?Â
afoogli on
He wanted to ride the wave than got burned when the market turned, zero chance he wins this
fross370 on
I mean, at 100 millions, just sell it, put it in a safe etf and live your life?
CitySeekerTron on
One way to not be that stupid is to sell 100M worth. That way, even if you lose you’re still 100M ahead.
I’m happy to consult anybody with the power of my wisdom for a nominal fee.
Repulsive_Sample_127 on
So this dude could have put 450 million in spy and just lived off 20-30 million a year lmao what an idiot.
jontss on
Going after the bank for money after his investment didn’t work out? Must be a landlord.
Castle916_ on
Simple answer no and it’s called congratulations your broke..
aldur1 on
Lots of people of bashing the guy, I did find this interesting
>The claim says RBC advisers failed to understand and support DeVocht’s evolving wishes to “essentially retire” by liquidating his Tesla options and moving the wealth into secure investments that would generate passive income.
I mean if you’re a person that has scant awareness of personal finance and your modest $88,000 peaks at ~$400 million, yes the rational person should have sold some and locked the gains, but I can’t even imagine what my emotional state would be under those circumstances. Exuberance would be an understatement.
I think there’s a lot of information left unsaid especially RBC’s side of things. But I have some small sympathy for him.
the_sound_of_a_cork on
This guy is a hero over WSB. It’s not about the losses, but the friends he made along the way.
FNFactChecker on
Idiot bought calls every step of the way down without realizing he could park $200 million in safer investments, have a nice real estate portfolio, and STILL be left with $100 million in “fun money” to gamble away like a degen.
Trying to shift the blame to RBC is hilarious
FrankiesKnuckles on
Crazy, I could see how he could have been receiving bad advice from the reps. They don’t give a shit but making commission. The RBC trading platform is also trash.
GeckoJump on
Hey things aren’t great but at least I’m not this guy
bodikon on
Someone repost it to wsb
Propaagaandaa on
I find it hard to sympathize with someone who couldn’t see a Tesla decline coming a mile away. 2022 was like an all time high for a company that makes mostly shitty cars with increasing competition
aworldofviolets on
Highly regarded.
Dangerous_Seaweed601 on
Stonks only go up, right?
CadenceBreak on
I think when he started the private banking relationship with
“He contacted a representative at RBC Private Banking about obtaining a loan against the equity in his RBC trading account and was introduced to an RBC financial management adviser.” “At this point, his portfolio was valued at almost $50 million.”
it’s hard to claim that he was trying to avoid risk and “essentially retire”. Any advisor would have counselled selling enough to own the real estate he wanted (and diversify his investments).
This guy heard about billionaires borrowing against unrealized gains and wanted that tax-free life.
twlefty on
I had to blink a few times to see if I was reading a /wallstreetbets article or not
Just4FunAvenger on
What an idiot.
Desitos on
As the r/wallstreetbets saying goes:
If it’s good enough to screenshot, it’s good enough to sell
YetAnotherWTFMoment on
John Varcoe vs Don Sterling SCC 23183
This will play out along the same lines.
alonjit on
take them to the cleaners, fuck ’em.
but also, sell when you’re on top. but nothing wrong with the lawsuit. hope he wins and bakrupts the motherfuckers.
29 Comments
Sir, this is a Wendy’s
Dude. Cash out when you’re up 100 million maybe? Or like…10% of that amount? You’re taking fucking *loans* out against your position when you could just cash out and you know…not do that? Sounds like he was a r/wallstreetbets user that didn’t know what he was doing.
And he wanted to turn that money into assets to generate “passive income”. My man, you’re up $450 million. The house always wins. Know when to take the fucking money – you would have already set your great great great grandchildren up to be wildly rich. That’s like selling a Point Grey mansion to invest in timeshare condos in Mexico.
Good luck…
GUH
Sounds like he should be suing Musk.
Yeah..wtf…dude get 88k to 5.5 mil and doesnt cash out at least part of it? Then it balloon to hundreds of millions and you don’t cash out to reinvest into less volitle markets? Just what?Â
He wanted to ride the wave than got burned when the market turned, zero chance he wins this
I mean, at 100 millions, just sell it, put it in a safe etf and live your life?
One way to not be that stupid is to sell 100M worth. That way, even if you lose you’re still 100M ahead.
I’m happy to consult anybody with the power of my wisdom for a nominal fee.
So this dude could have put 450 million in spy and just lived off 20-30 million a year lmao what an idiot.
Going after the bank for money after his investment didn’t work out? Must be a landlord.
Simple answer no and it’s called congratulations your broke..
Lots of people of bashing the guy, I did find this interesting
>The claim says RBC advisers failed to understand and support DeVocht’s evolving wishes to “essentially retire” by liquidating his Tesla options and moving the wealth into secure investments that would generate passive income.
I mean if you’re a person that has scant awareness of personal finance and your modest $88,000 peaks at ~$400 million, yes the rational person should have sold some and locked the gains, but I can’t even imagine what my emotional state would be under those circumstances. Exuberance would be an understatement.
I think there’s a lot of information left unsaid especially RBC’s side of things. But I have some small sympathy for him.
This guy is a hero over WSB. It’s not about the losses, but the friends he made along the way.
Idiot bought calls every step of the way down without realizing he could park $200 million in safer investments, have a nice real estate portfolio, and STILL be left with $100 million in “fun money” to gamble away like a degen.
Trying to shift the blame to RBC is hilarious
Crazy, I could see how he could have been receiving bad advice from the reps. They don’t give a shit but making commission. The RBC trading platform is also trash.
Hey things aren’t great but at least I’m not this guy
Someone repost it to wsb
I find it hard to sympathize with someone who couldn’t see a Tesla decline coming a mile away. 2022 was like an all time high for a company that makes mostly shitty cars with increasing competition
Highly regarded.
Stonks only go up, right?
I think when he started the private banking relationship with
“He contacted a representative at RBC Private Banking about obtaining a loan against the equity in his RBC trading account and was introduced to an RBC financial management adviser.” “At this point, his portfolio was valued at almost $50 million.”
it’s hard to claim that he was trying to avoid risk and “essentially retire”. Any advisor would have counselled selling enough to own the real estate he wanted (and diversify his investments).
This guy heard about billionaires borrowing against unrealized gains and wanted that tax-free life.
I had to blink a few times to see if I was reading a /wallstreetbets article or not
What an idiot.
As the r/wallstreetbets saying goes:
If it’s good enough to screenshot, it’s good enough to sell
John Varcoe vs Don Sterling SCC 23183
This will play out along the same lines.
take them to the cleaners, fuck ’em.
but also, sell when you’re on top. but nothing wrong with the lawsuit. hope he wins and bakrupts the motherfuckers.
Donates $17mm to RBC charity lololol
Such a WSB degenerate.