Charlie Munger dead at 99.

[Jingthing]

Very few people at 99 have the world paying attention to everything they say.

I very much enjoyed listening to him.

I'm glad he had a long life.

[save the frogs]

On 11/29/2023 at 5:27 AM, Digitalbanana said:

 

Must all be Munger quotes. Here's another.

“Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.”

You're worshipping the wrong Gods.

- Frogs

[JimTripper]

The single thing I remember from him is the "buy and never sell" philosophy.

 

I don't think that works for anyone but the wealthy. Most people can't weather an extreme downturn. As the economy changes, they need to sell, not from "fear" but because of inflation or necessity.

 

Sorry, Charlie, I differ, but I think your philosophy worked for people in your situation. The problem was you proclaimed it to the masses who did not have that cushion to just "buy & hold".

[1happykamper]

Who? 

[save the frogs]

On 11/28/2023 at 8:24 PM, Walker88 said:

You seem bitter.

 

Curious what is the most wealth someone should be allowed to keep?

 

actually, there is no easy answer to that.

seems rather crass to horde and horde and horde while so many people struggle, but i guess it comes down to personal choice what you do with your money. 

 

elon musk manufactures cars. peter jackson directed lord of the rings, a massive undertaking and genius project.

they make things that people consume and enhance people's lives. 

I have little respect for people who do nothing but trade in stocks. 

 

[save the frogs]

20 hours ago, JimTripper said:

The single thing I remember from him is the "buy and never sell" philosophy.

 

I don't think that works for anyone but the wealthy. Most people can't weather an extreme downturn. As the economy changes, they need to sell, not from "fear" but because of inflation or necessity.

 

Sorry, Charlie, I differ, but I think your philosophy worked for people in your situation. The problem was you proclaimed it to the masses who did not have that cushion to just "buy & hold".

 

It's deliberate bad advice. It's done on purpose because they are con artists scamming people.

 

The advice they give the average person is designed to screw people out of their money so they can get richer.

 

 

[Mike Lister]

1 minute ago, save the frogs said:

 

actually, there is no easy answer to that.

seems rather crass to horde and horde and horde while so many people struggle, but i guess it comes down to personal choice what you do with your money. 

 

elon musk manufactures cars. peter jackson directed lord of the rings, a massive undertaking and genius project.

they make things that people consume and enhance people's lives. 

I have little respect for people who do nothing but trade in stocks. 

 

Except Charlie made money and gave 75% of it away to universities and the like, he was a huge believer when it came to education being the best way to improve peoples lives.

[save the frogs]

1 minute ago, Mike Lister said:

Except Charlie made money and gave 75% of it away to universities and the like, he was a huge believer when it came to education being the best way to improve peoples lives.

 

A lot of crooks hide their misdeeds by either literally giving a lot of money away or having their PR team convince the public they are philanthropists when they're not. 

 

And as my response to jimtripper points out, I'm inclined to think Buffet and Munger and their ilk are a bunch of crooks just based on the idiotic "buy and hold" mantra they peddle on people, which is not a good strategy for the markets as there are massive crashes. 

 

So if you get ill-gotten gains and give some of it away, does that make you a good person or what? Trick question. 

 

[Mike Lister]

2 minutes ago, save the frogs said:

 

A lot of crooks hide their misdeeds by either literally giving a lot of money away or having their PR team convince the public they are philanthropists when they're not. 

 

And as my response to jimtripper points out, I'm inclined to think Buffet and Munger and their ilk are a bunch of crooks just based on the idiotic "buy and hold" mantra they peddle on people, which is not a good strategy for the markets as there are massive crashes. 

 

So if you get ill-gotten gains and give some of it away, does that make you a good person or what? Trick question. 

 

I get involved in this buy and hold debate frequently, I don't believe in either but only because I'm 74 and not 21. If I was 21, I would be a big believer, it's just that at age 74 I can't afford to wait five years to recover my losses.

 

I don't think for one minute that Buffet and Munger are crooks in any shape or form. I've read a lot about both people over the years and there is ample evidence to believe the opposite although that's not a narrative that goes down well with the younger set, because they're both old, fabulously wealthy and they think Bit Coins are rubbish.

 

I think that Buffet/Munger are probably the last of the old school investors, they got it right and they stuck with it. If you do some reading on their lives and view them objectively, I'm pretty sure you'll see the facts support what I've said.

[JimTripper]

4 hours ago, save the frogs said:

It's deliberate bad advice. It's done on purpose because they are con artists scamming people.

 

The advice they give the average person is designed to screw people out of their money so they can get richer.

Exactly, to buy low someone else needs to sell their shares low or there's no shares there to buy.

 

I'm not sure if the advice is intentional or not. They could just be reflecting on their own situation and it got out to the wrong people. Many wealthy people don't or can't understand an average person who needs to pay bills.

 

They actually have huge cash reserves, maybe from existing dividends from currently held long term positions, that they use to purchase more during market crashes. So it's not simply a "hold",  it's buying more when people are selling.

Edited December 2, 2023 by JimTripper

[Thailand J]

I bought 3000 shares of BRK/B 10 years ago, sold some, still have 2227 shares.

