3 ms·
"Smart men go broke three ways: liquor, ladies, and leverage." -- Charlie Munger (Which is not to imply that these are smart men).
by bananamogul 2mo ago
"Smart men go broke three ways: liquor, ladies, and leverage." -- Charlie Munger
(Which is not to imply that these are smart men).
- earth-tattoo 2mo ago[flagged]
- philtar 2mo ago[dead]
- hiitsmyaccount 2mo agoIt's a quote, and somewhat of a figure of speech. Also Charlie was born in 1924; he was literally of a different era.
- scotty79 2mo agoSome time ago it occurred to me that you can't just spend extreme amounts of money. You can only lose it by gambling. In a casino, on investment or on business, it doesn't matter.
- verteu 2mo agoIndeed, pg has an essay about it: https://paulgraham.com/selfindulgence.html https://paulgraham.com/selfindulgence.html
- nirui 2mo agoInvestment or business do also have some gambling factors in it. And both usually cost extreme amounts of money to get started. However, I found that if the bar of doing business is high enough, "investing" in stock market maybe safer than start a proper business. Because if a business failed, you likely lost a huge amount wealth, including everything you put into the business and maybe more. Whereas if you buy stock responsibly (for example, DCA VOO/&QQQ), there's a high chance you'll eventually bounce back. Maybe that's one reason the young Koreans invested so much in their stock markets. Their country failed them by restricting them from opportunities, the only way they can save themselves is by gambling.
- inigyou 2mo agoI recently heard that 80% of small businesses - bodegas, non-chain restaurants and so on - make less money than if they'd just put their starting capital in the stock market.
- inigyou 2mo agoYou also can't earn extreme amounts of money. You can only win it by gambling.