Labeled a “dumb kid” by her teachers during her childhood, investor and TV personality Barbara Corcoran has defied all odds and emerged as a prominent figure in the realms of real estate, authorship, entrepreneurship, investment and television. Her most recognizable role comes as one of the pioneering investors on the popular ABC show “Shark Tank.”
During an interview on “The Daniel Mac Show” podcast in June, Corcoran was asked about her most profitable investment from her 14-year run on “Shark Tank.” Without hesitation, she said, “That would have to be The Comfy. I took the deal myself. I acquired a one-third stake in the business for, I believe, $50,000.”
Just how much profit has she made from these oversized, wearable blankets since striking the deal during the show’s ninth season in 2017? “They made me $468 million dollars in three years,” she said. As she put it, it’s undoubtedly “a good investment.”
Don’t Miss:
The Comfy, introduced by brothers Brian and Michael Speciale in Season 9 of the show, originally sought $50,000 for a 20% stake in the company.
In a follow-up episode in Season 10, the Speciale brothers shared sales milestones. Within five weeks of appearing on “Shark Tank,” they achieved their first $1 million in sales. In under a year, their sales soared to $15 million.
“Nobody wanted it … I never anticipated,” Corcoran said.
It is crucial, however, to avoid comparing The Comfy to the Snuggie. “Don’t you dare say Snuggies,” Corcoran said.
Cousins Maine Lobster is another successful investment Corcoran made on “Shark Tank.” Cousins Maine Lobster is an international food franchise that brings the Maine lobster shack experience to various neighborhoods through its food trucks and brick-and-mortar restaurants.
Founded by cousins Sabin Lomac and Jim Tselikis in 2012, Cousins Maine Lobster began as a food truck in California, aiming to fill the gap in the market for the authentic Maine lobster experience. Despite facing initial disinterest from four of the Sharks on the show, Lomac and Tselikis secured a deal with Corcoran. The agreement involved offering her a 15% stake in the company in exchange for a $55,000 investment. The company now grosses nearly $30 million in sales annually.
Since her debut on Shark Tank in 2009, Corcoran has closed between 650 and 700 deals, but only about one-third of them have been profitable.
Despite the fact that many of her “Shark Tank” investments haven’t been financially successful, Corcoran has expressed no regrets. In a May episode of Barstool Sports’ “Chicks in the Office” podcast, she explained that she has reached a point in her tenure on the show where she is no longer impressed by products or services. Instead, she is captivated by the ambition and vision of the entrepreneurs themselves.
“The No. 1 trait I’m looking for is ambition,” Corcoran said. “Someone who envisions where they’re going, and I fall for it when they tell me they’re going there.”
Corcoran’s investment strategy centers on trusting her instincts and the people running the businesses, with the belief that they will eventually achieve financial success.
Even if things don’t pan out as expected, Corcoran remains unfazed. She is not the type to dwell on such matters, as she considers it a waste of time. Instead, she looks ahead and seeks out new opportunities.
Shark Tanks Impact on Startup Investing
Stories like these show the lucrative but risky nature of startup investing. Small amounts of money can turn into massive paydays if the companies make it big. But many times the startups fail and investors lose everything. Regardless, the popularity of Shark Tank has helped fuel the meteoric rise of retail startup investing through platforms like StartEngine and Wefunder. StartEngine has already raised over $15 million from retail investors this year, and retail investors have invested over $320 million in startups in the past twelve months. Kevin O’Leary even hopped on board as a spokesperson for StartEngine, and many other sharks have joined equity crowdfunding based ventures.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
