Does anyone else think that maybe the whole gamestop "rebellion" is just part of the snake oil? A lot of institutions will ultimately make money on the backs of those GME investors. I feel the only way to win at investing is to just throw your money into a diversified portfolio and then go live your life. Unless you really, truly, like looking at magic money graphs all day, I think the only winning strategy for investing is to play it as little as possible. Hard to argue with the author on this one.
Here's the author's youtube channel. There's also an Apple podcast verison. Its interesting to compare the nuance, tone and personality that the video as a medium adds. The video and podcast seem a lot more relatable/friendly/fallably human (versus the comments here being about how the author seems preachy/boomer-esque/know it all). Perhaps its because you realize they are from Brooklyn/Long Island and its just their speech pattern to talk super confidently.
I have been following the blog and the channel for awhile . One of the few halfway decent finance channels. The problem with a lot of finance content is so much of it is aimed at a novice audience.
I agree with what the author says to avoid but wonder why he did not recommend investing in stock index funds, for example the Vanguard ETFs with symbols VOO or VT.
Most sound investing advice specifically says not to invest until you have enough liquid savings to withstand an emergency - keeping in mind that the biggest emergency one might face is usually losing your job. If you don't have that saved up - or worse, are already unemployed - securities are actually a really poor investment due to their volatility. A professional skill doesn't "go down" in the same way that a stock can go down.
If you are financially secure for the time being, then buying stocks is a good idea, as you can stick that in a tax-advantaged account for retirement. Large index funds are good for this specific purpose because you don't have the risk of an individual stock getting wiped out. You can hold onto it for a long time and get your few-percent-per-year ROI.
I suspect the title is conflated with the phrase "redistribution of wealth", which when deployed in the political or macroeconomic vernacular has a default subtext of, "from those who have more, to those who have less". This is in turn obliquely comparable to (but not identical with) the Marxist slogan, "From each according to his ability, to each according to his needs".
The explicit reverse, and the content of the article, suggests an author responding to these common allusions, and including "reverse" to convey the antithesis.
"Just wear a nice business suit to get your foot in the door" is just such laughably simplistic boomer advice regardless of the age of the person dispensing it.
Not to mention the advice of actually buying a physical cookbook -- what year is it?
It's not proving anything. It's VERY hard to make the right picks. Easy in hindsight.
But you're invested crypto so it's profitable for you to push this narrative in order to keep building the pyramid and cash out. Love MLM/pyramid vibes coming out of the crypto investors, because that's what it is.
It's an amazing spin, attempting to move away from the point of contention which you can't defend. This type of rhetoric hooks poor unhappy/angry people right in. All just so you can make some quick cash.
Don't pretend that crypto will even attempt to solve any of those issues. It's yet another method to transfer wealth out of poor people's pockets.
Defend crypto? Dude the blockchain database is what's going to change things. The coins aren't the technological revolution happening. The storage of information and its reliability is what is important here. You're just mad because it's replacing your old ways which you cannot defend.
While there are many issues surrounding our banking industry, the way it manages currencies is far superior to how any of the crypto currencies work.
Fraud prevention, fraud reversibility, low fees, transaction rate, simplicity. Reliability is fine as well, I don't get the issue?
Keeping transactions publicly in the blockchain is probably one of the worst things that could happen to privacy.
I've read Bitcoin's paper back in ~2011, played with it's implementation a bit, so I'm well aware of what the blockchain is. It does NOT solve anything meaningful, it's not nearly as special as layman make it out to be.
Once again you're using one coin to represent the entire industry. You don't understand the technology and how it will penetrate every sector of society. Bitcoin is the KittyHawk of aviation. Yah no one flies the original plane anymore but it started an industrial revolution. And you are very much wrong on your assumptions on our current international money moving system. The benefits will be tremendous and is very much in play, go ask the central banks of France or Japan. You're missing out on what is happening right in front of your eyes.
> You don't understand the technology and how it will penetrate every sector of society. Bitcoin is the KittyHawk of aviation. Yah no one flies the original plane anymore but it started an industrial revolution.
I feel like you're about five years late to the blockchain-will-change-everything bandwagon.
Also your chronology is all wrong. The industrial revolution started well before 1903.
Sounds like you were five years too early. And prepandemic I would agree with you. Today I can't.
I also said "an industrial revolution" and not "The Industrial Revolution". But I'm glad you could no longer argue the validity of crypto currencies and the implications of mass adoption and use.
You don't work in finance, blockchain can solve a lot just look at Amazon QLDB, looks like it can solve quite a bit. And now you just sound jealous and very regretful.
No, it's stupid easy how easy it was to make money in the past when you look back and already know the outcome. That is absolutely not the same as saying that bitcoin will be a good investment if you buy today.
So no, tablespoon didn't prove your point whatsoever. You completely missed tablespoon's point.
>> With hindsight, you could have invested in all kinds of stupid things and still have made money.
> Exactly, thanks for proving my point. It's stupid easy to make money by investing it right now so why are you telling people not to do it?
I didn't prove your point, and if believe what you just wrote, I don't think you should be investing.
