It's hard to believe that next month I will have owned Tesla ($TSLA) for seven years. I've written about this investment several times since 2018 and although it had a terrible finish to the week yesterday, it's still up some 940% overall for me, but down about 12% so far this year.
Christopher DeVocht, a carpenter by day, successfully traded Tesla stock and options during the COVID-19 pandemic, when a record amount of stimulus helped stocks soar and drove a retail-trading boom.$65k to $306m to zero is quite an emotional roller-coaster. One commenter stated that:
At the end of 2019, DeVocht had C$88,000, or about $65,000, with the Royal Bank of Canada's brokerage division. At its peak in November 2021, according to the lawsuit, DeVocht's account grew to C$415 million, or about $306 million.
But DeVocht and his professional advisors didn't cash out and instead lost everything as a brutal bear market took hold in 2022, leading to staggering losses for his heavily concentrated portfolio.
Yeah I would never have made $300M. As soon as I hit $10M, I would have cashed out, set up an annuity or plopped it all into index funds and went fishing and mountain biking the rest of my life.
Easier said than done. While I'm a big fan of index funds and cycling, fishing - not so much, I suspect many people would struggle to call it quits on reaching $10M especially if that number is reached rapidly. It would be a nice problem to have, but very easy for that market driver of greed to take over.
With Kiké Hernández hitting a Home Run for the Los Angeles Dodgers as they eliminated the San Diego Padres last night, presumably while wearing his extra tight pants, and Elon Musk talking about car parks at the Tesla Robotaxi unveiling yesterday, I'd be missing a great opportunity if I didn't mention this post from a couple of years ago which addresses both car parks (Bromley Sainsbury's specifically) and baseball pant tightness.
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