RE: Crypto pulls back largely based on the remarks of a couple finance legends
He keeps talking like the Governments will ban it saying shit like, "if the Governments ban trading Crypto it would not be worth anything". Clearly this old man does not understand blockchain nor most any technology. I know from personal experience listening to this old technophobian Great Grand Father, it cost me big in 2010 when I bought into Neflix and Google (my first stocks ever bought) and dumped it for "value stocks" after reading several of his books. Never again I listened to this fool. Sure some of the advice he gives about being fearful when others are greedy is good but a lot the stuff these days that qualify for value investing are turning out to "value traps"! The rate at which technology is disrupting traditional businesses is only accelerating. Now we have biggest hotel in world with no hotels, biggest taxi in world with no taxis and now biggest bank in world with no actual banks! If I kept listening to this ol' man I'd be broke! :-)
Well said. Just because something worked for him over the last 50 years doesn't mean it will work that way over the next 50 years. Also, like your experience, he told people to not touch Amazon when it was worth dollars, look how that advice worked out.
The fact that he still expects bitcoin trading to be shut down further goes to show how little he knows about these markets.
"Dumped Netflix AND Google" OUCH! Dude, you must hate him now!
Indeed. I learned from experience very early on to go with what your gut is telling you (based on your own independent research) and not what has worked for someone else 50 years ago! MSM is deceptive by purpose. When I bought Google and Netflix in 2010 it was purely based on a mega trend I saw developing for years. Online movies and online marketing - Netflix and Google were leaders at the time and they still are today at 12X their respected stock prices! Thankfully, I learn from my mistakes quickly. Found Crypto in its early stages and never looked back.