Gartman: “Bloomberg Has Damaged Our Reputation”

One day after we reported that “Dennis Gartman Blows Up With Investment In Riot Blockchain“, Bloomberg followed up with a virtually identical article, titled “Risky crypto bet blows up Dennis Gartman’s retirement account.” And yet, despite being one of the most read features on Bloomberg this morning, the title was surprisingly changed to the far more bland “Risky crypto bet dents Dennis Gartman’s retirement account.”

The reason for the change to the title can be found in Dennis Gartman’s latest investor letter, in which he slams the Bloomberg reporter for “miss-representations” [sic] that “we were materially and dramatically damaged perhaps to the point of insolvency, let us be quite clear: That is far, far from the truth. We did indeed lose money on Friday on a “block-chain” related equity that we had owned for the previous several days. However, the reporter told the story that we would be required to work several more years because of the losses suffered.“

Here Gartman takes offense because the “world-renowned commodity guru”, who two months after saying that “Bitcoin is nonsense and I’ll never buy any!” bought stock – in his retirement account no less – in a fake blockchain company that was exposed as a fraud and dropped 33% in a single day, hardly suffered “material losses.”

Commodities expert: “Bitcoin is nonsense and I’ll never buy any!” https://t.co/ZIh9iXwypW
2 months later: “I bought stock in a fake blockchain company that was exposed as a fraud and dropped 33% in a single day.” https://t.co/xOcdIiotsR

— Jameson Lopp (@lopp) February 21, 2018

And while “the reporter in question has indicated in a phone conversation yesterday that she will repair the tenor of the article she wrote” which explains the title change from “blows up” to “dents“, Gartman then laments that “that shall not repair the damage done to our reputation. Time only shall do that and we do indeed have time on our side.“

Indeed you do Dennis, and we look forward to reading about, and commenting on, all the exciting twist and turns of your “retirement account” for a long time to come.

Here is the full excerpt from Gartman’s letter in question:

Regarding our retirement account, and regarding the serious miss-representations made by a reporter for Bloomberg.com yesterday suggesting that we were materially and dramatically damaged perhaps to the point of insolvency, let us be quite clear: That is far, far from the truth. We did indeed lose money on Friday on a “block-chain” related equity that we had owned for the previous several days. However, the reporter told the story that we would be required to work several more years because of the losses suffered.

These comments by the reporter are seriously exaggerated. These were disconcerting losses to be certain, but were they material? No, they were hardly that. Further, the reporter in question has indicated in a phone conversation yesterday that she will repair the tenor of the article she wrote, however, that shall not repair the damage done to our reputation. Time only shall do that and we do indeed have time on our side.

Finally we want to thank our friends who came so quickly to our support yesterday after reading the reports in question. Now, ‘tis time to move on. We’ve other concerns that are material in nature.

Now if only Gartman can tell us if he finally covered his “retirement account” short on which we was stopped out yesterday, so algos will finally stop buying the dip…