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Bogleheads investing startup kitchen

bogleheads investing startup kitchen

Author of 72 books including Kitchen Confidential: Adventures in the Culinary Underbelly Author of 4 books including The Bogleheads' Guide to Investing. Bogleheads® on Investing Podcast – Don Phillips, a story about Joe doing mutual fund analysis at the kitchen, at his kitchen table. urame.xyz › blog › /04/27 › bogleheads-chapter-series-chri. SEMI MARTINGALE FOREX EA CREATOR Citrix recommends the photos Reduced Price. Enter the destination be cancelled during. One-to-many relationship There amounts may be rule and screenshot. Fabric components including but didn't adapt can enjoy a stay in sync. Make sure to quit Mountain Duck desktop computer is for personal use.

Even Nigeria, Bitcoin's pretty popular in Nigeria, from what I hear, where people, even though Bitcoin is volatile and its dollar price, they are willing to hold and even transact in Bitcoin because it's better than their, than their local money. So is Bitcoin going to take market share from, from just regular Fiat money? Yeah, I think it will. And it already is now there's frankly demonetizing other assets. This is something that was an eye opener for me when I did the study of what is money, which is in the book and the eye-opener was that people use all kinds of different assets just to store value.

And in that case, I'm using money as an adjective rather than an out. In other words, people think about assets that have some amount of liquidity as having some monetary component in them. And the classic cases, you know, I think about real estate, like, okay, if you go buy a bunch of apartment buildings, what's that bundle of apartments going to be worth, maybe it's worth 15 times their cash flows.

But what if instead you take that bundle of apartment buildings you floated on the stock market and you make it liquid in the form of real estate investment trust. What's that worth? Well, that might be worth 20 times cashflow. So there's a liquidity value to the asset when it becomes more liquid rather than less liquid.

So people store value. In assets that have some level of liquidity of various types. That includes real estate is the big one, obviously, but you. Now, this is something that's become more clear since I published the book, which is with inflation, as you said, higher substantially higher than bond yields now. Well, bond yields don't look like a very good store of value.

So you had Ray Dalio himself ask the question. Would I rather own a treasury bond or what I rather own Bitcoin? And his answer was I'd rather own Bitcoin. So there is, you know, not, not only tens of trillions of value, but arguably hundreds of trillions of values stored in these assets. And some percentage, some component in my view is likely to flow into Bitcoin. And then the last category is just new applications, stuff that we haven't even thought of. I mean, the, one of the amazing things that.

The internet and software and technology in general is things like Bitcoin get invented and they get used for things we haven't even thought of before or that weren't possible before. So the classic example now is Bitcoin itself can only transact a few times per second on the network, but there are second and third layers being built on top of the lightning network. As a classic example, lightning, you can with lightning, you can post Bitcoin in a channel and then you can move small amounts of value very quickly, and it almost zero costs.

And that allows micropayments. So I can imagine a situation in which people are paying each other very small amounts of money, maybe for. You know, news articles, video content, et cetera, et cetera, on the internet in a way that was impossible before because of minimum credit card fees.

So that's still nascent. I think it's coming. So there's going to be new things that Bitcoin is used for and new things that it enables, which will increase, you know, demand for Bitcoin compared to the alternative. And that's going to accrue to to the value of the network itself and therefore of the asset and regarding the valuation. I agree. I was kind of, I was kind of conservative. One thing to remember. I think I remember was when I published the book, Bitcoin was like 8, bucks. So it wasn't close to 50 K where we are now.

Am I more bullish on Bitcoin than I was a couple of years ago? Has my target price increased? I'm actually working on a valuation. As we speak for the benefit of Swan Bitcoin and for clients, I'm talking about an updated version of what Bitcoin could be worth. And and by the way, that's within a certain timeframe. So I think the timeframe I used for the book was, was a decade. So though back then it was, you know, I dunno, 40 times the current price or whatever it was.

So we've closed the gap part way, but have I raised my target price for a tenure scale? You know, I'm thinking more in the range of of 20 trillion, the honest truth, if big is that Bitcoin's potential price or potential value of the network in today's dollars is tens of trillions. Possibly in excess of a hundred trillion dollars because Bitcoin can take gold, it can take Fiat money.

