james22

That's my excuse!

Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn’t require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists. Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments. The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders– Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel. Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making. https://www.amazon.com/dp/1119747910?psc=1&ref=ppx_yo2ov_dt_b_product_details Great.

Increased demand.

But by your earlier definition (one is only wealthy if one is happy and content), there isn't. Seneca didn't say "be wealthy."

But by your definition, anyone anyone who has "enough" is wealthy (agree) and anyone who does not isn't (disagree). Not very helpful.

OTOH, you have to spend your money somewhere. Homes can be enjoyed every day.

Guys, just remember, if you get real lucky, if you make a lot of money, if you go out and buy a lot of stuff -- it's gonna break. You got your biggest, fanciest mansion in the world. It has air conditioning. It's got a pool. Just think of all the pumps that are going to go out. Or go to a yacht basin any place in the world. Nobody is smiling, and I'll tell you why: Something broke that morning. The generator's out; the microwave oven doesn't work; the captain's gay; the cook's quit. Things just don't mean happiness. Ross Perot

Better to threaten and be thought weak than to invade and remove all doubt.

Can't wait for the synthetic cyrpto offerings that bet on their performance.

Here's hoping.

Now -29% YTD. Don't what what fair value is either, but seems it's getting there pretty quickly.

The rising cost and increased politicization of higher education only helps the trades.

US intelligence indicates that President Xi Jinping’s sweeping military purge came after it emerged that widespread corruption undermined his efforts to modernize the armed forces and raised questions about China’s ability to fight a war, according to people familiar with the assessments. The corruption inside China’s Rocket Force and throughout the nation’s defense industrial base is so extensive that US officials now believe Xi is less likely to contemplate major military action in the coming years than would otherwise have been the case, according to the people, who asked not to be named discussing intelligence. https://www.battleswarmblog.com/?p=56913

Thanks

US intelligence indicates that President Xi Jinping’s sweeping military purge came after it emerged that widespread corruption undermined his efforts to modernize the armed forces and raised questions about China’s ability to fight a war, according to people familiar with the assessments. https://www.battleswarmblog.com/?p=56913 Has to make action against Taiwan less likely.

Rather than an ETF? Mind sharing why? I'm kind of liking the idea.

Not many Greeks fitting inside that horse.

Anyone like Microstrategy here? -16% over the last 5 days.

Just tried to buy in my Vanguard account. Got the message: Trade cannot be completed Buy orders are not currently accepted for this security. Securities may be unavailable for purchase at Vanguard due to a number of variables including regulatory restrictions, corporate actions, or various trading and/or settlement limitations. Gave them a call and was told they aren't setup to transact them and it may take several weeks (!) before they can. Unbelievable. Checked the Bogleheads forum and someone said they were told by Vanguard it was against their buy-and-hold philosophy and they wouldn't be offering it. Called back and was told the same. Fuckers. I'll be transferring my account.

Sure. Doesn't mean it doesn't apply. What do you believe will happen to gold now that Bitcoin might compete with it as a store of value? Can you do better than guess?

Like any other commodity: supply/demand?