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

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Polarbeans

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Quite the story, looks like he is spending a lot of it on a luxorious living. Let's hope he is not a big spender (like an actor-analogy that MJ talks about).

Read the story about Jesse Livermore. It's quite similar in some ways.


And lets not get started with flaws, pros and cons about the stock markets:) It is what it is and this man has some knowledge for sure!

He is way better than me on earning stock dividend and yield, thats for sure - And I am quite good at it (for an amature).
 

theag

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Ya he got lucky.

Love that he sports gekko style red tie with blue shirt and white collar :cigar:
 

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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.’ 
 
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ilrein

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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.
 

SYK

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‘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."
 

MJ DeMarco

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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.
 
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RHL

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ROTFLMAO.

Yeah, proof that he'd gone from $1,000 to 72M in penny stocks in a decade would make him one of the greatest financial minds in modern history. It's true that if someone is talking shit about their game at the lunch counter, they could be better than Michael Jordan, but without proof it's always better to doubt it.
 

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Rawr

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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!!!
 

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Charnell

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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?
 

marklov

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Normally I don't even pay attention to these sensationalized then later debunked success stories

but this one was quite funny
 

MJ DeMarco

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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.
 
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Phones

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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.
 

ilrein

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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

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How did this thread get the [GOLD] status? o_O
 
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MJ DeMarco

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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. ;)
 

100k

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MJ DeMarco

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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.
 
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smarty

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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. ;)

I was wondering because the story is obviously BS. But your reasoning makes sense now since so many people tend to flow with the BS without any questioning.

Would be a nice feature if Gold threads would have a small section above the first post that states why it was marked gold. ;)
 

MoneyDoc

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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..
 

Blackadder

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"Lets talk about the kid who I would want to handle my money."

And that my dear friends is WHY he lied!

he stated he wanted to be a hedge fund manager(where the BIG moneys at), now he could work for it OR get declared a vunderkind and as this article says http://nymag.com/news/articles/reasonstoloveny/2014/mohammed-islam-stock-trading/ open a hedge fund at 18 and he wont have to start at the bottom of a fund or have to work for it.
 
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pstchaseki

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stories of young entrepreneur prodigies as pure bullshit and annoying as well. "how nice to have rich business savvy parents that does all the work , and come up with deceiving marketing ploy by exploiting their kids."
 

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