We never thought we'd say this, but; Welcome to the hater party, Chuck Schwab, have some free Haterade.
Investing legend Charles Schwab, founder and chairman of his namesake brokerage firm, said he would stay away from money-losing companies going public.
“I would never buy a company like that that has huge losses and no sight ahead of you [about] how you are going to make money,” Schwab said in an interview with CNBC’s Bob Pisani.
No, hear him out, you guys...
“You want to buy companies that have great values. That means No. 1 they have to be growing in revenue and they have to be making money. Pretty simple formula and a lot of these companies just don’t make money yet,” Schwab said.
Who says hyper-conservative Catholic octogenarians can't spit hot takes?
“Some of the IPOs we’ve seen with very large valuations based upon no earnings. That’s sort of an obvious place to look at [for potential bubbles]. You can avoid buying into those things and wait till they start making money,” Schwab said.
Mindblowing investment advice here. We cannot believe this guy is just giving it away for free.
How is this news? How is any of this news?