 

Edited December 2, 2023 by Thailand J

[bignok]

14 hours ago, save the frogs said:

 

A lot of crooks hide their misdeeds by either literally giving a lot of money away or having their PR team convince the public they are philanthropists when they're not. 

 

And as my response to jimtripper points out, I'm inclined to think Buffet and Munger and their ilk are a bunch of crooks just based on the idiotic "buy and hold" mantra they peddle on people, which is not a good strategy for the markets as there are massive crashes. 

 

So if you get ill-gotten gains and give some of it away, does that make you a good person or what? Trick question. 

 

Nonsense. Most blue chips pay dividends and buy n hold works well. Impossible to predict crashes.

 

Active fund managers do worse than passive ones.

 

 

[Thailand J]

 

6 minutes ago, bignok said:

Active fund managers do worse than passive ones.

Yes. Index vs active: https://www.spglobal.com/spdji/en/research-insights/spiva/

[bignok]

3 minutes ago, Thailand J said:

 

Yes. Index vs active: https://www.spglobal.com/spdji/en/research-insights/spiva/

Yes. Plus you can buy puts to hedge against crash.

 

 

[save the frogs]

8 hours ago, bignok said:

Nonsense. Most blue chips pay dividends and buy n hold works well. Impossible to predict crashes.

 

Active fund managers do worse than passive ones.

 

 

Yes, "sparktrader". 

 

No, impossible to predict crashes. That's why "buy and hold" is a scam.

 

The stock market produces a lot degenerate gamblers and suckers.

 

[save the frogs]

17 hours ago, JimTripper said:

Exactly, to buy low someone else needs to sell their shares low or there's no shares there to buy.

 

I'm not sure if the advice is intentional or not. They could just be reflecting on their own situation and it got out to the wrong people. Many wealthy people don't or can't understand an average person who needs to pay bills.

 

They actually have huge cash reserves, maybe from existing dividends from currently held long term positions, that they use to purchase more during market crashes. So it's not simply a "hold",  it's buying more when people are selling.

 

Another point is ... Warren Buffet holds so many shares in some companies that he practically OWNS the company. 

In fact, I think he outright owns Dairy Queen.

He's hardly a normal investor. 

 

[save the frogs]

22 hours ago, Mike Lister said:

I would be a big believer, it's just that at age 74 I can't afford to wait five years to recover my losses.

 

I'm not a big fan of the stock market at any age, apart from GAMBLING a small percentage of your income that you are prepared to lose. To me, it's gambling, not a way to invest. 

 

So I think anyone your age should not go anywhere near the stock market.

 

But why should anyone take financial advice from me? No reason. But there are other people out there who believe the same thing. And maybe especially after Covid, some people think the stock market is actually dying. 

 

https://wealthfactory.com/articles/why-the-stock-market-is-dying-and-your-investments-are-in-danger/

 

The stock market is a failed financial experiment when it comes to funding retirement or creating economic independence — and it’s only going to get worse.

 

 

 

 

 

Edited December 2, 2023 by save the frogs

[save the frogs]

Anyway, another comment came to mind.

Interesting that Warren Buffet is always saying the crypto is garbage.

And I think Munger also did. 

 

But according to this article, blockchain (crypto uses blockchain technology) will be one reason the stock market will die out. But I admit some of this stuff is over my head and I am not fear-mongering. If you think your investments in the markets are safe, then stick with them. 

 

https://wealthfactory.com/articles/why-the-stock-market-is-dying-and-your-investments-are-in-danger/

Mark our words: the internet, AI, and rapid technology growth like solar, blockchain, and self-driving cars will be the death of current (antiquated) business and investing models.

 

[Thailand J]

S&P 500 companies profit margin is 12.7%.

I have never looked at my long term index investment as gambling.

If you don't invest in stocks, find something you feel comfortable to invest. Don't just hold cash.

I am much younger then 74, I am more concerned with what stocks to sell rather than which investment to get into.

Edited December 2, 2023 by Thailand J

[bignok]

2 hours ago, save the frogs said:

Anyway, another comment came to mind.

Interesting that Warren Buffet is always saying the crypto is garbage.

And I think Munger also did. 

 

But according to this article, blockchain (crypto uses blockchain technology) will be one reason the stock market will die out. But I admit some of this stuff is over my head and I am not fear-mongering. If you think your investments in the markets are safe, then stick with them. 

 

https://wealthfactory.com/articles/why-the-stock-market-is-dying-and-your-investments-are-in-danger/

Mark our words: the internet, AI, and rapid technology growth like solar, blockchain, and self-driving cars will be the death of current (antiquated) business and investing models.

 

You are posting crap. 

[bignok]

Guy worth 10 baht telling a guy worth $100bn shares are no good.

 

It's laughable.

[bignok]

2 hours ago, save the frogs said:

 

I'm not a big fan of the stock market at any age, apart from GAMBLING a small percentage of your income that you are prepared to lose. To me, it's gambling, not a way to invest. 

 

So I think anyone your age should not go anywhere near the stock market.

 

But why should anyone take financial advice from me? No reason. But there are other people out there who believe the same thing. And maybe especially after Covid, some people think the stock market is actually dying. 

