I think this would qualify as fastlane (The HS kid who traded to $72M)

[MJ DeMarco]

I wonder how much vetting this story received.

Here's the original story which has now been picked up by multiple news outlets, surely because of its tantalizing, eye-ball grabbing headline.

http://nymag.com/news/articles/reasonstoloveny/2014/mohammed-islam-stock-trading/

In this story, he mentions Jordan Belfort. (Red flag #1)
He also mentions he's "shy" about the $72M. (Red flag #2) Curious, why? He doesn't seem too shy when it comes to buying bottles and caviar at the club...

Mo got into trading oil and gold, and his bank account grew. Though he is shy about the $72 million number, he confirmed his net worth is in the “high eight figures.”

How did he confirm it? Like confirm it by speaking in a strong tone? Confirm it with a furrowed brow and a twinkle in his eye? Confirm it by saying "Look, my dining bill is $1,200 and I paid it with my Amex Black!"

Or did he produce a brokerage account statement that started with $1,000 when he was 16, and now it's $72,000,000?

I have not seen any proof to the audacious claim, nor did any article mention proof to the audacious claim other than his word.

I'm sorry as I realize this makes me sound like a "hater" but I typically don't believe these sensationalized stories as they media doesn't care if they're true, vetted, or real -- they want stories that are newsworthy and herd eyeballs.

The last time I read a story that made me go "Hmmm" it was completely fabricated, thanks to our good friend Anton who became a millionaire renting duplexes while serving in the Army.

Remember that?

https://www.thefastlaneforum.com/co...ne-a-slowlane-fail-of-epic-proportions.56376/

And finally, he leaves us with this gem from this father which he purports to love:

‘You can rob a bank with a gun, but you can rob the whole world with a bank.’ 

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

LOL, once again, I called out the bullshit while everyone else was on their knees sucking out the lint between his toes.

http://finance.yahoo.com/news/a-hig...ot-make--72-million--jeff-make-164536104.html

Experience is a wonderful thing. Knowledge of mathematics (and the markets) is a wonderful thing. Both give you the tools to recognize bull-shit when it speaks, or in this case, comes across your screen as failed journalism. And BTW, my same bullshit meter works on this forum too... just because someone says "I made $60,000 last month!" doesn't mean it's true.

GOLD once again due to the old adage... if it sounds too good to be true, it often is.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Guys, these threads go GOLD because as an investor/fastlaner, you need to be able to spot bullshit. How do you spot bullshit? MATHEMATICS. Those same mathematics is what tells you that the Slowlane is shit, not because of compound interest (indeed that's powerful), but because of TIME and INFLATION. Mathematics tells you that those guaranteed 18% yearly returns promised by slick financial guru is a scam. Mathematics tells you that the Russian immigrant ANTON is not a millionaire because of his army salary and his highly leveraged real estate. And yet, this is the shit the media is serving you-- and God knows, how much of it is really true, or just fabrications.

Once I read this story I knew it was bullshit, or there was something not being disclosed, perhaps like he started with $65M compliments of his parents.

On the Fox Business Channel they discussed this kid (before he was outed) with 3 financial guys... count em... THREE. Only one said "this doesn't pass the smell test" -- the other two applauded the kid and didn't care to think about the mathematics behind the assertion. For the love of GOD, CMON! These are career financial guys entrusted with fiduciary responsibilities of your money!

Here's an actual mathematical dissection of what would have had to occurred for the story to be true.

http://www.marketwatch.com/story/ho...rade-to-build-a-72-million-fortune-2014-12-15

And now turns out, the kid didn't do shit, but play up a role compliments of Hollywood Wall Street archetypes, Belfort, Gekko, et. al. Fancy suit and tie, caviar, slick hair, expositions of extravagance, wow o wow.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

How did this thread get the [GOLD] status?

Because I keep calling out BS before the lamestream media figures it out it's bullshit.

