Mdawgs Investments
May 13th, 2022 at 12:57:54 PM
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Puzzles me, doesn't bother me. Like people who play a 6:5 blackjack game when there are 3:2 tables. I assume such people are uninformed and/or just don't care that they're paying 4X the edge they should be.Quote: billryan
You are welcome to your opinion, and I agree Warren Buffet doesn't need an advisor. If I understood business the way he does, I wouldn't either.
I'm happy, and if that somehow bothers you, I'm sorry.
The way you people obsess over beating the Dow, you'd think it was the only road to wealth. What percentage of their wealth do you think the top 5% have in the market?
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You're missing the point re Warren Buffett. The point is that investing is very simple...buy an index fund, hold it, and you will beat essentially everyone over the long term. You don't need to understand business like Buffett.
It’s all about making that GTA
May 13th, 2022 at 1:03:46 PM
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Quote: Ace2Complex tax planning and trusts are something else. That's like legal advice, which you should definitely get in some situations.Quote: unJonI’m in middle somewhere. While I agree with the mounds of empirical data that found that active financial advisors do not beat index funds after reduction for their fees, I do know a few firms that have consistently beaten the market. I also know that there are some things that most people don’t know but should (such as back-door Roth IRA). Understanding tax planning and trusts can also add a lot of value if you care about what happens to your remaining wealth after you die.
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Which firms have beat the S&P for a period over ten years?
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I’m not at liberty to say.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
May 13th, 2022 at 1:11:53 PM
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What’s the anonymous WoV internet opinions on the low fee robo advisors like wealthfront and betterment?
Buffett eats McDonalds for breakfast so imma be taking some of his thoughts with a pinch of salt. Somehow he’s still alive with that habit though I suppose.
Buffett eats McDonalds for breakfast so imma be taking some of his thoughts with a pinch of salt. Somehow he’s still alive with that habit though I suppose.
May 13th, 2022 at 1:52:21 PM
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Quote: Ace2Puzzles me, doesn't bother me. Like people who play a 6:5 blackjack game when there are 3:2 tables. I assume such people are uninformed and/or just don't care that they're paying 4X the edge they should be.Quote: billryan
You are welcome to your opinion, and I agree Warren Buffet doesn't need an advisor. If I understood business the way he does, I wouldn't either.
I'm happy, and if that somehow bothers you, I'm sorry.
The way you people obsess over beating the Dow, you'd think it was the only road to wealth. What percentage of their wealth do you think the top 5% have in the market?
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You're missing the point re Warren Buffett. The point is that investing is very simple...buy an index fund, hold it, and you will beat essentially everyone over the long term. You don't need to understand business like Buffett.
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Again you confuse beating the dow with beating everybody. You do you and I'll do me. I posted this as a celebration of my free time.
The older I get, the better I recall things that never happened
May 13th, 2022 at 2:21:31 PM
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Quote: Ace2Complex tax planning and trusts are something else. That's like legal advice, which you should definitely get in some situations.Quote: unJonI’m in middle somewhere. While I agree with the mounds of empirical data that found that active financial advisors do not beat index funds after reduction for their fees, I do know a few firms that have consistently beaten the market. I also know that there are some things that most people don’t know but should (such as back-door Roth IRA). Understanding tax planning and trusts can also add a lot of value if you care about what happens to your remaining wealth after you die.
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Which firms have beat the S&P for a period over ten years?
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What do you think a financial advisor does? You are okay with getting advice on complex tax planning and planning for the future but think a financial advisor adds no value? Financial advice doesn't cost. It pays. Until it doesn't.
The older I get, the better I recall things that never happened
May 13th, 2022 at 2:43:38 PM
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I know exactly what a financial advisor does. He charges you fees to underperform the S&P 500, which you can get for essentially free. Buffett has all kinds of terms for them like "helpers", "elves" and "minions".Quote: billryan
What do you think a financial advisor does? You are okay with getting advice on complex tax planning and planning for the future but think a financial advisor adds no value?