 

https://wealthfactory.com/articles/why-the-stock-market-is-dying-and-your-investments-are-in-danger/

 

The stock market is a failed financial experiment when it comes to funding retirement or creating economic independence — and it’s only going to get worse.

 

 

 

 

 

You have no idea then. Investing in Apple isnt gambling. Nothing of the sort.

 

Gambling events last less than a day.

 

Why are you posting such crap? It makes you look stupid.

[bignok]

2 hours ago, save the frogs said:

impossible to predict crashes. That's why "buy and hold" is a scam.

 

Nonsense. Look at good companies 12 months after a crash. The prices are much higher.

[bignok]

2 hours ago, save the frogs said:

why should anyone take financial advice from me? No reason.

Exactly. They should do the opposite of you. You have no idea about anything. Criticising billionaire after his death.

 

Shows how low class you are. Gutter stuff.

 

 

Edited December 3, 2023 by bignok

[Mike Lister]

2 hours ago, save the frogs said:

 

I'm not a big fan of the stock market at any age, apart from GAMBLING a small percentage of your income that you are prepared to lose. To me, it's gambling, not a way to invest. 

 

So I think anyone your age should not go anywhere near the stock market.

 

But why should anyone take financial advice from me? No reason. But there are other people out there who believe the same thing. And maybe especially after Covid, some people think the stock market is actually dying. 

 

https://wealthfactory.com/articles/why-the-stock-market-is-dying-and-your-investments-are-in-danger/

 

The stock market is a failed financial experiment when it comes to funding retirement or creating economic independence — and it’s only going to get worse.

 

 

 

 

 

If I opened a business that you could easily see was successful and making good profits, and if you had some spare cash and wanted to invest it somewhere, wouldn't you want to invest some money in my business so that you could share in my success and make money? The stock market is nothing more than that.

[JimTripper]

2 minutes ago, Mike Lister said:

If I opened a business that you could easily see was successful and making good profits, and if you had some spare cash and wanted to invest it somewhere, wouldn't you want to invest some money in my business so that you could share in my success and make money? The stock market is nothing more than that.

 

Not unless it was McDonald's.

[save the frogs]

10 hours ago, Mike Lister said:

If I opened a business that you could easily see was successful and making good profits, and if you had some spare cash and wanted to invest it somewhere, wouldn't you want to invest some money in my business so that you could share in my success and make money? The stock market is nothing more than that.

 

Maybe it started out that way, with the best intentions.

 

But maybe it got corrupted along the way. 

 

[save the frogs]

10 hours ago, bignok said:

Exactly. They should do the opposite of you. You have no idea about anything. Criticising billionaire after his death.

 

Shows how low class you are. Gutter stuff.

 

 

 

I never claimed to be classy.

 

[Mike Lister]

26 minutes ago, save the frogs said:

 

Maybe it started out that way, with the best intentions.

 

But maybe it got corrupted along the way. 

 

Or perhaps you don't understand how it really works today. 

 

I invest in funds which are a collection of different company shares, there are funds to cater to all tastes, in every sector, every geography and every risk appetite. The funds are led by Fund Managers who manage the investment so that I don't have to. I typically pay 0.50% of the sum invested for the management of the fund plus I pay 0.20% for my platform fee. If I don't like the fund, I can sell it. In an average year each fund will earn between 8% and 15% profit. If I wanted to, I could buy shares in individual companies that I select but I don't because I don't have the skill so I pay a small amount to somebody who does.

 

Where's the corruption? I'm buying a service that makes me money, it's all on the table.

[save the frogs]

8 hours ago, Mike Lister said:

Where's the corruption? I'm buying a service that makes me money, it's all on the table.

 

I haven't been able to quite figure out what the scam is .... but it smells like a scam.

Problem is, it's too complex for me as there are too many things behind the scenes I don't understand.

It's just more of a gut feeling that it's a scam. 

 

The thing is, my brother has been into mutual funds and pushing me to get into them for years. Once I looked at his portfolio and it didn't make any sense. One year they were claiming 30% returns and the next year he would get 0% or negative returns. I got the impression that the fund managers were "cooking the books" to attract investors and those returns being advertised were not even real. 

 

But I can't prove it. 

 

But the other "scam" I was referring to is "buy and hold" mantra that Buffett spews out. There are massive crashes and adjustments every once in a while, so you that strategy seems like nonsense to me. 

 

The other "scam" is the mutual fund managers make money, whether your fund does or doesn't. It's like going to a doctor and the doctor gets  paid but decides not to fix your health issue. It's the only industry in the world where the guy gets paid even if he doesn't produce any results. 

 

Now, I just looked up another article. Here he explains why the returns advertised are bullsh*t. 

 

https://www.linkedin.com/pulse/mutual-fund-industry-scam-century-abhinav-gupta

 

Some companies would advertise a 25% return even though the return has been flat! Imagine that you invested $100 that turned onto $200 the following year (100%) and fell back to $100 (50%). This simple calculation can be marketed as (100%­‐50%)/2 = 25% average annual return.

 

Edited December 3, 2023 by save the frogs