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Wiped-Out Hedge Fund Manager Confessed His Losses on YouTube
- Thread starter DJwest
- Start date
OP
OP
this isn't a personal attack, but if I recall, you said that the source of your wealth was poker or something like that right? Would you agree with me that it's not a conventional way of making money? I agree with you that people shouldn't give up but what I think FloatingDivider is trying to say is that the system unfortunately limited options available to a lot of people.
What do you suggest people do? Not attempt for more? To stay wherever they are? You should be looking for ways to invest in your future whether it's education, doing jobs you don't necessarily like, finding jobs with a pension (government), invest and save, etc. Yeah, they most likely won't make you a millionaire but you're going to have to change things up if you want a better future. You can wait for the promise land that is income equality across the board but you will not see that. At best you'll get some government safety nets to help the burden. Life isn't fair so you gotta do whatever you can.
Except having $500k isn't 'rich'. Many people who are older, close to retired may have put much of their retirement in to this and while it was a poor decision, realize that these aren't necessarily millionaire and billionaires. Like Jesus.
People should probably demonstrate, protest, lobby, and riot if needs be to address the income inequality gap -- accepting the status quo is the real defeatist attitude. Regardless, your advice is largely irrelevant bootstrappy boomer nonsense that's hilariously inapplicable to the world today and by your own personal admittance isn't even likely to bring you real prosperity.
Eh... why not both?
You seem really against the idea of doing whatever you can do make sure retirement is attainable.
don't be ridiculous. there's like 3 people in this thread acting salty about these people's wealth. don't be that guy acting like those few people are "this forum".
You seem really against the idea of understanding that having savings for retirement is unattainable for many despite their best efforts.
This is where you don't realize your defeatist attitude: why even bother if you cannot get a perfect retirement? I don't know what to tell you. Good luck?
This is where your comprehension is clearly breaking down and you keep going back to your ol straw man of why bother. I'm saying people are trying to save but are unable to. Do you comprehend? I'm saying people are employed and working hard but without addressing the income inequality gap in a direct fashion a large majority will be sol regardless.
You do realize these people losing this money don't fucking magically have their net worth channeled into charity projects. That money all translates to whatever ROI the loans he got from FCStone can muster from the option prices and the rest is straight debt.
It's not unreasonable at all that people in lower corporate America gambled on a roughly stable fund that had a solid ROI for a decade. But laughing at people's misery is stupid. I make 6 figures, I don't run the god damn company that outsources cheap, unsustainable labor to Asia. I work because I have a value I work for and that's my base price for my own worth to the people offering me employment based on my experience and skills. I ask for more when I feel like I am worth more.
Most people don't take the time to study the market's they're going into extensively, that's the purported job of the fund. You get a portfolio that shows a decade of a strong ROI and stability against the market and you gamble that you'll be able to build just that little bit more and the train will keep going. Then the train crashes, you burn and lose everything. I know several people personally that invested in the market in Chinese reverse merger stocks that went from $15 to de-listed within two years. Some of them lost everything they had saved their entire lives for.
People make rash decisions to expand that wealth in the ever contracting game of late stage capitalism. Blame the system don't mock those that end up trying to be secure for their remaining lives and get burned for it.
It's not unreasonable at all that people in lower corporate America gambled on a roughly stable fund that had a solid ROI for a decade. But laughing at people's misery is stupid. I make 6 figures, I don't run the god damn company that outsources cheap, unsustainable labor to Asia. I work because I have a value I work for and that's my base price for my own worth to the people offering me employment based on my experience and skills. I ask for more when I feel like I am worth more.
Most people don't take the time to study the market's they're going into extensively, that's the purported job of the fund. You get a portfolio that shows a decade of a strong ROI and stability against the market and you gamble that you'll be able to build just that little bit more and the train will keep going. Then the train crashes, you burn and lose everything. I know several people personally that invested in the market in Chinese reverse merger stocks that went from $15 to de-listed within two years. Some of them lost everything they had saved their entire lives for.
People make rash decisions to expand that wealth in the ever contracting game of late stage capitalism. Blame the system don't mock those that end up trying to be secure for their remaining lives and get burned for it.
