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Ryan Cohen invested nearly all of his wealth in Apple and Wells Fargo, yet he wants the tech titan’s shares to fall so he can buy more stock at a lower price.
“I only wish the stock would go down,” the billionaire Chewy cofounder told MarketWatch in a recent interview.
Warren Buffett voiced a similar view in February when he said that investors “should want the stock market to go down — they should want to buy at a lower price.”
Cohen said that Apple is the “king of the jungle” and Wells Fargo’s hasn’t been permanently damaged by the coronavirus.
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Chewy‘s billionaire cofounder sold the online seller of pet products for about $3.4 billion in 2017, then plowed virtually all of his money into Apple and Wells Fargo.
Apple stock has more than doubled since then to hit an all-time high this month, boosting the value of Ryan Cohen’s shares to about $550 million. However, that’s the opposite of what he wants.See the rest of the story at Business Insider
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