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Author Topic: Warren Buffet has some very wise words. Crypto applicable.  (Read 375 times)
Fattcatt
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February 03, 2019, 03:13:15 PM
Last edit: February 03, 2019, 03:32:21 PM by Fattcatt
Merited by tyz (1), NeuroticFish (1), krogothmanhattan (1)
 #1

I have been asked a lot recently by members in here, what my position is on the current Bear market for Cryptos.
I think that this man is brilliant, and he gives the sentiment of myself and many members in here. So, this is your reminder.....  Smiley


Warren Buffett suggests you read this 19th century poem when the market is tanking.

Published Mon, Dec 17 2018 • 3:48 PM EST • Updated Mon, Dec 17 2018 • 4:04 PM EST
Kathleen Elkins
@KATHLEEN_ELK

Warren Buffett, Chairman and CEO of Berkshire Hathaway.Adam Jeffery | CNBC
The stock market has had a volatile year, and it’s not over yet: The Dow Jones Industrial Average lost more than 520 points on Monday and the S&P 500 fell 2.1 percent. Both are in correction and on pace for their worst December performance since the Great Depression in 1931.

But for the average person, shifts in the market, even ones as dramatic as the ones we’ve seen this year, shouldn’t be cause for panic. During times of volatility, seasoned investor Warren Buffett says it’s best to stay calm and stick to the basics, meaning, buy-and-hold for the long term.

So, during downturns, “heed these lines” from the classic 19th century Rudyard Kipling poem “If—” which help illustrate this lesson, Buffett wrote in his 2017 Berkshire Hathaway shareholder letter:

If you can keep your head when all about you are losing theirs ...
If you can wait and not be tired by waiting ...
If you can think – and not make thoughts your aim ...
If you can trust yourself when all men doubt you ...
Yours is the Earth and everything that’s in it.

Market downturns are inevitable, Buffett pointed out, using his own company as an example: “Berkshire, itself, provides some vivid examples of how price randomness in the short term can obscure long-term growth in value. For the last 53 years, the company has built value by reinvesting its earnings and letting compound interest work its magic. Year by year, we have moved forward. Yet Berkshire shares have suffered four truly major dips.”

He went on to cite each of the steep share-price drops, including the most recent one from September 2008 to March 2009, when Berkshire shares plummeted 50.7 percent.

Major declines have happened before and are going to happen again, he says: “No one can tell you when these will happen. The light can at any time go from green to red without pausing at yellow.”

Rather than watch the market closely and panic, keep a level head. Market downturns “offer extraordinary opportunities to those who are not handicapped by debt,” he says, which brings up another important investing lesson: Never borrow money to buy stocks.

“There is simply no telling how far stocks can fall in a short period,” writes Buffett. “Even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.”

HODL


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February 03, 2019, 03:44:42 PM
 #2

Very true...great opportunity to buy cheap on the dips and corrections. Thankyou for sharing Cheesy

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February 03, 2019, 03:47:56 PM
 #3

I am just wondering about the board to post this topic. Is this the correct board for this topic? Collectibles surely is not the board. May be this topic belongs to Bitcoin Discussion board.

By the way, nice article

Cheers :-)

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February 03, 2019, 03:49:54 PM
 #4

Only problem with using the "teory" for others markets like crypto is you don't know if you are in bear market because the crypto technology is at a dead end.

All here think we are the future. But maybe not Shocked

After bear market we see bull market. Until we don't.

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February 03, 2019, 04:13:38 PM
 #5

It wouldn't be the first time that a post of mine was taken down, I don't take it personally.   Smiley 
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February 03, 2019, 04:16:43 PM
 #6

It wouldn't be the first time that a post of mine was taken down, I don't take it personally.   Smiley 

It's not personal it's just the mods keeping the different sections in order so that you can find what you are looking for.  Great topic, just dont think it will stay here in collectables for obvious reasons.  Cheesy

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February 03, 2019, 05:33:49 PM
 #7

Hey Krogo, thanks for the merit  Wink
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February 04, 2019, 12:45:39 PM
 #8

There's nothing new in Buffet's words,if you ask me.It's the good old "nobody knows where the prices will go tomorrow or next month" just calm down and keep your self-confidence.
Buffet is a bitcoin hater,I don't think that he finds any correlation between the stock markets and the crypto market.

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February 04, 2019, 10:59:24 PM
 #9

Thank you for the post!
"Investors" need to memorize that poem ;-)


"If you can trust yourself when all men doubt you"

and internalize the understanding of the thing they invest in...no matter what it is.
That is how you can stand and stay focused when no one else can, and it's how the rest of the poem falls into place.

Sometimes there's more truth in forums than anywhere else.  Twitter:  @cryptobitchicks   "I am expressing multiple attitudes simultaneously. To which are you referring?"
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February 05, 2019, 04:26:35 AM
 #10

This is a very wise word, many people complain when bitcoin price keep on reducing, but when it reach its peak everyone regret of not buying early, and some of them think crypto as an investment that going to make them rich in an instant, now the bear market had happened for a long time, its time to buy and wait for the reversal

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February 05, 2019, 05:47:33 AM
 #11

This is a very wise word, many people complain when bitcoin price keep on reducing, but when it reach its peak everyone regret of not buying early, and some of them think crypto as an investment that going to make them rich in an instant, now the bear market had happened for a long time, its time to buy and wait for the reversal

This is, sadly the truth. In the end, as many people suggest, investment is moving the wealth from the masses to individuals, and hopefully, I can be one of those individuals with my holding bags. Last year I learned it the hard way that holding is not always profitable, so it is really important to watch the market periodically in crypto. Unlike traditional assets, crypto is very volatile and this nature makes people hope that they can get rich quickly. Most people are here for the money, they don't care about the tech.

