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Noted Boomer Heard From: Gold = Stupid, Bitcoin = Stupider Gold, and SPACs = IB Shit
creepycoug
Member Posts: 23,096
No, not @RaceBannon ... this isn't the Flooring Club. It's the MF Finance Club.
Sir Charles Munger says platforms that say you get free trading (err, Robin of the Hood) are the most despicable of liars, Bitcoin is a stupider version of Gold, and SPAC games is just another turd that the IB community cooked up to make $$.
Need to hear from @backthepack and the other young bloods come defend your turf. Careful though youngbloods. We have some smart old farts on this board who actually know their shit.
https://www.youtube.com/watch?v=cP8ap47seKw
Sir Charles Munger says platforms that say you get free trading (err, Robin of the Hood) are the most despicable of liars, Bitcoin is a stupider version of Gold, and SPAC games is just another turd that the IB community cooked up to make $$.
Need to hear from @backthepack and the other young bloods come defend your turf. Careful though youngbloods. We have some smart old farts on this board who actually know their shit.
https://www.youtube.com/watch?v=cP8ap47seKw
Comments
Warren is the good cop who is doing just the opposite of whatever the fuck Munger is Get Off My Lawning About.
What he does seems to confirm underlying suspicions held by those of us who look for value and scratch our heads when we see asset classes take off for no particularly compelling reason.
We don't hate technology. When MS was MS in the early days, what happened there made sense. People buying a retail game store company for multiples that exceed the stratosphere doesn't make sense. The value proposition didn't change, either current or forecast. Munger also said, in another recent statement, that stupid is the culture that encourages that kind of random ass gambling and market speculation.
Yeah, he's 97. But he's a smart 97. My gramps was telling me shit in his 80s that I couldn't really appreciate at the tim that are now pillars of truth in my epistemology. Old dudes know shit because they've lived through cycles.
What? Are we going to really take investment advice from Fudgie? @backthepack sorry. you're elite, but for reals. lol.
The internet says Munger was born in 1924. So I am not sure that either Race or Charlie are boomers.
I saw/glanced at his comments (read) not listened and thought he was just averse to the speculative betting nature of the stock market at the present and used GameStop as a specific example. He called it gambling and worse.
Oh, I see your post and title may contain a little bit of literary/poetic license. Okay, never mind.
I will listen to his comment though. I have been of fan of his and the Oracle (of Omaha) for longer than most of the kids around here have been alive.
Keep up the good work, creep. The thing I like most about this board is you can actually pick and choose what topics you want to learn about. Some dumbass once said Socrates was a pretty intelligent guy.
I just used boomer so as to set someone up for "OK Boomer!" but @backthepack hasn't bitten yet.
It could be an intellectual limitation of mine, but investing makes sense to me when I see one of two things: potential for actual, economic growth of a company or industry (i.e. value); or a business that generates excess cash and makes a practice of distributing it to me. Beyond that, it's outside of my intellectual reach.
Precious metals is a game I do not understand, but I know this: if I'm not making jewelry gold is useless to me unless someone is willing to trade me for other useful assets, and I don't know why they would because I wouldn't trade a useful asset for a block of shiny. So given my lack of sophistication in precious metals, crypto is just way outta my league.
Munger speaks in a way that always makes sense to me. Same with Buffett.