he now literally has no money anywhere else. none in the bank, none in any other stock, etf, retirement fund, etc. his entire net worth is in $USO, i think around $80-100k, except for like $1000 in an emergency savings account. my entire friend group has been absolutely hounding him for this but he plays it off like a joke. every stock forecast and firm projects oil to be terrible over the next few years

what's the worst investment you've ever seen personally

of all the industries

@op what was the rationale

"well it has to go back up sometime"
one morning he legit just woke up and called vanguard and was like "move it all into oil, everything"

gonna be a rough decade for him

what on earth

he was all in at like $30.50 or something and he was like "my sell target is $100", now his sell target is $60 like 2 weeks later and it still hasn't gotten over $31

Maybe put together a powerpoint showing why this is not a good idea with your friend group! THis is your friend, you can't let him go out like that!

we have legitimately tried talking him out of this, but now it's gotten to the point where it's like a joke to him and he just finds it funny. he's generally a pretty smart guy (esp. financially) so this is somewhat out of character for him

There's no way you can talk to him or convince him otherwise? You are his friend, you should be able to get him to listen to you

nevermind

yeah we tried to get him to go to a therapist too because we thought this was some kind of weird dopamine gambling thing

has he been depressed recently? anxious? overly stressed? when something that out of the ordinary happens, there has to be something wrong

oil will go up. quote me in 3 months

we've been trying to talk to him about it but we think he's just getting jaded by his work and looking for cheap thrills or something

i hope your entire net worth is in oil too

Yeah I know, but this way you can get as much research/facts etc. lined up in a clear & concise way. Hammer on it that this is serious (as you already have, I imagine). If that doesn't work, I don't know what you could do.

it's only been two weeks? you don't even know if he f***ed up yet lol, or how badly if so. But even if he wins big its pretty dumb to invest everything in 1 stock option

Damn

i mean he could make money, sure, but just like the entire concept of taking money out of everything including your own retirement fund and the S&P to move into a single stock is just a bad/unhealthy idea lol

“Move it all into oil, eveything”
floating

Yea wtf