Retail magnate and Harvey Norman founder Gerry Harvey has proven the investment adage of 'never try to catch a falling knife' after losing $1.5 million trying to bag a suite of bargain shares on Friday.

The retailer told The Age and The Sydney Morning Herald from his Adelaide Magic Millions racehorse sale that he spent $1 million each on 15 different stocks – a total of $15 million – following the week-long market rout on Friday, hoping to catch the bottom of the market and secure a good yield.

Gerry Harvey: "That's a quick way to lose $1.5 million." Credit:Janie Barrett

Mr Harvey picked up shares in Woodside, BHP, Rio Tinto, Australia’s big four banks, Computershare and, of course, Harvey Norman, many of which were at 12-month lows due to coronavirus fears infecting global markets.

But he lamented his poor timing after the markets plunged a further 7.3 per cent on Monday after a tumble in crude oil prices, a drop Mr Harvey said likely cost him $1.5 million.