Warren Buffett in his 1979 shareholder letter: Long term results
[...]
“One friendly but sharp-eyed commentator on Berkshire has pointed out that our book value at the end of 1964 would have bought about one-half ounce of gold and, 15 years later, after we have plowed back all earnings along with much blood, sweat and tears, the book value produced will buy about the same half ounce. A similar comparison could be drawn with Middle Eastern oil. The rub has been that government has been exceptionally able in printing money and creating promises, but is unable to print gold or create oil.
“We intend to continue to do as well as we can in managing the internal affairs of the business. But you should understand that external conditions affecting the stability of currency may very well be the most important factor in determining whether there are any real rewards from your investment in Berkshire Hathaway.”
This was before 1982 when company stock buybacks were made legal. Now that ol' Warren benefits from the Fed printing trillions in funny money and his companies' stocks getting bought back to run up share prices, he doesn't give a shit anymore. |
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^^^^^
Funny how the Average Joe couldn't have given a shit about PMs until this coronavirus hit.
I was buying PMs occasionally from 2015-2018 and the dealers couldn't give the metal away fast enough. Spot deals were plentiful.
FOMO is a hell of a drug...apparently.
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What about Aviation Gin? Anyone here tried it?
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But you're making the huge assumption that people who invested in late 2017 are likely to continue investing with a DCA approach. My acquaintances who invested at that time, later sold at a loss and didn't get back in. Like the majority of those investors, they probably don't even know what DCA is.
People with that get-rich-quick-or-bust type of mindset will simply never make it in this world. They certainly won't make it in ANY type of long term investing, be it stocks, PMs, real estate, etc. They can't be helped, because the fear and FOMO/greed emotions in them are too easily manipulated. Bear markets in anything can last for years. But my question remains - why so very few people understand that BTC has a finite supply that cannot be altered and should therefore be trusted to hold value more than infinitely supplied fiat.
Most can't be bothered to do the real research. Even if they do understand it, they are too overwhelmed by the brainwashing campaign of the MSM that tries to paint Bitcoin as a complete scam. They also don't understand and are put off by the volatility of Bitcoin as compared to large cap stocks, and so they seek false safety when they should be doing the opposite. Risk little, gain little. Risk nothing, gain nothing. |
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The media manipulation throughout this whole thing has been ridiculous. What ever happened to "you can't shout 'fire' in a crowded theater"?
What will be the way forward to stop this crap? How do we decentralize the media and encourage truth instead of hype?
so, while I am inclined to agree, and I am certainly coming around to the view that the loss of liberty is more serious than the contagion, it remains odd that every jurisdiction on the planet seems in lockstep with the dominant narrative. Never let a good crisis go to waste...I get that, but are they really this organized?? Yes, because they are all in bed together now. Every country that can is printing money go brrrrr at the same time. And the cover story is a global one. |
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We actually entered recession in 2008 and never left |
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I'll just leave this epic rant about the $2T (*cough* $14T *cough*) bailout bill here: https://www.youtube.com/watch?v=D-7uro3A3qUPeople often say, well what can the Average Joe do about it? March? Riot? Revolution? Bitcoin was *literally* created for this reason. It IS the red pill. It IS the Revolution. #BUYBTC and stop participating in the corrupt fiat monetary system. |
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The WO thread is a clique. There is nothing of value to see there.
The wrong thing I did was not to buy more back in 2015. By that time I have bought my first bitcoin, to pay for a storage cloud which accepted it. Didn't bought before 2015 because there was no thing I wanted to buy with it.
Since the beggining I wanted it to be a way of paying things and buy stuff without depending on fiat and banks. Finally is happening now with massive adoption in Japan and research in blockchain going on.
But now I'm sad that I had not bought more before, I would be able to have 10x more now. And the satoshis I spend buying the storage would be more valuable now too.
I have bought my first bitcoin in 2015. It was 1BTC at that time.
<snip>
In total I have something around 2.3-2.5BTC in bitcoins and altcoins together.
Didn't sold anything, nor I will. I really want to use bitcoin as a way of payment.
I think it's better to hold.
Fuck off flip-flopper. No one cares what you think. |
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Come back to it in 2-3 years from now and enjoy the near-order-of-magnitude profits.
