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11 sats \ 11 replies \ @grayruby 4 Oct \ parent \ on: Crane count drops 44% across North American cities econ
To be fair. That's not correct because he put the money in in tranches over 3 years so he likely wouldn't have a 3x but at least a double. But he would have had a 3x on the initial 100k that I told him put in Bitcoin instead of risky real estate development projects.
Yeah, just this very fact alone can cause more contraction in the construction market. The risk might not be worth the reward.
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I mostly thought it was a bad idea because I know he was not educated in the market. He got lucky and had some extra money from selling a rental property he had for years that skyrocketed in value due to insane money supply expansion in Canada and thought his good fortune made him a real estate mogul. He got sucked into a project that promised big returns in a short time, that was actually a very good idea and location, but poorly timed and overindebted.
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"Only when the tide goes out do you discover who's been swimming naked."
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I do wonder if someone reasonable actually sat down with him to explain Bitcoin (not someone like Saylor), whether he'd at least admit that there is a case to be made.
I think you'd have to acknowledge that bitcoin is "speculative" in the sense that it's not a productive asset, which is what Buffet is used to investing in. But then you'd have to explain that the speculation is quite reasonable given the arc of monetary history, and you'd have to get him to acknowledge the risks and injustices built up in the fiat system.
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I know a lot of smart people who are terrible investors and/or do not understand bitcoin or hate it for childish reasons
Senior citizens revert to childhood, circle of life, @siggy47 can confirm?
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Oh sorry. I didn't see this. I was taking a nap.😀 Seriously, it's true. My peers have nostalgia for the US dollar, in cash, and they see real estate as the ultimate store of value, as it has been for most of their lives. They don't trust modern technology either. They expect things to work without auto updates, crashes, screen freezes, etc. With old telephones, radios, and TVs, they just worked. No bullshit.
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He is too old to understand it
Age is just a number has limitations
Anyone tried teaching a new trick to an old dog recently
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He and Munger have great quotes and life advice because they were/are old and rich.
Even poor seniors on Medicaid and disability have kernels of life wisdom simply because of experience
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Buffett got lucky too
No question he has skill and knowledge and probably inside information but his long track record of success also requires luck
I hate it when 'successful' people say I am successful because I work hard and I am smart, nothing to do with luck... I hate it because they are wrong
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People claim that he simply capitalized on the credit bubble we are currently experiencing. Without the bailouts, the buffet would have been crushed.
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