Bernie Madoff is a scumbag. But I am getting a little tired
of hearing about how some of his victims have lost everything.
Shouldn't there be more discussion about how these
"idiot victims" put all there eggs in one basket.
If you had put all your money in an S&P 500 index fund on leverage
back in October 2007 you would have lost close to everything.
If you had bet it all in real estate about 2005 and borrowed
to buy the properties you would have lost everything.
If you had put everything into oil when it hit $138 a barrel and borrowed a little to boost your returns you would be bust right now.
If you had invested everything in a Chysler or GM dealership that lost its franchise a couple of months ago then you would be broke today.
If you took your entire net worth and put it on the pass line in Vegas and lost you would have nothing left.
So I feel for the Madoff victims but if you put everything into one investment
you are a fool and now and then you will lose everthing. And when you lose it
all, go crying to someone else.
An interesting new college model - Minerva
10 years ago
Ginny and I were discussing exactly this last night. It's sad when people lose their life savings, but it's not so sad when they act stupid.
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