By Shawn Langlois, MarketWatch
That's Mark Cuban, the billionaire owner of the Dallas Mavericks, talking with Bloomberg TV () about why he doesn't trade the stock market like he did back in the dot-com days.
"I stick to the companies I believe in," Cuban explained, adding that he's owned shares of Netflix (NFLX) since they were trading around $50. At last check, the stock was all the way up at $528, rising almost 8% in Wednesday's session alone.
He also said he bought up chunks of Amazon (AMZN) between $500 and $700, and more recently added more at just under $2,000 a share. The stock's at $3,385 now.
Cuban said he has some other scattered investments that he's held on to over the year, but, for the most part, he's no longer an active trader in the stock market.
"The Fed put is strong," he said. "That Fed inflation of financial assets gives us a tailwind."
The metaphorical Fed put refers to the notion that the Federal Reserve, with its steady flow of stimulus, is committed to taking action to keep asset prices moving higher.
Watch the clip:
Those tailwinds Cuban was referring to were blowing Wednesday for the S&P 500 and Nasdaq Composite , with both indexes firmly in the green. The Dow Jones Industrial Average , however, was slightly lower
-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 29, 2020 09:27 ET (13:27 GMT)
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