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Over the long run you'll make a lot more money without an advisor. That couple percent lag compounds into an enormous difference over time
It’s all about making that GTA
May 13th, 2022 at 3:19:22 PM
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Quote: billryanQuote: Ace2Complex tax planning and trusts are something else. That's like legal advice, which you should definitely get in some situations.Quote: unJonI’m in middle somewhere. While I agree with the mounds of empirical data that found that active financial advisors do not beat index funds after reduction for their fees, I do know a few firms that have consistently beaten the market. I also know that there are some things that most people don’t know but should (such as back-door Roth IRA). Understanding tax planning and trusts can also add a lot of value if you care about what happens to your remaining wealth after you die.
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Which firms have beat the S&P for a period over ten years?
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What do you think a financial advisor does? You are okay with getting advice on complex tax planning and planning for the future but think a financial advisor adds no value? Financial advice doesn't cost. It pays. Until it doesn't.
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I’m not talking about financial planner advice that involves estate planning, tax implications…I’m strictly talking about a “planner” who is put in charge of investing your money to make money. I reiterate, they will not beat a simple SP index fund for returns on that investment dollar, long term. I’ll stake my membership on it.
It’s an odd profession in many respects. Simply, put…you do not need them to actively manage your investment money. I’m sure they can add value to estate planning, retirement goals, but they will not do any better increasing your wealth than you will with almost zero knowledge.
May 13th, 2022 at 3:33:47 PM
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Quote: Ace2I know exactly what a financial advisor does. He charges you fees to underperform the S&P 500, which you can get for essentially free. Buffett has all kinds of terms for them like "helpers", "elves" and "minions".Quote: billryan
What do you think a financial advisor does? You are okay with getting advice on complex tax planning and planning for the future but think a financial advisor adds no value?
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Over the long run you'll make a lot more money without an advisor. That couple percent lag compounds into an enormous difference over time
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The only guy that I think was doing as well or better over a 10 year period was Bill Ackman of Pershing…but even he was suffering humongous hedge fund losses over the years. I also think you need a minimum $10 million investment in his hedge fund.
Guys like Ackman, Cohen, Chanos…stumble with a big, big problem. As the hedge fund grows, it becomes increasingly more difficult to churn out returns. They eventually do what the average investor is better off doing…buy numerous stocks that effectively become their own index fund. You pay them nothing for that privilege with an index fund. Smaller managers have the same problem.
It’s amazing how Buffet and Munger destroy an entire profession. And they are willing to bet millions of dollars against those who don’t believe it’s true. The first 4 minutes are legend speak.
https://youtu.be/FDxfyX_ESuE
The best way to prove or disprove the point is give a planner $10,000 and tell him he is free to invest it anyway he wants. Take another $10,000…buy AFIAX and leave it be. My bet is in 5 years…the latter investment has done better.
Last edited by: TDVegas on May 13, 2022
May 13th, 2022 at 4:51:27 PM
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Quote: Ace2I know exactly what a financial advisor does. He charges you fees to underperform the S&P 500, which you can get for essentially free. Buffett has all kinds of terms for them like "helpers", "elves" and "minions".Quote: billryan
What do you think a financial advisor does? You are okay with getting advice on complex tax planning and planning for the future but think a financial advisor adds no value?
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Over the long run you'll make a lot more money without an advisor. That couple percent lag compounds into an enormous difference over time
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You are wrong on so many counts it isn't worth trying to correct you. I'm happy with having one and you, I suppose, are happy not having one.
A hypothetical example- I owned stock in ATT that paid about $30,000 a year in dividends. I was paying roughly $5,000 in taxes on that money. This year I'll get the same income tax free. He got me involved in two deals that I never would have gotten into as an individual. Invested, not involved.
This year, I was very pleased with the results. If and when I am not, we will part ways.
Last edited by: billryan on May 13, 2022
The older I get, the better I recall things that never happened
May 13th, 2022 at 5:29:18 PM
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You got me there. I'm so clueless I'm beyond correction. Math and basic finance just aren't my thing
What did you advisor have you do? Move your ATT from a taxable account to a tax-deferred one?
What did you advisor have you do? Move your ATT from a taxable account to a tax-deferred one?
It’s all about making that GTA
May 13th, 2022 at 5:58:45 PM
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Quote: billryanHe got me involved in two deals that I never would have gotten into as an individual. Invested, not involved.