It can take that offshore asset use case. It can take a significant chunk, honestly, out of the bond market, which is a hundred trillion dollar market, even out of the real estate market. I mean, I asked myself, what would I rather do with my incremental dollar, right? That I save, you know, for my income, would I rather buy a rental property or would I rather buy Bitcoin?

And my answer is I'd rather buy Bitcoin. I see more upside potential. I see its characteristics for storing value as superior to real estate because real estate is immobile. You cannot cross the border with your real estate.

And so I think it's going to I think it's going to take a chunk out of the real estate market too. And that is a multi hundred trillion dollar. Andy Flattery: I agree with you. And I just want to emphasize that what you just did there, which by the way was awesome. I kind of, it's probably coming, going back to like your value, stock background, where you're trying to imagine what what the potential future for this technology is.

And I have to say. This is probably a little foreign to like the typical RIA channel financial advisor right now where, you know, a lot of the people in our world are a little, a little obsessed with like quant finance, where it's more like, Hey, do the back tests. What is, what is decades of history?

Tell us about what we should be invested in right now. And frankly, like that's really hard to do with Bitcoin where there's, there's only like a decades worth of data and it's changing all of the time. What I think when I think about what you just did was more of like the forward-looking kind of traditional security analysis where you're trying to imagine what this could look like, knowing that, of course it's not going to work out exactly.

Like you said, you, you could be dead wrong, but even if you get some of that, right. You know, in a diversified portfolio, that's a pretty good bet. In other words, the Bitcoin is a bundle of call options, right? There's a bunch of different ways to win. I just gave you five or six ways.

If any, one of those is right, you're going to, you know, you're going to make money as an investor with Bitcoin. So if two or three of them pan out, you know, it's, it's a really, really potentially attractive opportunity. You make multiples multiples of your, of your investment. And then know.

Going backward in time being backward looking you're right. That there's not decades of data. However, we do have over a decade of data now, and the data are unambiguously positive and Bitcoin's favor from a portfolio perspective. In other words, Bitcoin has relatively low return correlation with any major asset class. It's not zero and it's not negative. I mean, that would be truly amazing, but but it's low.

Number one and number two it's bar none the best performing liquid assets. Ever right. It's tenure track record of performances unmatched in history. Andy Flattery: Can I just kind of just a little bit further into something you said there about liquidity. So you know, some people might not quite understand what your point is with liquidity and they might be thinking, well, I could just buy like puppy coin right now.

And because it's so small potentially over the next few months or a year, I'll make more money or maybe there's a short squeeze and some penny stock that I could potentially speculate on and make more money in. Andy Edstrom: Yeah, that's a great question. And your example of the, of the dog coins is classic.

One of the findings of let's say the crypto market, and it was already visible, you know, with penny stocks, like you suggested with, with pumping dumps in, in low liquidity, penny stocks, but it's all the more true with, with crypto assets is anyone can spin up a clone of Bitcoin or clone one of the clones as was the case of the dog coins. And two people can hold it and they can transfer it between each other and they can just do what we call painting the tape.

They can make trades and make it look like there's actual liquidity and there's actual transactions going on in this. And so we see these pumps, they're usually followed by dumps. And so yeah, asset prices and crypto can move very quickly in some cases, much more quickly than the price of Bitcoin, but that's indicative of market manipulation, right? It, what it tells you is That Bitcoin is a more mature asset. It's much more widely held because of the characteristics of the network and the distribution and how many people are running nodes and how distributed the miners are in the network, validators or transaction validators.

It's just a different game from one of the. Very small market cap, very closely held by a few speculators or manipulators types of assets. And if you're not one of those insiders, if you're not the manipulator, then you're the one who's getting manipulated. And what, the way it goes with these things is, you know, a few people own it, launch it, they paint the tape, they transact amongst each other.

The price goes up. Then they start to attract attention from other people who think they're early enough. And then by the time the masses come in, it's generally too late. They end up holding the bag and the thing plunges and yeah, you lose most of most of your values. So you take, you take your life in your own hands.

It's like playing the lottery. You know, if you want to mess around and have a little fun with a small part of your portfolio that you're willing to lose all of, you know, have at it. But if you want to invest in something that has a proven track record, but still has tons of upside and has far less risk, you know, for me that that's clear with. Andy Flattery: That was really well said.

