Dumping stocks after Trumps 2016 win was stupid, NYU professor admits
NYU professor Scott Galloway said Monday on "The Prof G Pod" that he sold all of his stocks in an emotional reaction to President Donald Trump’s 2016 election victory, taking a major tax hit before buying back into a more expensive market months later, a decision he estimated cost him 40% of his liquid net worth in stocks.Galloway, a professor of marketing at NYU Stern, called the move his "biggest investment mistake" during the "Office Hours" edition of the podcast as he warned listeners about allowing emotions to drive investment decisions."So when he was elected in 2016, I sold all my stocks," he said."That was stupid.
The market ripped for the next year.There was so much insecurity about him actually winning that the fear had been priced in.
Stocks ripped up."Scott Galloway said selling all his stocks after Trump’s 2016 election victory was his "biggest investment mistake" and estimated it cost him 40% of his liquid net worth in stocks.(Getty Images for Vox Media)THE RICH HAVE ONE FINANCIAL HABIT MOST AMERICANS IGNORE AT THEIR PERILGalloway said the selloff also triggered taxes on significant capital gains while he was living in New York.
He said he returned to the market about six months later after stocks had risen between 10% and 20%, compounding what he described as the cost of the decision."So you could argue, at least notionally, that decision cost me 40% of my liquid net worth in stocks," Galloway said.White House spokesman Davis Ingle told Fox News Digital Tuesday that Galloway’s continued criticism of Trump reflected what he characterized as an obsession with the president."Scott Galloway should immediately seek psychiatric help to treat his severe case of Trump Derangement Syndrome that has completely rotted his peanut-sized brain," Ingle said.Galloway said he triggered a major tax bill by selling his portfolio before buying back into the market months later at higher prices.(SXSW Conference & Festivals via)GOVERNMENTS CAN TAKE YOUR STOCK...