Chris Sacca day-traded student loans to $12M before losing it all
Chris Sacca · Chris Sacca's True Unfiltered Opinion on Facebook and Softbank | Full Interview · 20VC with Harry Stebbings · Jan 20, 2022 · at 4:17
Chris Sacca, founder of Lowercase Capital and Lowercarbon Capital, discusses his personal financial background prior to entering venture capital after Harry Stebbings asked if early investing success distorts mindsets.
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“So I very famously took my student loan checks for law school, told the school they hadn't shown up, cash them, and use them to day trade in the market. And so this is one of the reasons why I get so nervous about what I see in the Robin Hood phenomenon. You know, like even as we tape this, the market's crashing and I worry about so many people trading on margin because I was that guy. And at the time they hadn't built the margin requirements back into the online trading platforms yet. So I would take a thousand dollars worth of equity And buy a million dollars worth of stock and hold onto it for a week. And so the swings were insane. And at one point I was up twelve million dollars after about 18 months. And along the way, you start to think you're a genius. And then when you put your buddies into the stock, you know, they'll come back and be like, hey, I bought a boat, man. You're the guy, you know, like, you've got it figured out. And you really start to believe that shit. And one buddy said, hey, you need to diversify. So I had two stocks. That I traded. And ultimately those came crashing down one week in 2000. Left me totally on my ass. Four million dollars in the hole with nothing to show for it.”
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