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Investment firm makes bad oil gas bet.

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Investment firm makes bad oil gas bet.

Unread postby EdwinSm » Thu 22 Nov 2018, 04:57:49

It looks like one investment firm is going under:, based in Tampa

The boss of a Florida-based financial firm has made a tearful video apology to clients after bad bets on oil and natural gas prices wiped out their investments.

James Cordier blamed a recent bout of market volatility for the losses, which are set to destroy his firm.
"I'm sorry that this rogue wave capsized our boat."

Natural gas prices enjoyed their biggest one-day percentage gain in eight years on Wednesday last week, only to suffered their largest one-day loss in 15 years the very next day.

Although big to me, the losses probably will not make a dent in the market (as someone else is laughing at winning the bets).

It was not clear how much money the firm managed or the size of the losses. Mr Cordier said in his video that he had 290 clients.

However, the losses could total more than $150m, according to Ohio lawyer Jason Albin, who has been in contact with about 80 clients.
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Re: Investment firm makes bad oil gas bet.

Unread postby ROCKMAN » Sun 25 Nov 2018, 16:12:36

Ed - "...(as someone else is laughing at winning the bets)." Exactly. Hopefully everyone here understands that every $ that company lost was a $ profit made by another investor.
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