Author : Sunil Kumar 1 week ago 11
Renowned hedge fund manager Jeffrey Vinik has dismissed the pot stock craze, describing cannabis investment as overrated and likely to suffer from squeezed margins. Speaking on CNBC’s Squawk Box on January 10, Vinik also revealed that bitcoin currently accounts for “zero percent” of his investment portfolio. Returning to the hedge fund scene after a five-year hiatus, the Tampa Bay Lightning owner, who also holds minority stakes in the Boston Red Sox and Liverpool Football Club, believes that an entry rush into cannabis investments will create a situation where market demand is overserved, and margins become too small to be profitable. In his words: I won’t say zero, but my guess is that they’re overhyped. There’s going to be too much competition, margins are going to come down, [and] nobody’s going to make money.