15 Oct 13
Originally posted by PhrannyYour actions seem justifiable, but probably futile.
I put everything into my Vanguard money market fund today and plan to transfer all of that to several banks so it will all be insured if they do not come to an agreement by the closing bell tomorrow. I'm interested in hearing your thoughts.
Ric Edelman pointed out Sunday that it you look at a historical timeline, and plug in the biggest stock market dips, they end up being non factors for the long time line investor.
I disagree with this, because the underlying fundamentals are entirely off the charts. There has never been so much government debt. The stock market and Wall street rely on monetization of government debt.
The problem is that if the crisis is as great as the doomsayers forecast, there may be no safe haven for old money. The preppers may just have it right.
15 Oct 13
Originally posted by PhrannyA friend of mine says he is going to take his retirement savings and buy beer. That way he will always have something to drink and then recycle the cans to get even more money.
I put everything into my Vanguard money market fund today and plan to transfer all of that to several banks so it will all be insured if they do not come to an agreement by the closing bell tomorrow. I'm interested in hearing your thoughts.
15 Oct 13
Originally posted by PhrannyI generally follow the Nicholas Nassim Taleb model of investing: most of my money is in low-return, low-risk stuff (though not, as Norm points out, apocalypse-proof). Then I have a small stock portfolio reflecting various risks. I am not a trader (though I have done a small bit of that). I have no debt. I live within modest income levels (though close to median income levels seems pretty rich to me—because I am happy, and at ease). I am a bit more at risk now—if the doomsayers prove right—than a few months ago, since we have moved from the back-country to the town, and now are more “connected”. But I am enjoying being more connected (and I now enjoy the fact that I will not have to split any wood this year).
I put everything into my Vanguard money market fund today and plan to transfer all of that to several banks so it will all be insured if they do not come to an agreement by the closing bell tomorrow. I'm interested in hearing your thoughts.
Gee, writing that I realized how—at modest income and net worth—fortunate and happy I am. Of course, a median income is more than what half the population (in this country) has. On reflection, I could have a lot less (and have, in the past) and be happy.
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15 Oct 13
Originally posted by PhrannyI found this note:
I put everything into my Vanguard money market fund today and plan to transfer all of that to several banks so it will all be insured if they do not come to an agreement by the closing bell tomorrow. I'm interested in hearing your thoughts.
I am so rich it doesn't matter what happens, I'll be OK.
Signed,
Charles Koch
15 Oct 13
Originally posted by JS357Funny thing is that the uber wealthy are probably most at risk in a total meltdown, because they are used to so much, and most of their wealth is on paper, or computer digits.
I found this note:
I am so rich it doesn't matter what happens, I'll be OK.
Signed,
Charles Koch
I recall Ken Lay of Enron infamy, and after the Enron crash he was left with a small fraction of his wealth, not enough to pay his mortgage.
People with a modest lifestyle, and small cash requirements are probably best off in a busted economy.