OT: Investing/Stocks/Bonds/Mutual Funds/Crypto

[WeekapaugGroove]

Hope none of y'all had your money on FTX

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[midranger]

Dollar Cost Average into low expense ETFs. I buy every week and it's been going great.

This is the way.

[midranger]

No more so than mechanic or plumber. Like EVERY service profession out there, you just need to do your due diligence and make a decision on the individual person you're working with, not eliminate an entire group of them based on a "made up" title. I know fiduciaries who are scum bags and I know financial advisors I wouldn't hesitate to have my parents work with.

Yep. There is a fiduciary advisor who you all see advertising on TV/radio quite a bit, and you assume they are acting in your best interest, until you realize you're paying them a 1.0%+ fee annually, regardless of how they perform or if they run trades for you. And of course, if you make an appointment at their office, you get a box of Godiva chocolate or fine wine or the like.

No right or wrong way. But find someone you like and trust.

Gotta go fee only.

Pay for good advice once and only update as needed. AUM fees are insane if you’re paying them. Especially as your wealth grows.

[BUCKnation]

I switched over to Fidelity after the whole robinhood scandal. Really like it.

[ABucksFan]

Anyone got a TLDR on the whole FTX thing?

[MartyConlonOnTheRun]

IMHO you dont need a financial advisor if you aren't maxing out your 401k, IRA, HSA, and FSA (if applicable). That's $50k+ annually that should be sent to index. You don't need a financial advisor to tell you that and if they are telling you something different, I wouldn't trust them.

If you are investing on top of that... Congrats, you are in great shape and you can't really f-it up too much. Take on some risky financial stuff.

[sidney lanier]

Anyone got a TLDR on the whole FTX thing?

They reached out for a lifeline. They phoned a friend. No answer, so they just filed for bankruptcy. Boy genius is out.

Read on Twitter

When crypto things explode like this, the pundits say OK, that's a positive because now the regulators will step in and clean things up. I don't see it that way. The cryptoverse is inherently unregulatable and likes it that way.

[chonestown]

Another chapter in the voluminous tome "Man Full of Sht Found Out to Be Full of Sht: High Finance Division."

If something sounds inherently nonsensical, it probably is, and btw how robust is the NFT market nowish?

[Siefer]

I wonder where Tesla stock is going to be in a year's time. A lot of folks consider it wildly overvalued, and everything happening at Twitter has to be spooky as hell to investors.

[MrPerfect1]

Right now is a great time to get into crypto, although it is possible it could go even lower. My suggestion is if you do, go for tokens that either deal with interoperability or one's that will be used as settlement tokens for cross border payments. Also, as should be evident, do not keep anything on the exchanges, put them into a wallet

[chonestown]

There's a scene in "The Cooler" where a hapless Bill Macy is sitting dejectedly in a car. He is in the parking lot of a convenience store, and the neon sign of the establishment is reverse-reflected on the windshield. I found the shot a bit too-on-the-nose.

Anyway, here it is for reference.

[humanrefutation]

I wonder where Tesla stock is going to be in a year's time. A lot of folks consider it wildly overvalued, and everything happening at Twitter has to be spooky as hell to investors.

It should spook them, IMO. Musk has displayed such poor foresight with his acquisition of Twitter and its mismanagement since he took over that it should call into question whether he's the right person to move Tesla forward.

[Erifee]

I wonder where Tesla stock is going to be in a year's time. A lot of folks consider it wildly overvalued, and everything happening at Twitter has to be spooky as hell to investors.

It should spook them, IMO. Musk has displayed such poor foresight with his acquisition of Twitter and its mismanagement since he took over that it should call into question whether he's the right person to move Tesla forward.

They can't! The cult of Elon is responsible for the inflated market cap of Tesla. Without his 'unique genius', it's just another car company.

Which is unfortunate for his investors, because the man essentially spent 44B to broadcast his own stupidity.

[MickeyDavis]

I have 2 friends who bailed out of their investments awhile ago. Now after 2 really good days they are 100% all in again. They don't do any research all they do is read headlines.

[WeekapaugGroove]

Outside of all the Musk stuff I'm not sure the current profit margin Tesla is making on its vehicles is sustainable. Other manufacturers are refining their EV offerings and I suspect less and less people will pay the premium for the Tesla name on their car. Plus the more that are on the road the less of a status symbol it becomes.

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[M-C-G]

Outside of all the Musk stuff I'm not sure the current profit margin Tesla is making on its vehicles is sustainable. Other manufacturers are refining their EV offerings and I suspect less and less people will pay the premium for the Tesla name on their car. Plus the more that are on the road the less of a status symbol it becomes.

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As someone that has never owned a corvette or Lambo I feel like a Tesla is the new version of that. Might not be the best or only but kind of considered a ‘special’ notch on ones belt


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[sidney lanier]

Another chapter in the voluminous tome "Man Full of Sht Found Out to Be Full of Sht: High Finance Division."

If something sounds inherently nonsensical, it probably is, and btw how robust is the NFT market nowish?

Not exactly schadenfreude, but I don't mind seeing the vulture capitalists snookered by an empty-headed and apparently crooked enfant terrible who plays video games during funding presentations.

Paradigm, a crypto-focused venture fund that put $278 million into FTX, told its own backers in a letter on Wednesday that the investment was likely worthless. Sequoia said in a statement that it valued its $213 million investment in FTX at $0. The venture capital arm of the Ontario Teachers’ Pension Plan, which put $95 million into FTX, said in a statement, “Not all of the investments in this early-stage asset class perform to expectations.”

FTX’s lack of oversight also left investors out of the loop about what happened this week as Mr. Bankman-Fried tried to find a last-minute bailout.

“The full nature and extent of this risk is not known at this time,” Sequoia wrote. FTX’s liquidity shortfall “will take many months to fully understand,” Paradigm said.

Mr. Bankman-Fried, who did not immediately respond to a request for comment, had never made it a secret that he thumbed his nose at tradition.

In an interview with The New York Times in April, Ramnik Arora, one of FTX’s top executives, described a video meeting last year between Mr. Bankman-Fried and partners at a top venture firm. In the meeting, Mr. Bankman-Fried delivered a well-received presentation while simultaneously playing a video game.

“The entire partner meeting, he was playing League of Legends at the same time,” Mr. Arora said.

https://www.nytimes.com/2022/11/11/technology/ftx-investors-venture-capital.html

[WeekapaugGroove]

Outside of all the Musk stuff I'm not sure the current profit margin Tesla is making on its vehicles is sustainable. Other manufacturers are refining their EV offerings and I suspect less and less people will pay the premium for the Tesla name on their car. Plus the more that are on the road the less of a status symbol it becomes.

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As someone that has never owned a corvette or Lambo I feel like a Tesla is the new version of that. Might not be the best or only but kind of considered a ‘special’ notch on ones belt


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Yeah I think that's what's driven their growth so far but I wonder if they have the staying power as a status symbol. I live in an upper middle class neighborhood and the first couple neighbors who got a Tesla is was cool but now they're all over place around me.

Then there's the whole issue of Elon almost intentionally pissing off a large portion of his potential customer base. That seems like a dangerous business plan.

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[chonestown]

Then there's the whole issue of Elon almost intentionally pissing off a large portion of his potential customer base. That seems like a dangerous business plan.

RIGHT. He's the owner of Tesla, the electric car company. The green car company. His customer base ain't exactly rolling coal at the intersection of Shady Lane and Whispering Groves Boulevard.

[TroyD92]

Elon sucks. Just a clown with too much money. Hope it all blows up in his face tbh