Libs

For those of us paying over 40% on every marginal dollar we make (over 50% when you include CA taxes), let us know when it's enough. The deficit is not because the rich don't pay enough.

https://brusselssignal.eu/2025/02/europe-checkmate/ A sobering assessment of Europe's position. Would be interested in others' opinions on this article. Too dour?

Yes sir, still running my RIA and loving it. Why would I retire.....

I have also beaten the S & P over a very long period, 25 years now. By about 3% a year. Otherwise, I suppose my wife could logically insist we go the index route, and I'd have to go along. BTW, every so often beating the S & P is a cakewalk, if you care about valuations. 2000-20003, for example. And I suspect we are entering a similar period now.

< I think even if some Genie could guarantee some high annual compound return by going 100% index fund but the only caveat is you can never research companies or make another investment again I'm not sure I would take it.> Holy cow, you just read my soul there....I just realized I feel the same way. There's no way I can ever give up 'the game.'

Thanks GFP. After reading this I'm more comfortable with Abel running things.

Didn't Buffett kind of freeze up when the GFC hit too? Yeah, he cut some nice 10% GS - type deals, but they were small, and he later admitted, IIRC, he used a thimble instead of bucket? Found the quote from the 2010 letter: Buffett recalls that last year’s letter called corporate and municipal bonds “ridiculously cheap” compared to U.S. Treasuries. And we says Berkshire did “back” that view by making some purchases, but “I should have done far more. Big opportunities come infrequently.”

Agreed......a good investor's advantage is in temperament, not in the above. Buffett is dead right about that. An obvious example is: feeling euphoric, rather than fearful, when the market plunges. This is the opposite of the typical reaction. But it's where the money is made. You don't need to have cash either, although that's nice. You can just sell dollar bills for 75c and buy other dollar bills for a 25c when stocks are washed out. (BTW I'm kind of shocked to hear people on this board write that stocks were uninvestable in 2011, 2012. Good Lord. They were cheap, even 3 years after the 2009 washout and subsequent run-up. ) In summary, don't let macro stuff influence you. If you found a great local business you could buy for a steal, would you hesitate because of anything going on in the world today? Same with stocks. Not saying this is easy for everyone, BTW. Maybe you have to be born with it. Buffett implied as much.

How does this work from a tax standpoint? I was gifted 7 one -oz gold pieces from my mom. Does the dealer cut me a check and issue some sort of 1099? Is the basis my mom's basis? Sorry to muddy the thread

TSLS

Post of the year.

Wild stuff. Sure feels toppy...... https://arstechnica.com/tech-policy/2024/12/teen-creates-memecoin-dumps-it-and-earns-50000/

Grifter indeed. The more I hear Buffett invoked by a money manager, the more skeptical I am. Meanwhile, Mark Leonard walks the Buffett / Munger walk without mentioning their names. These are the people to hitch your wagon to....in the same way honest people never tell you they are honest or say 'trust me.'

Wow. That speaks volumes.

https://brklyninvestor.com/2024/11/06/cash/