Bob Moriarty: There Is No Rush Like A Gold Rush
Okay, lots of people are smart enough to get in this stuff, BitCon, three bucks, or five bucks, or fifty bucks. They were smart enough to get in, but damn, it goes up to $20,000 and they’re too fucking dumb to bail out. If you refuse to take a profit, you are going to have to take a loss.
Strange thing is, my book, Nobody Knows Anything, should be a New York Times best seller. It is that fucking good. It is simple. Buy things when they’re cheap and sell them when they’re dear. Nobody wants to do that.
If they’re smart enough to buy cheap, they want to wait until it’s gone up 100 fold and then it’s, “Well, if it goes up a little bit more, then I’ll sell.” Investing has nothing to do with management, has nothing to do with commodity. It has nothing to do with the country risks. It has nothing to do with any of that.
It has to do with human behavior. There is no rush like a gold rush. You use the correct term, there is this little tiny door and everybody’s going to try to squeeze through the door at the same time.
Look at WeWork. There’s a company that’s absolutely classic. It’s fraud. There is absolutely nothing of substance there. It’s the dumbest idea that I’ve ever seen. It had a 50 billion dollar market cap in theory a month ago, and now it’s got a 10 billion dollar market cap, and JP Morgan’s about to dump 5 billion dollars into it.
Boy, if they get a cent of that back, I would be amazed.
