He also told the man that the speculative stock he had bought would rise in value.
The accusations reflect the fact that many individuals are willing to buy speculative stocks, hoping to make a quick killing.
The public is back in the market, and the speculative stocks are soaring.
Investors who are willing to hold speculative stocks for the long haul may want to consider some of them, several analysts say.
Technology and speculative stocks rallied yesterday from Thursday's steep retreat.
He noted that many smaller and more speculative stocks peaked last spring, before a summer drop in prices.
While saying the manager was great at picking speculative stocks, he said he did not know how to spot change and when to sell.
Never again did I touch a single speculative stock, who desired to think no more about money.
"People aren't buying speculative stocks, they're not trading as much."
He has been involved since November 2001, and he called the stock "very, very speculative."