Mark Cuban Tells CNBC He Supports Reddit Traders: ‘To Gen Z, That’s What Makes Perfect Sense’

Billionaire Mark Cuban told CNBC on Tuesday that he was a “fan” of Reddit traders and advised investors to respect their influence on the market moving forward.

“Kids today — the younger generation look at things differently,” Cuban said in an interview the network. “I think what’s really altered my perspective on it is the [cryptocurrency] market. … we’re starting to see the evolution of applications on blockchain that are really starting to build marketplaces.”

“I think younger kids, you know, Gen Z in particular, maybe younger millennials, have a different approach to how they look at stores of value, how they look at assets are priced, than we have traditionally,” he added.

The remarks came as part of an impromptu call to the network after Cuban hosted an “Ask Me Anything” thread earlier in the day on Reddit’s “WallStreetBets,” the forum responsible for causing a surge in the price of stocks last week included GameStop. Cuban encouraged readers of the thread to be persistent in seeking to influence the market, writing, “If you want to beat old school Wall Street you have to share [your] knowledge and find the power in numbers.”

He piled on during his interview with CNBC with remarks that some of the network’s viewers might regard as heresy.

“The narratives that we create to sell stocks — price earnings, right, discounted cash flow, those are all subjective,” Cuban said. “We just have been told by Wall Street that the lower the price-earnings ratio against your growth rate, then that’s an indicator the stocks’ going to do great things. Or Graham and Dodd in terms of asset valuation — that doesn’t necessarily hold in a digital environment in the way it did in the past.”

Jon Fortt protested Cuban’s critique. “Are you saying the millennial generation and the way in which technology’s caught up to trading — are you saying that’s going to make Graham-Dodd obsolete?” Fortt asked, mentioning the Columbia Business School professors who authored a 1934 book on security analysis. “Those metrics have lasted for generations for a reason.”

“Yeah, they used to trade salt for gold, too,” Cuban replied. “Things change.”

Watch above via CNBC.