5 rules that made Warren Buffett so rich by James AltucherI posted an idea about the Myth of Warren Buffett Buy & Hold a while ago. Here is a general description of how he became so rich by James Altucher.
James Altucher is a wall street investor with a lot of hair.
You might know him from recently saying New York was dead forever on television, and some actor insulted him on tv because of this.
You might also know him from his books and articles, including one of my favorite articles which is him ranting on daytrading explaining why it is so distasteful. He used to be a day trader in the 90s when it was in its early days and made some money but obviously far less than just holding the NDX that went up over 2000%, and he hated it.
And finally most people on tradingview from before the 2020 new wave of investors probably know him from defending Bitcoin and selling a "trading masterclass" to crypto "investors".
He wrote a book (or maybe more than 1?) about Buffett, articles, and in particular a complete article with the 5 "rules"/"secrets" I described, in a Quora answer to the question "How did Warren Buffett become so rich?". The answer is of course much more complete than the summary I wrote up.
Warren Buffett obviously has some skill, he outperformed the market even early on before he was famous and got great deals, he has found and held onto great winners and almost always eliminated the losers (Berkshire was his greatest mistake) but it is interesting to see how saint grandpa aw-shucks and his folk wisdom actually rips the competition to pieces.
"Diversification is for idiots" coming from a guy that took thousands of trades and is always on the lookout for an opportunity to make easy money.
He says he could be making 50% a year easily on a small account. From these penny stocks selling at BELOW liquidation price?
We know what companies he bought, he never just gambled it all on 1. Just bet on several decent ones, get rid of the losers and keep the one that continues its trend up.
A quote by Warren Buffett "I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit."
Also makes him look kind and caring to the population.
There is a good reason big globalist businesses and rich people are all pro socialism, high taxes, and lockdown. In California I remember the government banning small food trucks in favor of big brick and mortar chains, for some BS reason as always. They also shot independent contractors in the leg forcing them to be wageslaves.
High taxes keep the poor people down at the bottom, while a large portion of the poor people - those with the abstraction capacities of a potato - cheer 😑, so the rich even look like they are kind and caring. A bucket of crabs surrounded with giant rich people laughing and dipping crab pinchers in sauce while pushing the crabs about to escape at the bottom saying it's for their own good...
High taxes, socialism, lockdown and so on are good for business not just because they keep the unwashed masses at the bottom. Amazon made record profits.
But more importantly, these multinationals have competition. They will get better deals, bigger revenue, and even a monopoly, if they can not jsut keep the others at the bottom but DESTROY those that climbed to millionaire or upper middle class status, even just middle class. Goodbye competition. More money and more power.
Twitter recently just went full "we're running this show now" and banned a NY Post showing an email that proves Biden knew about his son & Ukraine.
This disgusting tentacular social network is banning anyone that tries to mention this story, they are shutting it down entirely. And since everyone gets their info from those sites...
Twitter is also Antifa means of communication but I digress.
I don't see how any government can completely enforce high taxes without collapsing the entire economy, but even if they magically got billionaires to pay 70%, it is still a small price to kill all competition and be an all powerful overlord of a monopoly that can really take advantage of their power and of their wealth and exploit desperate people (cattle).
So you end up with all powerful sociopathic megabillionaire oligarchs running monopolies WITH THE SUPPORT OF THE PEOPLE (FOOLS!) that decide who makes the laws (gee I wonder if they'll pick people that make laws that go against their interests). If you think it's all fine they have good intentions (lol) even if they had, if fools can get manipulated by 1 group they can be as easily manipulated by another. Let's not forget Hitler came to power with the support of YES Antifa & the communist party, even Röhm was a big socialist with dreams of free stuff. Goebbels started as a marxist in his youth...
Manipulating crowds of idiots is overpowered can god nerf it or something?
Optimists are blissfully ignorant idiots. Pessimists are depressed sad people that miss all opportunities. Adapters are winners. Can't beat them? Join them.
Either you are a superman supergenius with higher standards - in which case you'll be a hated arrogant jerk that thinks he is better than every one - or you become a manipulative shark that does not play fair. If this is what society demands then that's how you win. And the crowd will even cheer for you. No one is more celebrated and sanctified by the public than Elon Musk...
