jeffrey vinik, cannabis

Jeffrey Vinik thinks cannabis stocks are a bad idea: ‘Nobody’s going to make money’

Jeffrey Vinik, who just announced the revival of his hedge fund after a stellar career of stock picking, doesn’t see any opportunity in cannabis stocks.

“I won’t say zero, but my guess is that they’re overhyped,” Vinik said on “Squawk Box” on Thursday. “There’s going to be too much competition, margins are going to come down, [and] nobody’s going to make money.”

Interested in increasing its profile while managing the Fidelity Magellan Fund, Vinik launched Vinik Asset Management in the 1990s and focused on fundamental analysis and stock selection. According to the Wall Street Journal, the Vinik fund has posted an annual return of 17% over a 17-year period from the mid-1990s to 2013.

Wishing to become familiar with the management of Fidelity Magellan, Vinik launched Vinik Asset Management in the 1990s and focused on fundamental analysis and security selection. According to the Wall Street Journal, Vinik Fund’s annual turnover is 17% between the mid-1990s and 2013.

READ MORE: Cramer Remix: If you want a long-term cannabis play, look no further

Vivien Azer of Cowen and Michael Lavery of Piper Jaffray, who became the second largest brokerage firm analyst to begin cannibalism earlier this week, expect the pot market to reach hundreds of billions of dollars. dollars over the next decade.

Despite Vinik’s pessimistic view of the marijuana industry, he has more difficult prospects for a larger market, saying he can see CNBC’s share price rise over the next 10 years.

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