Dennis Gartman, who is closing his daily newsletter, had some separation tips for investors: SELL
The famous investor, who called him, left his namesake “The Gartman Letter” last week after 30 years, said that Donald Trump’s multiple trade wars and other threats mean it’s time to raise money. The staff Alphabetastock.com will miss Gartman because he paved a path for many financial publications and newsletters. We loved the fact he put his money where his mouth was. To many financial publishers today never invest any money, let alone their own.
“People should get a lot of profits and be much less involved with actions than they have been over the past two or three years,” he said in a telephone interview. While refusing to tell if the shares have passed, Gartman has recommended investors to keep 60% or more of their assets in cash.
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Trade is a significant concern for Gartman, who has been a critic of the administration’s protectionist policies. He says the skirmishes damage the economy and send a terrible signal to importers and exporters.
Dennis Gartman plans to stop publishing “The Gartman Letter” after more than thirty years of producing his daily investor report.
“There comes a time when the pension calls,” Gartman wrote in the Friday newsletter edition. “The simple amounts of information available to everyone have made our efforts difficult and at the same time, easier. Add to that the major fiscal and regulatory requirements, and we have chosen to stop doing business as we did in the past.”
Gartman said he would not give up TV, radio or press interviews and that a twice-weekly newsletter and podcasts are among the options considered “to make sure you don’t immediately forget.”
Gartman began as an economist at Cotton Inc. in the early 1970s before moving to NCNB National Bank in Charlotte, North Carolina, and A.G. Becker & Co. in Chicago, according to a biography on the CNBC website. He moved to Virginia in the early 1980s, where he managed the futures brokerage operation for Sovran Bank before starting his eponymous newsletter in 1987.
“The Gartman Letter” addressed economic, political, and technical trends. Its subscribers include hedge funds, banks, brokerage firms, and mutual funds.
“Dennis cut the teeth in the commodity markets. While I was learning the business in the 90s, it was always a fantastic read to understand what was happening outside of the stock markets,” said Dave Lutz, chief executive and head of ETF trading at JonesTrading in Annapolis, Maryland. “His letter was always perceptive, full of privileged information.”
Like everyone who predicts the markets, Gartman made calls that didn’t always freak out and took more of his share of social media lumps for wrong predictions. In February 2018, he complained that he had stocked the volatile Riot Blockchain Inc. stock – just a couple of months after telling CNBC that Bitcoin was nonsense and would not buy or sell it. Emails and calls to Gartman remained unanswered on Friday.
On the other hand, his forecast in July 2018 that the Dow Jones Industrial Average, then in difficulty, was simply in a consolidation phase on the road for 30,000 between a current bull market does not seem so bad, with the indicator currently exceeding 28,000.
Robert Thomas has over 14 years experience in the investments on the institutional side of markets and has an “insider” view on the markets. In addition, he is an futures day trader that focuses on analyzing fundamentals, specifically earnings reports and technical levels. He has a Masters Degree in Business and Economics.