Scott Galloway, the outspoken professor and entrepreneur, says he gets it wrong all the time—and he doesn't try to hide it. “I bought Netflix at $12 and sold it at $10. Now it's at $1,100,” he said on a recent episode of the “My First Million” podcast. “I can’t stand people who are constantly taking pictures of all their wins and posting them on social.”
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Distressed Investing Over Hype Stocks
Despite that Netflix NFLX miss, Galloway has racked up some big wins, mostly by betting on unpopular, overlooked assets. He says the best returns don't come from trendy stocks, but from distressed situations that smell, as he put it, “like urine.”
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One of his best trades? Buying $10 million in FTX bankruptcy claims for $2.2 million after digging through the exchange’s filings. He figured their investment in AI company Anthropic was worth much more than creditors realized. "Crypto took off, everything they had invested in went crazy," he said. “Looks like we’re going to get 160 cents on the dollar.”
He admits there was risk, but also effort. “I’m that guy who reads bankruptcy filings,” he said.
From Vape Startups To Yellow Pages
Galloway’s biggest return came from helping bring vape company NJOY out of bankruptcy. He initially put in $2.5 million. After the company received the U.S. Food and Drug Administration approval and was bought by Altria MO, his stake turned into $75 million.
“We almost went to zero two or three times,” he said. “But that was hands down my best investment.”
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Another win came from dying yellow pages company Dex Media. He got in for about $4 million and sold after the business successfully pivoted into software. "What is less sexy than Yellow Pages?" he said.
Still, he doesn't shy away from his losses. He once invested $5 million in a healthcare texting company that went to zero in just 18 months. And he left $2 million on the table after selling covered calls on a stock that jumped right after earnings.
Shift Away From U.S. Stocks
Galloway is now moving away from U.S. equities, citing sky-high valuations and political instability. "[If] you think you're diversified because you're in an index fund, you're not, because I believe the U.S. is going to go flat in the next decade," he said. “I’m going to be almost entirely out of the U.S. market within three or four months.”
He’s especially bullish on Europe, clarifying how everyone thinks Europe is overregulated and boring, but that’s exactly when you invest. “When something’s been left for dead,” he said.
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