Hard to believe but they did. Tobias had hundreds of millions invested and Grifco only represented $0.001% of their holdings. They had 100s of holdings were legit stocks trading on higher/regulated exchanges with substantial and verifiable assets. They risk/reward was well balanced evident by their rate of return. I'm sure in their risk/reward model they make highly speculative purchases from time to time. Buying Grifco to them was like buying a $1 lottery ticket. I suppose the potential TTII.ob merger had something to do with it. After they seen what it was they sold the following quarter at a big loss.
I'm sure you know who Warren Buffet is. If you see him purchase a lottery ticket in a convenience store, would you spend your entire savings on lottery tickets since Warren bought one?
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