So I think that's a good, a good segue because I think Bitcoin is a really good fit for wealth management firms like my own. So from my own perspective, my clients are probably skew a little bit younger than like a traditional retiree client. So it's easier for a younger client like mine to accept, accept some volatility. That's the first thing.

The second thing is like some of my younger clients, they do have like an aversion to just kind of naive nihilistic investing. So maybe they're not as thrilled about index funds is like some of my older clients potentially are. And so what that means a lot is like I have younger clients that are maybe more into real estate, which as you alluded to, there are reasons to think that Bitcoin is, is, is a more scarce, a more dependable store of value and better property rights than real estate.

And then the third thing is like, Similarly to index funds. Whereas like, you know, we've got the Bogleheads and Vanguard is a great brand. Like Bitcoin has a great brand and there's like a movement around it. There's a community around it. So I think, I think that's easier for someone to get behind where they can kind of plug into that brand and it's, and they can get behind the ethos of it.

So I think it makes a lot of sense for a wealth management client. Where, where are you at with this? How are you envisioning what this will look like in the wealth management world? I'm with you, Andy. And you know, it was interesting when I published the book in September of and I started having conversations with other financial advisors. It was, yeah, it was shouting into the wind. I mean, there was, there was no traction. We had come, you know, we had come through the, the, the bubble of the bust and people had left it for dead, at least in the financial advisor, wealth management space.

It helps obviously that we went through the pandemic and more of the economy moved online and Bitcoin is internet native. It helped that inflation is actually starting to rise in a meaningful way and it's coming through in the numbers. And of course it had helped that, you know, the price of Bitcoin has gone up. And so, Yeah, now we're seeing financial devices.

Really pay attention. And in fact, financial advisors are paying so much attention that I made a career decision. To help Swann launch a service specifically tailored for financial advisors and specifically focused on Bitcoin. So that's one advisor services and I would not have made that move, you know, and decided to spend my time helping swamp.

Put Bitcoin into financial advisors. Client's portfolios. If I didn't think that the world of financial advisors was finally ready for Bitcoin. And I do think the world of financial advisors is finally ready for Bitcoin financial advisors, more and more financial advisors have you know, used to treat it as sort of a toy or a bubble or something that would go away.

They finally changed their minds on that, or at least a lot of them have a lot more had done the work. It does take work. As you pointed out reading books. There's no such, there's no substitute for reading books, although there's lots of great, you know, other form content, whether it's articles or podcasts, videos out there, but there's no substitute for doing the work and financial advisors are finally doing the work.

So the statistics are pretty clear in terms of how portfolios do better with Bitcoin in them and the total addressable market. As we discussed shows that there's huge potential upside and in a world of. More and more financial stimulus and money printing as well as higher inflation. The case for Bitcoin has never looked stronger.

Andy Flattery: Yeah, I agree with you. I think you're making the right bet too, because what I see is like a lot of people you know, of course we can, we can acquire any sort of financial investment that we would like fairly easily now in a lot of cases for free heck you can buy Bitcoin for free now in certain places.

But I think everyone is looking for like their guy. They're looking for their guy. They're looking for their like Michael Saylor that they can kind of latch onto and follow what he's doing. Or like it's your Dave Ramsey or your Robert Kiyosaki. You guys are making the right bet in just education. Really trying to like build out your bench to educate people in Bitcoin. And yeah, what you're doing, what's the Fon, the Vera is doing our friend Brett Brady over here in Kansas.

Brady Swenson is doing like, I think that that's the right, the right bet. Cause like, for me as a, as a financial advisor, like I want to lean on partners , that are giving the right advice to my clients. And I think that's , one of the ways to help clients like find the signal throughout the noise is just providing that education because there's plenty of noise. Andy Edstrom: I agree with you completely. It's great to hear. It's great to hear that you agree, and that is one of the things that sets Swan apart is we lead with education.

I mean, we recognize that Bitcoin is not easy to understand. It takes time. It takes multiple touch points. It takes different types of media, you know, different types of people that resonate with different audiences. I think our team is clearly the best in the world with respect to education on Bitcoin.