But you can prove me wrong by correctly telling me when the cryptocurrency bubble will burst. After all, it's not stupid easy to make money unless you sell at the right time.
Talking about bets after the roulette wheel has stopped is not very interesting. Anyone can see after the fact that the ball stopped on red 12, or the price of something has increased.
So can you tell me what I should invest this new stimulus in to get 8x returns?
$1.4k isn't much to most HN users, so I would tell you to invest it in crypto if you don't own any yet. I'm not saying you should take out a mortgage to buy crypto, but if 2-10% of your portfolio isn't already crypto, then you should really fix that. The chance that ETH gets a 500% return from now until the end of the year is about 50%, in my opinion.
> The chance that ETH gets a 500% return from now until the end of the year is about 50%, in my opinion.
If I were a betting man, I would be willing to wager any amount you named that you are wrong. (Seriously, any amount up to my maximum ability to raise. If it were more than I were comfortable losing, I'd buy ETH for about 1/3 the dollar amount of the bet, and make money no matter what happened.)
I am a betting man, and have a not-insignificant amount of money wagered on my position.
Put your money where your mouth is. Go take out a loan, and use the cash to short ETH. Otherwise it's obvious that you're just full of hot air and have no conviction.
There is a lot of room between shorting (betting it will go down) and betting that it will not go up by as much as 500% by the end of the year. I never said I thought it would go down.
But you're right. I lack the conviction to act on something that aren't actually my convictions.
HN has a hate-boner for everything crypto-related, which is surprising considering some of those same folks were probably crypto-anarchy idealists talking about the coming digital liberation at some point in their lives.
>"Haha imagine the same advice for bitcoin 15 years ago"
Or Tesla, or Apple, or Nvidia or, or, or... literally throw a dart at a list of NASDAQ stocks 15 years ago, same thing.
Hindsight is 20/20 and no one can read the future. His point is that you're better off investing in things you can control than gambling on a "sure thing".
I mean, yeah, NFTs are a massive speculative gamble and probably a poor one ATM, the space is too oversaturated. That doesn't make speculation in general a bad idea.
His advice of "don't speculate with free stimulus money even if you can afford it, spend it on consumer goods instead" is still bad advice.
Young people are the ones who can afford to speculate without it hurting them too much. They have an entire lifetime to make lost money back, and if they win on their speculative play, an entire lifetime to compound it.
Speculative gamble in crypto is defintely a better one, especially the more known ones, BTC, ETH, etc. But NFTs? Cryptos are digital money. NFTs are digital hot air
Yeah, don't speculate in anything high risk. Leave that to important people. Instead, just consoom and spend your stimulus on business suits and concert tickets.
These people cannot stand the idea of speculative investments (such as DeFI) being available to the unwashed masses. Understandable, the author is a Financial Advisor after all and benefits from the impression that investing is some mystical voodoo that only Trained Professionals™ can do.
When I saw the $1.9 trillion stimulus pass I took that as a good signal to add to some existing crypto positions.
I stick to index futures and options on those futures myself but a friend of mine is deep into trading crypto. After a few drinks we were at his place just last Sunday and he was showing me charts and what not explaining his methodology for trading. It was absolutely alien to me considering the things I commonly trade.
Even funnier to me than How The Expert Does It was the fact that it's been working for some time. That very night he correctly called the big down move we just saw and correctly (so far) picked up where the fall back support would be. As always the situation is in progress...
The funny thing is that I'd be laughing my ass off at such cargo cult voodoo if he hadn't made so much money.
Absolutely! I find people are good about over reporting their gains and under reporting their losses myself. He mentioned some numbers in the multiple tens of thousands for the month (for whatever it was worth). If thats true he's easily making more than my software dev salary if he's able to do it regularly. But why would such a thing be so hard? These markets are volatile and it's there if you know how to take it.
It's a hard game to make it in long term. Ive always told people "Making money on winning trades is almost hilariously easy - its holding on to it thats the hard part".
1 - Generate signals that end up working out 50% of the time.
2 - Structure the game such that your winners are 3-7x your losers (depending on conditions here).
3 - Automate daily back testing on real bid/ask prices and arrive at a moving average of your stop/exit thresholds - allow your thresholds to flex a bit with market conditions.
4 - Keep at least 1.5x margin requirements as reserves and never bend from this no matter how many contracts you might trade if you leveraged your entire account.
5 - I find it immensely helpful to only evaluate how many contracts to trade 1x/month. Longer is fine but whatever you do, don't take a windfall profit and immediately pile on more contracts for the next trade.
Give me ^ES and ^NQ any day of the week personally.
>Trillionaires have the right to create any kind of nonsense they want and offer it up for sale
Uh, when did Earth get its first Trillionaire?
>Get out of the house. Leave the home. Go outside.
We're still in a fucking pandemic!
>The more it doesn’t feel that way, the more you know it’s the truth.
I mean, don't buy SPACs, digital currencies or NFTs, but don't do it because of a feeling.
This dude should just give me half of his money if the rest of his site is like this. He thinks pushups are a good suggestion for this situation. I wouldn't trust this guy's advice about money even if he had a time machine.
