In this clip from The Drift, tastytrade founder Tom Sosnoff reveals the one stock he has refused to trade for 40 years and the reason has nothing to do with fundamentals.
Adam Mesh asked Sosnoff if he has any stocks on a personal "never trade" list. His answer: American Express ($AXP).
The backstory: In 1986, Sosnoff got into a dispute with American Express over airplane tickets. He refused to pay. From 1986 to 1996, Amex called him every single day trying to collect. He never gave in. "F you, and F you on top of F you," Sosnoff said. "I'm never ever conceding."
It's been 40 years. He has not traded one share of $AXP.
The twist: his wife is an American Express cardholder. They give her unlimited everything. The same company that won't deal with Tom Sosnoff treats his wife like royalty.
Watch the full episode of The Drift on Benzinga's YouTube channel.
$AXP.
#TheDrift #TomSosnoff #AmericanExpress
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