Deals?
You mean something outside of traditional investing like stocks, bonds, mutual funds, etc?
May 13th, 2022 at 6:25:07 PM
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Quote: TDVegasQuote: billryanHe got me involved in two deals that I never would have gotten into as an individual. Invested, not involved.
Deals?
You mean something outside of traditional investing like stocks, bonds, mutual funds, etc?
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Something like that. He also saved me $200 a year on my insurance.
The older I get, the better I recall things that never happened
May 14th, 2022 at 6:21:31 AM
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Edward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
May 14th, 2022 at 7:11:27 AM
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Quote: GundyEdward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
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It’s the one profession that is basically a sham. Sounds good. Pedigree is there. Suit and tie. They cannot and will not outperform a simple index fund over long term, yet so many buy into the idea that these “salesmen” (yes, they are basically salesmen) will do better than the average Joe who knows nothing about investing. They won’t.
Buffet has no self interest agenda to tarnish the profession…he’s merely telling you like it is.
May 14th, 2022 at 8:06:31 AM
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Quote: GundyEdward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
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There are financial advisors and there are companies that package financial advice. A lot of it comes down to if the advisor has a fiduciary obligation to his client or if you are dealing with a salesman disguised as an advisor.
My guy made me money, saved me money on taxes, and showed me investments I knew something of, but didn't have the funds to do on my own.
Anyway, I see the same people are sprouting the same " information" they were a few days ago, so there is no point in trying to debate them. Its strange how someone takes Buffet's statements on one thing as gospel but doesn't follow his advice when it actually comes to investing.
The older I get, the better I recall things that never happened
May 14th, 2022 at 8:34:46 AM
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Quote: billryanQuote: GundyEdward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
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There are financial advisors and there are companies that package financial advice. A lot of it comes down to if the advisor has a fiduciary obligation to his client or if you are dealing with a salesman disguised as an advisor.
My guy made me money, saved me money on taxes, and showed me investments I knew something of, but didn't have the funds to do on my own.
Anyway, I see the same people are sprouting the same " information" they were a few days ago, so there is no point in trying to debate them. Its strange how someone takes Buffet's statements on one thing as gospel but doesn't follow his advice when it actually comes to investing.
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The financial advisor is generally not self employed…so he is working for those companies that “package financial advice”. If he is self employed (one man show)…then you have no real protection for your money.
My take is you are investing your money with a person who isn’t associated with a financial company and therefore you have no real protections beyond your own comfort level. No chance I’m turning over money to someone like that. Obviously to each his own…but when I hear “got me into deals”…it sounds more like he’s advising land speculation, restaurants, junk yards, partnerships, etc, rather than typical investments that offer transparency.
To each his own, but I wouldn’t take your approach even with due diligence.
May 14th, 2022 at 8:39:25 AM
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Quote: TDVegasQuote: billryanQuote: GundyEdward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
link to original post
There are financial advisors and there are companies that package financial advice. A lot of it comes down to if the advisor has a fiduciary obligation to his client or if you are dealing with a salesman disguised as an advisor.
My guy made me money, saved me money on taxes, and showed me investments I knew something of, but didn't have the funds to do on my own.
Anyway, I see the same people are sprouting the same " information" they were a few days ago, so there is no point in trying to debate them. Its strange how someone takes Buffet's statements on one thing as gospel but doesn't follow his advice when it actually comes to investing.
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The financial advisor is generally not self employed…so he is working for those companies that “package financial advice”. If he is self employed (one man show)…then you have no real protection for your money.
My take is you are investing your money with a person who isn’t associated with a financial company and therefore you have no real protections beyond your own comfort level. No chance I’m turning over money to someone like that. Obviously to each his own…but when I hear “got me into deals”…it sounds more like he’s advising land speculation, restaurants, junk yards, partnerships, etc, rather than typical investments that offer transparency.
To each his own, but I wouldn’t take your approach even with due diligence.
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I don't recall anyone asking you to.
I hope you invest better than you speculate or leap to conclusions.
