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Money How Mark Cuban survived last week's market meltdown

10:21  14 february  2018
10:21  14 february  2018 Source:   cnbc.com

Man loses $10,000 trying to time market using credit card

  Man loses $10,000 trying to time market using credit card Day trading is treacherous in a volatile market and the competition is fierce.Unfortunately, it backfired.

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Billionaire Mark Cuban told CNBC on Tuesday that he saw the recent stock market swings as a buying opportunity.

Cuban, owner of the NBA's Dallas Mavericks, said he decided to hedge his moves after he saw investors get wiped out on the short volatility trade.

"I took a couple occasions to jump in. There was blood in the street with the VIX, and everybody got leveled out of short the VIX," said Cuban, also a "Shank Tank" investor. "So what did I do, I bought puts on the VIX. Not huge positions, but enough to be interesting. I also bought some VIRT, Virtu [Financial], because they do HFT, high-frequency trading. And they make money off volatility."

NBA fines Mavericks owner Mark Cuban $600K .
The NBA has fined outspoken Dallas Mavericks owner Mark Cuban $600,000 for comments about tanking during a podcast with Hall of Famer Julius Erving. Commissioner Adam Silver said Wednesday the fine was for "public statements detrimental to the NBA." The podcast with Erving was posted Sunday, the day the All-Star game was played in Los Angeles.Cuban said during the 30-minute interview that he met recently with some of his players and told them "losing is our best option." Cuban said he shared the club’s summer plans with the players and "that we’re not going to tank again.

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