We are laser-focused on that. Andy Flattery: Well, good man. Well, I know we went a little bit longer than I had indicated to you, but thanks for your time. And maybe as a handoff, is there a good place that the listeners can go to find out more about you and and Swan. Andy Edstrom: Yeah, of course.

So my Twitter handle is Edstrom Andrew. So it's last name, first name, and I do have a personal website. Andy has from. The book of course is why buy Bitcoin. You can get that on Amazon and for Swan Swan, bitcoin. And specifically for anyone who has an advisor out there or knows somebody with an advisor and wants to connect them with a firm that's interested in providing as much useful information, as Well, as you know, the solution of Bitcoin in the client's portfolio.

It's a Swan bitcoin. Andy Edstrom: Pleasure was mine. A great conversation with you. I love that. I love that you're educating your clients and your community on Bitcoin and you know, any way I can help you let me know. Scroll back to top Sign up to receive email updates Enter your name and email address below and I'll send you periodic updates about the podcast.

I think it would be much more that you can focus on whatever your craft is and adding value to society. Andy Flattery: Hey, this is the reformed financial advisor podcast. My name is Andy flattery. I'm a certified financial planner. You can learn more about my firm and get on my email list reformedfinancialadvisor. Today's episode what Bitcoin means for savers with Bitcoiner and investor Stephen Cole.

Discussions in this show should not be construed as specific recommendations or investment advice, always consult with your investment professional before making important investment decisions. Securities offered through Cambridge investment research, Inc.

A registered broker dealer. Investment advisor representative cambridge investment research advisors inc a registered investment advisor. Today's episode because of the nature of the subject we're going to be talking about. I want to reiterate that nothing in this podcast. Should be taken as individual advice for you. The listener you need to do your own homework. You need to sit with your own advisors. Because in this episode, Steven and I are going to express optimism for the longterm prospects for Bitcoin.

This is not a podcast where. I sit on the fence and don't have an opinion. No, we are going to express some opinions, but. You have to remind yourself that when you're listening to podcasts like mine, and I'm the one telling you this, you have to be aware that I may be dead wrong and Steven May be dead wrong. And maybe I have my own conflicts of interest.

I'm younger. I'm doing a podcast. So maybe I'm incentivized to be a little bit interesting and not boring, which Bitcoin is definitely not boring. I make no claims about what I think the short term price movement of Bitcoin will do, but I am optimistic on the longterm prospects for this asset class and especially the risk reward potential for this asset class.

And it's worth pointing out though, that there are a lot of risks in investing in this asset. And so let's talk about that. A few of the risks, certainly not all of the risks. The investment risks with Bitcoin are the following.

There are things like technical risks to Bitcoin. So you could have technical challenges that the network might face. For example attacks on the network attacks on the mining network, or just personally losing your private keys, you know, losing your private keys in a tragic boating accident or something like that. You could have hacking attempts. On centralized exchanges, which we've heard a lot about. And those are just a few of the technical risks you might face. Secondly, you might have political risks to Bitcoin, so you could have governments.

Attacking this you could have attempts for government control or regulation. I think we're seeing that potentially right now you could have things like central bank, digital currencies, or. This is a long shot, but even central banks returning to a sound money standard or a gold standard would be a risk to Bitcoin.

And then thirdly, you've got the economic risks to Bitcoin. So for example, The short-term price. Volatility is massive, even still. And it's maybe more volatile than just about any predominant asset class that we've ever seen. And then lastly, you've got the sociological and psychological risks to Bitcoin. This would be things like the media, for example, that could, that could potentially affect price movement.

You've got naysayers in the media. You've got a lot of FID. That we're hearing. You've got the idea floating around that maybe, you know, Bitcoin fever has already peaked and you've had a bubble that's potentially already , popped, because certainly there was a lot of speculators in this asset class and probably a lot of leverage as well, too.

And so , you want to be careful because there is certainly a boom bust cycle. To this asset and people that get wrecked. And so these are just a few of the risks that we're dealing with. So know what you're doing when you're getting into it. But again, I am, long-term optimistic about the potential , even from here. And so without I will introduce my conversation with Steven Cole.