The older I get, the better I recall things that never happened
May 14th, 2022 at 9:20:49 AM
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Quote: billryanQuote: TDVegasQuote: billryanQuote: GundyEdward Jones, Ameriprise, et al, hire their advisors and teach them to SELL. Financial advisors are salesmen. They spend their time selling, not studying investments.
People that know nothing about money are too incompetent to properly evaluate a financial advisor. It's far too easy to fall prey to their sales pitch.
link to original post
There are financial advisors and there are companies that package financial advice. A lot of it comes down to if the advisor has a fiduciary obligation to his client or if you are dealing with a salesman disguised as an advisor.
My guy made me money, saved me money on taxes, and showed me investments I knew something of, but didn't have the funds to do on my own.
Anyway, I see the same people are sprouting the same " information" they were a few days ago, so there is no point in trying to debate them. Its strange how someone takes Buffet's statements on one thing as gospel but doesn't follow his advice when it actually comes to investing.
link to original post
The financial advisor is generally not self employed…so he is working for those companies that “package financial advice”. If he is self employed (one man show)…then you have no real protection for your money.
My take is you are investing your money with a person who isn’t associated with a financial company and therefore you have no real protections beyond your own comfort level. No chance I’m turning over money to someone like that. Obviously to each his own…but when I hear “got me into deals”…it sounds more like he’s advising land speculation, restaurants, junk yards, partnerships, etc, rather than typical investments that offer transparency.
To each his own, but I wouldn’t take your approach even with due diligence.
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I don't recall anyone asking you to.
I hope you invest better than you speculate or leap to conclusions.
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I had to speculate when the only thing you offered was “got me into deals”….
May 14th, 2022 at 9:35:24 AM
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Quote: mcallister3200What’s the anonymous WoV internet opinions on the low fee robo advisors like wealthfront and betterment?
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Bueller?
May 14th, 2022 at 10:11:45 AM
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Quote: mcallister3200What’s the anonymous WoV internet opinions on the low fee robo advisors like wealthfront and betterment?
Wealthfront was bought by UBS. My guess is these places are akin to boiler room operations of “sell, sell, sell.”
The best advice I can give to anyone who wants to use these services or any service or any individual….invest whatever amount you are comfortable investing with them and let them advise you based on their question and answer session with you. Take the exact same amount of money and simply buy AFIAX. Don’t touch it. In 5 years, check account balance. You can even do a “fake” buy on AFIAX just for purposes of comparison to see how your “professional” handles your money.
My bet says AFIAX gets you a better return than any of these “professionals”. In a bad economy, less worse.
Hell, if you did it on Thursday…by Friday AFIAX already made you 2.4%. Basically no fee, no commission. Tell that to Mr. “Wealthfront”…;-)
Minimum 5 years….although investing life is a lot longer.
Last edited by: TDVegas on May 14, 2022
May 14th, 2022 at 3:39:13 PM
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Everyone made money on the markets in 2021. However so far in 2022....not so much.
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
May 15th, 2022 at 3:13:40 PM
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Last year buy and hold about anything good made money. This year, so far anyway, only skillful trading such as the way I am doing it will make you money. Or perhaps going short, but I am not into that sort of thing.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 15th, 2022 at 3:27:03 PM
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Quote: MDawgI accept the wager. I made no such losing trades, no such trades at all as you describe "all red trades now in the long term bin." What amount of money will you put up? I propose $100,000. put up to the Wizard to be held in trust, plus a lifetime ban from WOV for the loser.
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I've been asked to take a stand on this.
There is some precedent. As I recall, in 2015 Ayecarumba (whatever happened to him?) challenged to StrictlyAP to a bet, to which StrictlyAP said "sure." Aye went onto win the bet and SAP wouldn't pay, saying, I think, the "sure" was not in reference to confirming the wager. Moderators took Aye's side and nuked SAP. To be honest, we were not unhappy to see him go and that may have influenced our decision.
