Summary is in the middle: "Smartphones have exacerbated the monkeys and typewriters problem," says says Paul Kedrosky, a veteran investor. "Given enough people with smartphones, a teen from New Jersey will turn his bar mitzvah money into $300,000, purely by chance."
Now maybe this new kid was not as nefarious as Lebed but pushing your own penny stock agenda is given when you play to win. Only question is whether you slip under SEC radar.
The fact that he is starting a $2,000 newsletter is pretty much an indication that whatever edge he had is gone.
Funny, I was doing this in HS in 2003. I was one of the few kids with a cell phone (Nokia), I'd quietly dial E-Trade's automated line to check prices on my stock portfolio.
Mark Zuckerberg: My friend Eduardo made three hundred thousand dollars betting oil futures one summer and Eduardo won’t come close to getting in. And the ability to make money doesn’t impress anybody around here.
Erica Albright: Must be nice. He made three hundred thousand dollars in a summer.
Mark Zuckerberg: He likes meteorology.
Erica Albright: You said it was oil futures.
Mark Zuckerberg: You can read the weather, you can predict the price of heating oil.
