Spencer Jakab
speaker
981 appearances
14 recordings
1 series
first heard Jul 2017
last heard Jun 2021
Spencer Jakab’s voice in public audio — every appearance, attributed to the second.
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Appearances
And it's just absolutely not an appropriate investment for them because it's not backed by anything objective.
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And that's another criteria that Montremonti brings up is like when prices start going up without any link to objective reality, that's a real sign of a bubble.
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Right.
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Yeah, well, there's the story that we ran and others ran of the family that sold all of its possessions and drove around in an RV, basically.
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uh put everything into bitcoin people using credit cards people being being wiped out people being uh saddled with bigger tax liabilities than their remaining wealth in in cryptocurrency and so on and so forth so you know if you really want to sort of you know get the most bang for the buck then that's what you do but that's really a sign of the top when a lot of people begin to do that
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Yeah, I mean, Sir John Templeton, the great value investor, said, and he was a real contrarian, he would buy very heavily during panics and things like that.
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And he said the four most dangerous words in investing are this time is different.
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If we learn that, you know, it's very easy to get carried away in a speculative mania and really think that this time is different because you have some better understanding and you're in some unique moment in history.
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Having said that, the one thing I want to make sure I leave people with is that the fact that something was caught up in a bubble, I think this clearly now with the year of hindsight, that was a bubble that popped.
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It doesn't mean that it has no value or that it doesn't have any value to society.
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So blockchain technology, in which I'm not an expert at all, may be transformative.
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Bitcoin itself may be headed higher, just like the internet is a real thing, just like Amazon.com.
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There were many notable failures, but Amazon.com went on to be worth many times what it was at its bubble era peak.
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It was a darling stock then and is many, many, many times more valuable today.
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That doesn't mean that you'll make money by scattering your money in, you know, loony ICOs, but what it does mean is that you can't dismiss a technology because it's been, you know, like railroads or something like that because there was a speculative frenzy surrounding it.
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Railroads are still a thing, right?
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Nothing wrong with that.
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It doesn't mean you have to invest in it at all.
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I mean, just the fact that something attracts a prodigious amount of money, it might turn out to be a real thing.
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You can live a very long, fruitful life, make a lot of money in markets without jumping on the new, new thing.
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Showing 561–580 of 981 · page 29 of 50
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