Let me confer with the other moderators about this. If either side wishes to make any further statements in the matter, you may do so.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
May 15th, 2022 at 3:45:15 PM
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This post here
https://wizardofvegas.com/forum/off-topic/off-topic/34418-mdawgs-investments/31/#post849821
makes clear that TDVegas' proposed "any amount you wish" for the wager he proposed was accepted for $100K. And $100K isn't a ridiculous sum I assume manageable for either of us.
https://wizardofvegas.com/forum/off-topic/off-topic/34418-mdawgs-investments/31/#post849821
makes clear that TDVegas' proposed "any amount you wish" for the wager he proposed was accepted for $100K. And $100K isn't a ridiculous sum I assume manageable for either of us.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 15th, 2022 at 3:47:43 PM
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So the bet is that mdawg never made a losing trade?
The older I get, the better I recall things that never happened
May 15th, 2022 at 3:56:31 PM
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It's quite clear what the wager was. It was that I made those specific trades "all red trades now in the losing bin" on May 11, 2022.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 15th, 2022 at 5:40:05 PM
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My bet is those losing trades are in a shadow account…set up for him by his trust fund from Grandpa MDawg or even possibly great Aunt Edna MDawg and the money she willed into an account only accessible until he reaches age 65, but he had a special proviso to access the account to trade stocks. Edna ain’t happy about that as the trust has dwindled from $10,000 to .49 cents. She would have set it up for him differently. Be it robin hood, Schwab, Goldman, UBS or some other account not easily identifiable because it exists as a trust, set up for him in a conglomeration of fictitious names (ie, Inka, Dinka, Doo corp). He’s probably allowed to trade in the account, but the inherent ownership is grandpa MDawg and his littany of trust fund lawyers check to make sure MDawg doesn’t self implode the monies.
There’s just no way to access or identify all these “shell” trading accounts to disprove the trades were not made….but my statement is firm. MDawg has made no losing trades as every losing “transaction” has been converted into a long position and therefore he is able to claim “no losing trades.”
I’ve also been speaking to MY trust fund advisors…and they have advised me $100,000 exceeds my “bet withdrawal” limits. Sorry. Grandpa TDVegas was no Grandpa MDawg. Successful, mind you, just not that successful.
There’s just no way to access or identify all these “shell” trading accounts to disprove the trades were not made….but my statement is firm. MDawg has made no losing trades as every losing “transaction” has been converted into a long position and therefore he is able to claim “no losing trades.”
I’ve also been speaking to MY trust fund advisors…and they have advised me $100,000 exceeds my “bet withdrawal” limits. Sorry. Grandpa TDVegas was no Grandpa MDawg. Successful, mind you, just not that successful.
May 15th, 2022 at 6:25:46 PM
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Edit. Double post.
Last edited by: TDVegas on May 15, 2022
May 15th, 2022 at 6:25:50 PM
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Quote: billryanSo the bet is that mdawg never made a losing trade?
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I did not go thru all 150+ pages with literally 100’s of claimed trades…but I do not believe there is one single solitary mention of a losing trade among the 100’s claimed to have been made. Not one. EVERY one has been profitable.
May 15th, 2022 at 7:05:25 PM
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The terms of the challenge that you initiated (below) requires you to prove what you have asserted.
Then how do you intend to prove your original accusation, and your subsequent accusation that MDawg has shell trading accounts?
Quote: TDVegasI’ll bet you any amount of money that you also made trades in AMZN at 2178 (dropped)…again at 2154 (dropped)….again at 2134 (dropped)…again at 2132 (dropped)…again at 2119 (dropped).
Quote: TDVegasThere’s just no way to access or identify all these “shell” trading accounts to disprove the trades were not made.
Then how do you intend to prove your original accusation, and your subsequent accusation that MDawg has shell trading accounts?
May 16th, 2022 at 2:01:27 AM
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In the 90's my father was up about 3 million in the stock market and he was still working as a dealer, eventually, he retired, but after the bubble burst, and losing a significant amount back, he decided to go back to work. He used some of the profits to buy 3 houses so all's well that ends well.Quote: TDVegasQuote: MDawgBeen traveling a lot this year not much stock trading. Long terms down like everyone else’s!
What's interesting is that I was talking to a dealer, older dealer seriously I'd say had to be over seventy years old and somehow the topic of "quitting while ahead" came up. Dealer was saying that YES have to do that at the tables, but then added that was a stock trader and had lost three million in the last month. Now, I didn't know casino dealers had that kind of money, let alone to lose, but at this dealer's age, who knows.
