In an interview with CNN's Erin Burnett, Dallas Mavericks owner Mark Cuban shared some of his thoughts on what a potential Donald Trump presidency would do to the stock market, as well as who he would vote for if he had to choose today.
Cuban opens up the conversation by discussing his main issue with Trump, which is that he hasn't taken the time to understand issues in any depth, and that he is unpredictable in what he's going to say from one topic to another, which will ultimately not play well for the market.
"Let's take a step back first of all. Where Donald has come from, to today, you would think that he would be more knowledgeable on the issues, that we would look at what he's had to say, and say you know what, he's really picked up some in depth knowledge, he's nuanced on different topics whether it's immigration, whether it's the job plan, whether it's the economy, but that just hasn't happened, and to me that's a problem."
"It's apparent the he really hasn't invested the time to really do a deep dive and understand the issues that we're facing. When you have that amount of uncertainty, when you're not sure what the candidate's going to say from one thing to another, that uncertainty potentially as the President of the United States, that's the last thing Wall Street wants to hear."
Cuban goes on to say that he could see a significant market correction if Trump was voted into the White House, and pointed out that even Carl Icahn, a person who is supporting Trump, has taken a massive short position ahead of the fall, as we first reported here.
"There's a really good chance we could see a huge, huge correction. Carl Icahn, someone who is supporting Donald and is mentoring him in economics and finance, has taken on a huge 150 percent short position. That's not a good thing, that's horrific."
"Unless he comes up with some concrete examples of what he's going to do, it could really turn Wall Street up and down. All of those 401(k)s from all his followers, their net worth could fall further than Donald's would."
When asked about how big the correction could be, Cuban said it could be 20 percent, or it could be more if the HFTs accelerate it.
"It could be 20 percent, you know now with high frequency trading accelerating strong moves in any direction it could be worse than that."
Burnett then finishes the interview by discussing Cuban's initial appreciation for Trump making others more honest, and before asking who he would vote for if the election were today, Erin asks the obligatory mainstream media question of "How smart do you think Donald Trump is?"
"Probably not as smart as he thinks he is. Look I like Donald, but to be the President of the United States you have to be committed to always learning. In business, to be a great CEO, to be a great investor, to be a great entrepreneur, it's not that you won't fail, everybody fails, but you have to have a commitment to learning, you have to have a commitment to always finding out what's next. Donald just hasn't done that, I mean he won't even learn how to send emails."
"I'd probably say right now it'd be Hillary, because the devil you know is better than the devil you don't know. I know what Hillary's positions are, I can go to Hillary's website and there's spreadsheets, there's depth, there's analysis, there's details. I go to Donald's website, which I have, he lists issues, he lists top line things that he'd like to do, but he doesn't say how he's going to get there."
* * *
To be fair, what Cuban lays out are reasonable criticisms of Trump. However, perhaps the devil we already know is not so different from what Cuban is fearing to begin with.
The post Mark Cuban Is Voting For “The Devil He Knows” Hillary, Warns Trump Presidency Will Crash Stocks appeared first on crude-oil.top.