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as my investment banker grandfather was keen to drill into me very early, the proper ending to this sentence is “[...] when they sell.”
by hprotagonist 9y ago
as my investment banker grandfather was keen to drill into me very early, the proper ending to this sentence is “[...] when they sell.”
- hectorr1 9y agoThis is true for anyone who has substantial wealth in a single asset class, and also relatively meaningless. You can't get liquidity without impacting the price, especially if your reputation is closely tied to the asset. When you are talking wealth, you use dollars as a unit of account so you don't have to compare bitcoin addresses to tech equity to Manhattan skyscrapers to oil tankers. Obviously all those things are hard to liquidate quickly especially when you own a lot of the supply. For the actual human expenses, there are plenty of private bankers who will figure out how to lend you USD against those assets for whatever you want to buy.
- pen2l 9y agoOh yeah, I learned this lesson this month. My stock holdings doubled in a relatively short time a few weeks ago... and then this last week (and now today) they came back down. I'm slowly learning the lesson that for nearly most people speculative investing is a waste of time and money. I'm now going to be deleting all of my apps where I "check" things like I check the news when I wake up every morning, will now just peak in every other month or so.