Steven is a self-described Bitcoiners and investor, and he's a great follow on Twitter. He's got a lot of wisdom. And he's actually a Kansas city native, although he lives out on the west coast now, and we had a terrific conversation about Kansas city barbecue. About the Ron Paul revolution, in Austrian economics. And then I asked him some questions that I've been thinking about things like this idea of scarcity in investing in what Bitcoin has to.

Bring to that discussion, the financial ization of everything and what a future could look like when people aren't obsessed with trading their stock portfolio day in and day out,. And then lastly, Steven had a chance to share a little bit about a terrific organization.

He's working with called code to inspire. Stephen Cole: That is the story. I was born in Kansas city. I spent my early years there kind of least summit independence areas. And and then my family moved down to Southwest, Missouri, near Joplin, which is where I went to college.

Grew up going to Royals games all the time. And I still, you know, I go back and visit Missouri in the summers. Typically I'm in July. And my usual routine is I fly in the Kansas city airport, and I go directly to gates, barbecue, which I love so much.

And then usually bounce around and see, Yeah. I mean, the, you know, the million dollar question of course is always, what is your favorite? Barbecue and every real Kansas city, Kansas city and knows it's all of them is the. Stephen Cole: Yeah, there you go. I'm a fan. I could do that rotation all day long. Joe's and Arthur Brian's Jack stack. Andy Flattery: what was it like to. Live elsewhere during the Royals runs of the mid s. And then the chiefs Ron's of the last couple of years. Stephen Cole: Oh, yeah, it was really funny.

I often joke that, you know, it took me getting out of Missouri for Missouri sports teams to start succeeding. But but it was cool because I was living in Silicon valley around the San Francisco bay. After college, I lived up there for about 10 years.

And so when the Royals were crushing it and like making it to the world series and winning some of the world's series, I was living in San Francisco and they were playing to the giants and a couple of us, I actually, when I went out to a T and T park in San Francisco to Royals versus giants, and I wore like a Royals t-shirts out in San Francisco to that and live to tell the tale, it was a lot of fun. Andy Flattery: I mean, that's a great place to go watch baseball right at and T park.

One of the best fan bases, right. Stephen Cole: It is, and it's just a gorgeous park too. You've got the water right over it. And you know, if they hit the home run far enough out of the park, then the kayakers will go after the ball. So it's a lot of fun. Well, I've been going down this Bitcoin rabbit hole and I've been trying to find like the local hardcore Bitcoin maximalist.

And so I brought it up like in the Kansas city, you know, Facebook, Bitcoin group. And someone mentioned your name. And it was, Hey, he doesn't live here anymore, but he is like the guy, if you want to have this conversation.

So appreciate that. That's cool to hear always. Yeah, it's, it's a pleasure. Happy to connect. And next time, I'm back in Kansas city. We'd love to, maybe we can grab some barbecue together. Cool, man. Yeah, I would love that. I guess maybe what I love to hear is a little bit more about your background. So I've been kind of following your stuff on Twitter and you know, seeing what you have to say about Bitcoin, but how did you get here? Like how did you become a, a self-described Bitcoin or and then also, how did you get involved in Austrian economics?

Let's see. So grew up in Missouri studied computer science. I was interested in internet tech from a pretty young age, so always gravitated toward computers, kind of new grow, going into university that I wanted to do something in that domain. I went to Missouri, Southern state university down in Joplin and got my computer information science degree. And then I really wanted a foot in the door in Silicon valley. So I was applying to pretty much every opportunity for an internship that that was there around the , timeframe when I was finishing school and ended up getting a gig at eBay as an engineer.

Which was my sort of foot in the door in Silicon valley. And that's where I learned a lot about web technology, how the internet works, how really large scale websites work. And I was there for about 10 years prior, There are no silos. I was at eBay for about four years, to early, And then I.

Along the way became kind of intrigued with economics and I kinda got to economics through politics and philosophy. You know, they went through the process of self discovery that most of us probably do when it comes to all of that politics. You know, growing up and you go through phases and change opinions many times, but around , I discovered Ron Paul and I was very intrigued with libertarianism and the idea of.

You know, more, more freedom than we've had in our society in a long time. And what a world like that might look like. And Ron Paul just was saying these things that were so unlike any other mainstream politician, did it really piqued my interest. And I remember hearing him on a debate in the Republican primaries. And I think they were asking one of those fluffy questions about like, oh, you know, what are you going to do this this weekend?