Just look at BTT, as long as it gives them profit it is not a scam.


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February 05, 2019, 03:02:32 PM
 #12

This is a very wise word, many people complain when bitcoin price keep on reducing, but when it reach its peak everyone regret of not buying early, and some of them think crypto as an investment that going to make them rich in an instant, now the bear market had happened for a long time, its time to buy and wait for the reversal

This is, sadly the truth. In the end, as many people suggest, investment is moving the wealth from the masses to individuals, and hopefully, I can be one of those individuals with my holding bags. Last year I learned it the hard way that holding is not always profitable, so it is really important to watch the market periodically in crypto. Unlike traditional assets, crypto is very volatile and this nature makes people hope that they can get rich quickly. Most people are here for the money, they don't care about the tech

Shares are not less volatile than crypto

And this is exactly what Warren Buffett himself says specifically about Berkshire Hathaway stock which plummeted 50.7 percent in less than half a year. Today I read a post by some dude around here who brought forth the very example of Berkshire Hathaway stock as something which can't possibly fall in value, and here you see Warren Buffett in person saying that Berkshire shares have suffered four "truly major dips". Can it really be more ironic than that?



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metalglowd
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February 05, 2019, 03:59:32 PM
 #13

This is a very wise word, many people complain when bitcoin price keep on reducing, but when it reach its peak everyone regret of not buying early, and some of them think crypto as an investment that going to make them rich in an instant, now the bear market had happened for a long time, its time to buy and wait for the reversal

in practice, especially in bearish market conditions, people tend to avoid any loss, including being very careful in choosing coins when trading, they just realize crypto is very dangerous when it comes in this term. Buy and Wait is not a solution to all problem from our previous loses.


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February 05, 2019, 06:50:54 PM
 #14

Those are wise words, better than the crap that comes from john mcafee's twitter posts. Bitcoin will fall, it has fallen many times, buy now at the bottom then sell when it peaks, easy

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February 05, 2019, 07:23:17 PM
 #15

Those are wise words, better than the crap that comes from john mcafee's twitter posts. Bitcoin will fall, it has fallen many times, buy now at the bottom then sell when it peaks, easy

Absolutely agree with this

People should listen less to publicity whores and drama queens like John McAfee, Craig Wright and their likes, who obviously have their own agenda, while listen more to people like Warren Buffett and Charlie Munger, who don't make empty promises, who are clear and honest about their true intentions

For example, many of us are not quite happy with what Warren Buffett thinks and says about cryptocurrencies in general and Bitcoin in particular but in no case we can call him a liar or hypocrite. In other words, whenever you see or hear John McAfee mentioned, skip it and ignore it



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Sarastiche
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February 05, 2019, 09:03:23 PM
 #16

Warren Buffet is right on this, as CRYPTO is related to the stock market  and base on his experience his words are loaded with wisdom. thou lots of investors are tired of hearing the word HOLD, My Quote is "WHEN YOU GIVE UP, THEN IT IS OVER" Thou we have experience unbelievable market crash, let us keep holding the bull run is near

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February 05, 2019, 11:17:49 PM
 #17

Well i do agree with his statement though and i also know of this popular statement which was made by him that says "The stock market is a tool for moving money from the inpatience to the patience. Currently so many people are panicking in this bear market to the extent that they are selling their cryptocurrencies at a very cheap price. Those who are able to hold their coins till a rise in market are the ones that are going to make huge profits of their investments.

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February 06, 2019, 11:51:24 AM
Last edit: February 06, 2019, 01:28:18 PM by Lucius
 #18

I do not see why people who are involved in cryptocurrency show so much admiration for Buffett? Is that because of the enormous wealth he created for himself and some people around them, and in the same time has created a poverty all around the world? Why one man need 87$ billion, and tens of thousands of people die each day from starvation and curable diseases?

Buy low, sell high - hold for long term, most of people know that. Even Buffett make mistakes, he is not some amazing man who can predict future. He lost close to 4$ billion in one day just on Apple's stocks, and few more billions on other investments.

What's more tragic for him that he bought more Apple shares just few months before big crush.

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February 06, 2019, 12:00:11 PM
 #19

This is true not only on stocks or cryptocurrencies but also on other aspects in life. Warren Buffet has all the experiences he needs to influence and help other people in starting out their own ventures. While the man is a known critic of cryptocurrencies, citing that they bring 'no value to the table,' he still deliver some great knowledge on investing and handling investments as well. He might not know it but bitcoin is also facing similar events that happen on stocks and bonds, albeit the former experiencing these things quite often. Nevertheless, Warren Buffet is someone to be respected, and his words are applicable to crypto whether he likes it or not.

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February 06, 2019, 12:08:41 PM
 #20

If you can trust yourself when all men doubt you ...
Yours is the Earth and everything that’s in it.

Wise words and quite nice poem to improve the self esteem in hard times, whether we talk about stocks or crypto, whether we talk about the every day struggle in life.
Thanks for sharing.

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