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A dealer…$3 million to lose. Drug dealer?
I might categorize that comment as “inflated”.
Most dealers I hear from would drop their badges at the front door IF they had $3 million…not just $3 million to lose.
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♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
May 16th, 2022 at 2:34:23 AM
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_______________
quite an interesting report (linked) re money and millionaires - to me anyway
per the link there are 20.27 million millionaires presently in the U.S. - although this report was written before most of the recent downturn
since there are about 330 million people in the U.S. and since about 22% are children that indicates quite a high % of adults are millionaires - about 6.5%
a million bucks just isn't what it used to be
.
https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires/#:~:text=The%20total%20number%20of%20millionaires,of%20US%20millionaires%20are%20white.
.
quite an interesting report (linked) re money and millionaires - to me anyway
per the link there are 20.27 million millionaires presently in the U.S. - although this report was written before most of the recent downturn
since there are about 330 million people in the U.S. and since about 22% are children that indicates quite a high % of adults are millionaires - about 6.5%
a million bucks just isn't what it used to be
.
https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires/#:~:text=The%20total%20number%20of%20millionaires,of%20US%20millionaires%20are%20white.
.
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
May 16th, 2022 at 4:53:04 AM
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Quote: lilredrooster
a million bucks just isn't what it used to be
No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
At my age, a "Life In Prison" sentence is not much of a deterrent.
May 16th, 2022 at 7:15:15 AM
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Quote: DRichQuote: lilredrooster
a million bucks just isn't what it used to be
No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
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Except the house would be paid over thirty years, and the college would be financed and paid at least partly with financial support.
If you gave a thousand families a million dollars each, half of them would be broke in a few years. It's not how much money you have, it's how you use it.
For most people, by the time you have a million dollars in cash or assets, you've already learned how to spend money. For a lottery winner or pro draft pick, they are usually clueless and have a system of family and friends that are equally clueless.
Anyone who says they can't get by with a million dollars is a fool or a liar.
The older I get, the better I recall things that never happened
May 16th, 2022 at 9:11:55 AM
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Quote: billryanQuote: DRichQuote: lilredrooster
a million bucks just isn't what it used to be
No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
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Except the house would be paid over thirty years, and the college would be financed and paid at least partly with financial support.
I would depend if the family had any other income. If there was no further income I doubt most mortgage companies will give a mortgage. If they are bring in a $100k per year between the two adults they should be fine.
At my age, a "Life In Prison" sentence is not much of a deterrent.
May 16th, 2022 at 9:17:35 AM
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In the matter of Mdawg vs. TDvegas I sentence TD to seven days for backpedaling out of a bet and making personal insults.
There is forum precedent for punishment for welching on a bet or retracting a challenge. This is because I feel strongly that what is more important than smart gambling is honest gambling.
Had the issue been non-payment of a confirmed bet, the punishment would probably be a nuke. Had the situation been backing out of a confirmed bet, before the outcome was known, a month would have probably been the sentence. In this case, the bet was never well-cemented, so I'm going easy on the time.
TD should have known at the time of making the challenge that Mdawg can't disprove he doesn't have access to secret accounts. Furthermore, the accusations of Mdawg being a trust fund baby are personal insults.
There is forum precedent for punishment for welching on a bet or retracting a challenge. This is because I feel strongly that what is more important than smart gambling is honest gambling.
Had the issue been non-payment of a confirmed bet, the punishment would probably be a nuke. Had the situation been backing out of a confirmed bet, before the outcome was known, a month would have probably been the sentence. In this case, the bet was never well-cemented, so I'm going easy on the time.
TD should have known at the time of making the challenge that Mdawg can't disprove he doesn't have access to secret accounts. Furthermore, the accusations of Mdawg being a trust fund baby are personal insults.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
May 16th, 2022 at 9:26:34 AM
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I'd call this ruling a joke, except jokes are supposed to be funny. Then again, I think this whole mdawg nonsense is a running bad joke in the first place.
