It’s no surprise to advisors that Kevin O’Leary’s latest business venture went bust.
Calling O’Leary funds ‘rubbish’ and inferring the self-proclaimed ‘Mr. Wonderful’ is entertaining, but clueless, WP readers had their say in response to an article announcing that O’Leary Mortgages had surrendered its Financial Services Commission of Ontario (FSCO) license effective March 31.
“Not a big surprise, remember O'Leary banging the table about mutual funds....then he becomes one. Perhaps he's going back to his original values and closing his rubbish funds,” commented Don Bulmer.
WP reader Murray Schultz took it one step further, questioning O’Leary’s authenticity as a successful venture capitalist.
“What if, in the end, Mr. O’Leary is just a guy who got lucky in the easy-money dot.com 1990s? Investors need to be aware that, like other product-branding ventures, when
Mr. O’Leary sticks his name on something he is still playing the odds and attempting to create a self-fulfilling prophesy – expert management or not.”
Another WP reader, who only identified himself as Mike, agrees with Schultz, adding that he was less than impressed after attending one of O’Leary’s mutual-fund pitches.
“No doubt he is entertaining, but he clearly had no clue about EMT, MPT or how to professionally manage portfolios,” he wrote.
Referencing an O’Leary quote from Canadian Business magazine
Profit 2003, Mike proposes that the Dragon’s Den star has an inflated opinion of his intelligence and just got lucky.
“O'Leary told Canadian business magazine
Profit in June 2003, ‘There are a lot of idiot fund managers out there who add no value to the process at all.’ If O'Leary doesn't turn things around at his funds, he can add one more manager to his list.”
to read the original WP article on the demise of O’Leary Mortgages.
O'Leary has done it again!
Dragon Kevin O’Leary blasts shortsighted advisors