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People in Kentucky were bragging less than a year ago that they had a genius nephew and that they had put their entire life savings in cryptocurrency so they could have a solid retirement.
To be clear - I do not think people who have $500k saved for their retirement are too rich. I also believe the vast majority of people who would be putting $500k minimum into this type of scheme are not someone putting the majority of their retirement wealth into it, and are most likely too rich. But there are always exceptions!
Yep, build that expendable high risk branch of your investing separately. Safety on the bulk capital first.
500k in a hedge fund doing options trading means you're rich.
Because you need to be an accredited investor and it's pretty stupid to put all your money into oil and gas.
Some people in here have just given up, apparently. Curious on if they're unable to save. If they are unable to save, how much of their income goes to entertainment expenses. Hell even when I was a kid being raised by my mom (who was raising 3 kids) she managed to save while working at a sewing factory in a rural town.
Curious if you've ever looked at the average and median levels of savings for families in the US, the enormous gap between those figures and the levels of capital these people had to play with and whether you think it's just because people have "given up".
Nah, I've just gone from working 70-80 hour weeks at minimum wage and kept looking and applying to better paying jobs in the mean time because I was tired of living in squalor.
Good for you. I guess the fact that the average is $84k is purely down to people who just aren't pulling themselves up by their bootstraps.
Come on guys, there's oil and gas hedge funds you could be investing in!
I don't know how similar it is but in many crypto chats/groups the owners generally take advantage of their "group" and are solely there to profit off hype.
They pretend their group is close and a type of "family" usually because the people being used are very naive.
Eat the rich? Most of their wealth was stolen? Is that socialism to you? It's like you revere poverty.
I shouldn't laugh.
Now he can write a sequel to "When Genius Failed", one of my favorite books.
That vast inequality between workers and CEOs is stolen wealth from the workers.
"When the people shall have nothing more to eat, they will eat the rich"
Yes, there is inequality. But this capitalist country still allows people to move 'up'. It still gives people chances. I'm an immigrant and have seen it both ways.
And just as there is a gap between 'the rich' and 'the poor', there are a lot of people in the middle that you are targeting/demonizing with this attitude.
Stop demonizing wealth. There are tons of issues, but this attitude that the 'rich' are living in some sort of impenetrable colony floating above earth and feed off of the poor down below does more harm than good.
We are going to have to agree to disagree on this.
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I think you could take every joke about lawyers, rewrite them to be about hedge fund managers, and it would still play. Fuck em all.
If you weren't spending so much on window repairs you might be able to save more dammit!
Did you really quote just half of my sentence out of context? Doing it for ads I understanding since you have to make a living, but doing this just to win internet argument is very pity.
Go smash windows then, go pay for them, and still avoid investing the money in the markets and keep rambling how you hate the rich.
Do you know what the average savings are for families in the US?
So, let's get past the GOTCHA and ask why are most Americans saving so very little?
cuz they're lazy, spend money wastefully and looking for handouts instead of getting a job
obviously
Also, let's not move past the "gotcha". Read this:
https://www.cnbc.com/2018/09/27/her...ns-have-in-savings-at-every-income-level.html
https://www.cnbc.com/2018/09/27/her...ns-have-in-savings-at-every-income-level.html
So, why can't they? Why not get further education for jobs that are available? Take up trades because a lot of older people are retiring from that? Find work that isn't a wal-mart cashier? From the way you're approaching your "Do you know what the average savings are for families in the US?", it makes it seem like there's zero opportunity to further educate yourself and get a better paying job.
OP
OP
I quoted that part of your post because the further qualifiers are irrelevant to its ludicrous nature and are equally, if not more, out of touch.
Please explain to me the wide variety of socio-economic reasons for wage disparity and the resulting inability to save in an exploitative capitalist society. smh... It's amazing how purposefully dense and adverse to basic google querying you're being.
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Well, how do you expect to get a better job without more education? You make more long term with only a high school degree (much less without one), so education is important. It won't be easy but it's almost necessary to get paid more.