It's called x-ray vision. If you train yourself to get it, it will serve you well in life.

 

[MJ DeMarco]

HE MADE NO MONEY AT ALL. ZERO, ZILTCH, NADA.

You mean he LIED!? After reading his hero was Jordan Belfort, I expected the kid to be the posterchild of honesty and integrity.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DeletedUser394]

Here is a statement released by the Leaders Investment Club (the same the 'whiz kid' mentioned in that 1 minute video)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Charnell]

This is why I don't even read about these success stories. This isn't news, this is a waste of time. Some kid allegedly made $72m, how does that affect me?

 

[DeletedUser394]

IT. GETS. BETTER.

Not only did he not make 'millions', HE MADE NO MONEY AT ALL. ZERO, ZILTCH, NADA.

He does run a club though in his school that makes simulated trades.... LMFAO

http://observer.com/2014/12/exclusive-new-york-mags-boy-genius-investor-made-it-all-up/

His parents won't speak to him now.

 

[Ninjakid]

I figured this story is bullshit once I saw the guys' name.

C'mon... there just can't be a guy named "Mohammed Islam"...

 

[parkerscott]

I was called out for calling this kid out.

So many discrepancies. I figured he either started out with a ton of his parents money, or he has been involved in a ton of pump and dumps.

You dont make that type of money trading during a lunch break.

 

[DeletedUser394]

That was fast;

Whiz kid stock picker: 'I didn't actually make $72M trading'

http://www.cnbc.com/id/102269980

 

[SYK]

‘You can rob a bank with a gun, but you can rob the whole world with a bank.’ 

The dipshit got the quote wrong and completely missed its essence which is a critique of the financial world in which he so wants to belong.

"Give a man a gun, he can rob a bank. Give a man a bank, he can rob the world."

 

[DeletedUser394]

The 'reporter' that originally wrote the story. LOL. Ok, I have to stop, but this is too funny.



Next day'



ROTFL

 

[socaldude]

Gold thread for sure.

The lessons here will save you so much heartache in real life.

Also never do anything what this kid did, lie about yourself all for the sake of a little ego boost. This shit will never go away. Your reputation is ruined forever.

How are lies and scams exposed? Knowledge of business, economics and math.

 

[3V0LUT10N]

Is this sarcasm or ignorance? Hard to tell over the internet. Apologies if it's an attempt at sarcasm.

A quick look at LinkedIn shows that it's a rather common first and last name combination.

I'll admit that the absurdity of his claim had me wondering if he was trying to troll with the name too. Because the $72m could have been inspired by the whole "72 virgins for martyrdom" belief. Whatever. It's hilarious how easily people are fooled.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DeletedUser394]

The reporter that broke the fake story is joining Bloomberg's FINANCIAL INVESTIGATIVE reporting division.

You can't make this up lol. Freaking hilarious.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CommonCents]

The big story here is how gullible people are in believing anything the lazy media spews out. Very little critical thinking. Then these sheep cry when they get fleeced. SMH.

 

[ilrein]

Yeah, when I read this my BS meter went off the cliff. Tons of articles spewing the same sensationalized hash with no evidence of any sort.

He might have some money, but how much, how'd he get, over what time period?...

How much did he start with? How is he doing 100-500% returns every year (how much start up captial can he really have?).

Like, c'mon. I guess he just a wizard prodigy kid who's smarter than all the people in stock exchange combined, with a fraction of their experience (and time to execute).

Lmfao.

 

[Rawr]

I've made something like 400% one month on a penny stock. To go to 72 mil on penny stocks is IMPOSSIBLE...




this country is looking, is hungry for, the successes of the american dream. However, at this exact moment, it is up to each individual to realize what his american dream is, to reject anything that does not aid him in pursuit of his dream, and to embrace the courage and fight for it. You don't need a BMW unless you need a BMW!!!

 

[Phones]

You mean he LIED!? After reading his hero was Jordan Belfort, I expected the kid to be the posterchild of honesty and integrity.