The older I get, the better I recall things that never happened
May 16th, 2022 at 9:52:29 AM
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Many of them swindled by a fast talking "financial advisor".Quote: billryan
If you gave a thousand families a million dollars each, half of them would be broke in a few years.
It’s all about making that GTA
May 16th, 2022 at 9:59:09 AM
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Quote: Ace2Many of them swindled by a fast talking "financial advisor".Quote: billryan
If you gave a thousand families a million dollars each, half of them would be broke in a few years.
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That very well could be. I don't deny there are scumbags in the industry. It's a shame you can't admit there might be some good ones there as well.
The older I get, the better I recall things that never happened
May 16th, 2022 at 10:15:53 AM
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I am not against paying for professional advice. Not at all.
Maybe you are a billionaire with various offshore accounts, shell companies, trusts and a very complex tax structure...in that case you definitely need advice, tax preparers, etc.
But the other 99% don't need a financial advisor. And they'll get better returns without one...even a "good honest" one
Maybe you are a billionaire with various offshore accounts, shell companies, trusts and a very complex tax structure...in that case you definitely need advice, tax preparers, etc.
But the other 99% don't need a financial advisor. And they'll get better returns without one...even a "good honest" one
It’s all about making that GTA
May 16th, 2022 at 10:44:20 AM
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Quote: billryanI'd call this ruling a joke, except jokes are supposed to be funny. Then again, I think this whole mdawg nonsense is a running bad joke in the first place.
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TDVegas has been on and off trolling me with accusations of lying and calling me a narcissist in posts such as the below for a while.
Then when he finally had the guts to formulate his accusations into a WAGER
and I accepted, he welched. And as Wizard and others have said more than once, there is not much worse than a welcher. Especially on a gambling forum.
Last edited by: MDawg on May 16, 2022
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 16th, 2022 at 11:45:31 AM
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There was clear opportunity on AMZN today, for trades. I just didn't get 'round to it.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 16th, 2022 at 2:16:46 PM
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Quote: MDawg...I accepted, he welched. And as Wizard and others have said more than once, there is not much worse than a welcher. Especially on a gambling forum.
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Let's move on. I don't believe in attacking members who are suspended and can't defend themselves.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
May 16th, 2022 at 2:50:26 PM
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Agreed.
The older I get, the better I recall things that never happened
May 16th, 2022 at 2:56:02 PM
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Quote: MDawgThere was clear opportunity on AMZN today, for trades. I just didn't get 'round to it.
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Too busy making screenshots I guess
May 17th, 2022 at 11:06:45 AM
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Not today though! CHA'CHING!
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 17th, 2022 at 11:43:39 AM
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Now your AMZN and TSLA are down only 38% instead of 40% year to dateQuote: MDawgNot today though! CHA'CHING!
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Using the past four months as guide, this is a very small and very brief "sucker rally". There are usually several right before the real crash. Probably a decent opportunity to sell some more, like the big market players probably are. Time will tell
It’s all about making that GTA
May 17th, 2022 at 11:50:31 AM
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I was referring to profitable trades today. Long terms, up and down over time, over all of course, WAY UP!
Wow, but every time you post lately you talk about how it's time to sell or about to be time to sell or that you already sold.
Ten to one -- ten to one shot you said -- ten to one shot he would take the 5th -- and I lose. You sound like my bookie.
Wow, but every time you post lately you talk about how it's time to sell or about to be time to sell or that you already sold.
Ten to one -- ten to one shot you said -- ten to one shot he would take the 5th -- and I lose. You sound like my bookie.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
May 17th, 2022 at 5:43:13 PM
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Quote: Ace2Now your AMZN and TSLA are down only 38% instead of 40% year to dateQuote: MDawgNot today though! CHA'CHING!
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Using the past four months as guide, this is a very small and very brief "sucker rally". There are usually several right before the real crash. Probably a decent opportunity to sell some more, like the big market players probably are. Time will tell
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My only concern is where the stocks will be relative to today in one year and five years. If the majority of my stocks are up a year from now I will be happy.
I always tell skeptics to name five stocks that will be lower in one year than where they are now.
At my age, a "Life In Prison" sentence is not much of a deterrent.
