Years ago a good acquaintance was telling me about some company called Enron and how great, glorious and growing they were. I distinctly recall him saying, “They only hire eagles.”
One of their eagles was a dud who once worked for me.
Anyway, after the Enron failure I asked him if he didn’t think the eagles had crapped in their nest. He didn’t reply.
The next hot tip he brought to me was the flourishing dot.com investments. Yup, I fell for that one and lost a lot just like many others did in 2000 or so. Some of them were the winners but most were not. It is hard to pick the next Microsoft or Apple and buy enough of it to make your fortune all at once. It may even be impossible.
The next one was Bitcoin. Even on the heels of the AIG and credit default swaps people thought this was a good idea? I didn’t bite on this one or any other tip since from him. I have no regrets.
I buy companies that make things and produce value added and supply things people need in good times and bad. Most are not very sexy or exciting. They go up and they go down sometimes. Most are things I’m proud to own. Most of us are not venture capitalists and not able to pick the next big thing. We use 100% of our own money and so we probably should not be poking around in such things.
OMG, I’m writing about this subject at another forum...you and I are talking about the same thing, same time. Too funny. I was explaining how bitcoin reminds me of Enron in that if people think it’s a currency, it is too volatile, but if an equity, it’s got no underlying business other than trading.....like ENRON.
You must be a finance guy....good on you.