FROM CANTECH LETTER:
He’s made millions in the oil patch, but investor Brett Wilson has some advice for those three decades his junior: stay away from one of the two currently hot sectors.
On the surface, cannabis and blockchain have at least one thing in common: they’re the two hottest sectors of the Canadian markets over the past year. But dig a little deeper and you’ll get differing opinions on where to place your hard-earned investment dollars. Both are risky for the new investor, says well-known deal-maker, Brett Wilson, who claims that if you’re really itching to play, pick cannabis over cryptocurrencies.
It’s been quite a ride for the markets the past week, with volatility being the name of the game, as markets worldwide try to find their comfort zone after years of record-breaking gains. Anyone familiar marijuana and blockchain stocks knows all about those ups and downs, as both sectors saw companies emerging almost out of nowhere over the past two years, winning big financing rounds while posting huge gains. Stock prices in both spaces have been taken down a peg over the past month, though, all of which to many speaks to the sentiment-driven nature of investment in the two spaces.
What’s a new investor to do? Wait and see, says investment banker Brett Wilson, chairman of Canoe Financial and former dragon on CBC’s Dragon’s Den, who argues that both blockchain and cannabis need to develop more before clear winners and losers can be found —but stay away from cryptocurrencies altogether.
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Millennial investors should pick weed stocks over cryptocurrencies, investor Brett Wilson says - From Cantech Letter