I agree with your sentiment, but any investment should be a minimum of 8-10 years holding, if not much longer. Thinking 2-3 years outlook will cut it is the problem with most people's mindset about investing. Hell, a bear market in anything could easily last 3-4 years. Yeah, agreed, perhaps at least one Halving period. Fact is that I have never ever been at a loss since I bought my first Bitcoin in 2015. Never ever. Always in profits, sometimes really huge, others not so huge, but far greater than any other traditional investment could have given me. Yep. Instead of thinking of Bitcoin as an "investment", I like to think of Bitcoin as a personal/private bank account that pays you insane interest to hold your money...provided you average that interest rate of return over a ten year period. Incidentally PM's aren't much different, they just pay you much less interest over time than Bitcoin. |
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Come back to it in 2-3 years from now and enjoy the near-order-of-magnitude profits.
I agree with your sentiment, but any investment should be a minimum of 8-10 years holding, if not much longer. Thinking 2-3 years outlook will cut it is the problem with most people's mindset about investing. Hell, a bear market in anything could easily last 3-4 years. |
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I'm no conspiracy theorist, I tend to want to see evidence before I even consider anything a possibility, but I tend to be open to see the evidence and make a decision for myself.
I believe there is a Corona virus out there. I believe people are getting sick from it. I believe people have died from it.
My question:
With all of the people that record video of every boring part of their day (planting flowers, eating dinner, walking the dog, etc.), why are there no videos of people in their hospital beds dealing with this virus?
A quick search of Youtube shows that there are several media videos of people talking about how they are sick, but no "Joe blow" sitting in his hospital bed talking about how much it sucks on his Youtube channel.
And on Facebook I see plenty of people talking about how "my friend's dad died from it" or "my friend is a doctor and he's overwhelmed", etc.
But where are the videos? If you know of any, please let me know to ease my confusion. This should be a common thing on Youtube.
The only videos out there are the ones sanctioned by the media. Also, please point me to the World Joint Investigative Task Force put together by all the major nations affected by the coronavirus, whose mandate is to: a) investigate the source of the virus, b) find out *exactly* where it originated from and how/why, and c) put in protective measures to make sure that this kind of thing NEVER EVER happens to the world again. Because considering the health threat and the world economic damage, such an investigative task force would make total sense, right? Bbut...no? You can't find such a thing being discussed in the media? That's odd.  Bueller? |
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Shit man It sucks to be a nocoiner.
I reverted back to where I was 3 years ago. >:[
Right after I started to break my rules I went complete shit with my decisions. Fuck. Starting again.
Hopefully I'll be smarter this time.
Few months ago I was so damn sure that I could ride this to zero because that was when I wasn't overinvested. Right after I overinvest everything went down. Fuck my luck. It should have gone upwards. Fuck.
Well some would tell me that going 95% all-in (been that way since Sept 2013) that I'm overinvested, I'm crazy, I'm a fool, and so on. I saw a 40% drop in my net worth soon after I went "all in". I've also seen many peaks and valleys since then. Am I taking a big risk? Well sure. But risk little, gain little. But then again had I not gone "all in" back then, I never would have been able to buy a house outright not too long ago, and still have enough left over to basically retire for life. I still do some work on the side to keep the mind active. As you can see with the recent stock market action, divestiture into other investments doesn't guarantee squat. |
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wjy indeed?
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This equities bear market is FAR from over. Not enough despair yet. It'll be fun watching all the bull traps on the way down.
They've got a least another -20% to go. I predict bottom of the stock market sometime around Jan 2021.
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I had troubles with my trezor in Thailand, I had the trezor but the backup codes were on the seastead. That's part of it, you need backups but what to do with the backups?
Fortunately I had a backup that I split among family members because all of my cryptosteel was on the seastead.
Elwar, are you talking about your seed key still on the seastead? If so, what happened to it? If the seastead has been confiscated by authorities, I hope you moved your coins to a new trezor. |
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If everything has gone to hell the one thing people wont have is loads of spare money
But that's the point of bear markets and market bottoms. The whales back up the truck and accumulate at the bottom of a market at precisely the time when retail investors don't have any spare money to do the same. |
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It will definitely trickle down to the real economy, just like it did 2009 - 2019.
During that time they managed to keep a lid on food prices, gas prices, and some services, but literally *everything else* skyrocketed: houses, student loans, new cars, new phones, utilities, phone bills, health insurance, etc. And that was all during a period of global deflation!
You can't have all those things skyrocketing while people's salaries remain stagnant over the same period. That's inflation (actually stagflation) and that's why people feel poorer and poorer over time.
It's going to be even worse over the next decade. MUCH worse.
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