He could at least have made... 72k$, or even 72$... and exaggerated by a few zeros. But nope.

"Islam admitted that he made up being worth eight figures and that he never actually traded the stock market, other than through simulated trades."

Seriously, wtf.

 

[DeletedUser394]

I figured this story is bullshit once I saw the guys' name.

C'mon... there just can't be a guy named "Mohammed Islam"...

Is this sarcasm or ignorance? Hard to tell over the internet. Apologies if it's an attempt at sarcasm.

A quick look at LinkedIn shows that it's a rather common first and last name combination.

 

[Ninjakid]

Is this sarcasm or ignorance? Hard to tell over the internet. Apologies if it's an attempt at sarcasm.

A quick look at LinkedIn shows that it's a rather common first and last name combination.

First of all, I made this assumption because I was once falsely led to believe there was a guy named "Pablo Mexico". I did some searching and found no such man exists.

So I assumed that the most common name in the world commonly associated with the Islamic religion, and plus the name of the Islamic religion itself coupled together would likely be hoax. I myself have never met or heard of anyone with the surname "Islam".

But if you found that such people do exist, then kudos to you for being less ignorant than I clearly am.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[FLYmk]

Reading the original story didn't seem like it would be feasible trading penny stocks resulting in $72 Million, but as MJ pointed out...the 'lamestream media' cares little about reality and most about sensationalism. It's rarely 'news' worthy, mostly trash. Just another example of why I refuse to pay for cable, fed stories that do nothing to enhance my life.

 

[Y.B.]

http://www.dailymail.co.uk/news/art...es-72MILLION-trading-stocks-lunch-breaks.html

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DeletedUser394]

I have a feeling this thread is going to turn into this thread https://www.thefastlaneforum.com/co...e-fail-of-epic-proportions.56376/#post-415894 rather quickly.

whoops MJ posted this also

 

[RHL]

IT. GETS. BETTER.

The laughs this thread has generated alone are gold.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ilrein]

If only you guys could have seen the look on my younger sister's face when she heard this story.

I tried to warn her...but it was the look of "i'll listen to you, but I won't register a single word".

 

[smarty]

How did this thread get the [GOLD] status?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MoneyDoc]

What's sad is the fact that people are so gullible... this one reporter said "Lets talk about the kid who I would want to handle my money."

Slowlane mentality at it's finest..

 

[Rawr]

Guys, these threads go GOLD because as an investor/fastlaner, you need to be able to spot bullshit. How do you spot bullshit? MATHEMATICS. Those same mathematics is what tells you that the Slowlane is shit, not because of compound interest (indeed that's powerful), but because of TIME and INFLATION. Mathematics tells you that those guaranteed 18% yearly returns promised by slick financial guru is a scam. Mathematics tells you that the Russian immigrant ANTON is not a millionaire because of his army salary and his highly leveraged real estate. And yet, this is the shit the media is serving you-- and God knows, how much of it is really true, or just fabrications.

Once I read this story I knew it was bullshit, or there was something not being disclosed, perhaps like he started with $65M compliments of his parents.

On the Fox Business Channel they discussed this kid (before he was outed) with 3 financial guys... count em... THREE. Only one said "this doesn't pass the smell test" -- the other two applauded the kid and didn't care to think about the mathematics behind the assertion. For the love of GOD, CMON! These are career financial guys entrusted with fiduciary responsibilities of your money!

Here's an actual mathematical dissection of what would have had to occurred for the story to be true.

http://www.marketwatch.com/story/ho...rade-to-build-a-72-million-fortune-2014-12-15

And now turns out, the kid didn't do shit, but play up a role compliments of Hollywood Wall Street archetypes, Belfort, Gekko, et. al. Fancy suit and tie, caviar, slick hair, expositions of extravagance, wow o wow.

You should read "Damn it feels good to be a Banker" It's good satire.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.