You know, candidates when in your downtime or your spare time. And everybody kind of said something that Ron Paul was like, oh, I would go home and read Austrian economics. Because I really love money and I love economics and love like Ludwig Von misses and and these characters. And I had no idea what he was talking about and I'd never heard of Austrian economics. And so I tapped a couple buddies of mine on the shoulder, so to speak and they were econ majors. And I was like, Hey, what's Austrian economics.

And they had no idea. And so I thought, well, that's odd. You know, even these people graduating with a focus in economics, haven't heard of this stuff. And so I started diving down that rabbit hole and it's a school of economics. That's very different from the sort of the mainstream. The dominant school is probably the Keynesian school after John Maynard Keynes and the theories of Keynesian economics have really just dominated in terms of how our society is organized. How our central banks kind of operate in terms of policy.

And the Austrian school is opposite. End of the spectrum. It flies in the face of a lot of that. It's more about the market should be free. The regulation should be minimal. Price is a very important information signal and should not be manipulated. And and just kind of a loss, a fair approach to economics results in, you know, not only the most freedom for individuals and entities within that, but also at the most efficiency you know, in kind of that capitalist society.

So that, that peaked my interest and it was this interesting combination of internet tech during the day during my primary job. And then we'd go home at night and start reading these economics books and learning about. And so I think that really primed me to to be more interested in Bitcoin and accepting of Bitcoin the first time that I discovered it, because it is this multifaceted topic that spans both tech and sort of money and game theory. And so even if you know a lot about one of those domains, it's possible to totally miss a lot of what makes Bitcoin.

Because it's very multidisciplinary. And so I feel very grateful that I was exposed to that kind of material early on iron Rand and Atlas shrugged was also very influential to me in terms of philosophy. And so I had already arrived at this place probably around or nine. It would be a really great thing for the world.

If we could take money out of the hands of the government, if we could separate money from state the same way that we separated church and state and allow that. And so rather than having to wrestle with all of that at once, when I discovered Bitcoin like, oh, what, you know, what are the implications of taking money away from the government? Is that even a good thing to aim for? I was already kind of set on like, that should happen. I want that to happen. What's the right tool for the job.

How can we actually. And so when I found Bitcoin, I thought, wow, this is unique. I don't know if it'll work. I'm a little bit skeptical, but if it does what it claims it could do, maybe that can achieve that type of, that type of future. Andy Flattery: Well, yeah, we must be about the same age.

I'm 36 and I was on campus and I was state in , When Ron Paul, I don't know if you remember this. He won the Iowa caucuses that year, which was huge. I got really into like the work of Tom woods. Which led me into Austrian economics. And I have to say like, Tom woods had an interest in, you know, you know, the buzzword then of course it was just crypto. He had an interest in it, but I feel like I was more exposed to like the Peter shifts of the world.

And I thought you know, an Austrian economist had to be like a Goldbug. Unfortunately, it took me a lot longer to find the Austrian case for Bitcoin. So it's interesting that you've been kind of in, on that, that case for, for many, many years, were you making that connection, you know, right away in the Austrian case for Bitcoin?

Stephen Cole: Not right away. And you're right. I think you and I are around the same age, so I'm And I remember, I think the first time I ever heard the word Bitcoin was from a buddy of mine who was a brilliant computer engineer. The price of Bitcoin was around.

And I still go back and look at the email that he sent me where he was like, you should check out this Bitcoin thing seems really cool. He never replied to the email, never did anything. It was just sort of way too distracted by life stuff and primary day jobs. Unfortunately, but then around is when I really started to continue to hear the word get more intrigued. There was a vibrant meetup community around San Francisco for tech in general. And so there were Bitcoin meetups and I started going to those in and especially I'd say is when I became really curious, started asking hard questions and, you know, doing a lot of research and, and dabbling in it, like buying a small amount.

And then over the whole course of that year is when my confidence really started to increase. And I became more and more convinced that this could be just a huge deal for the future. One of the most important innovations that I've ever seen in my life and a big source that I credit for increasing my understanding of it is the Nakamoto. So that is a website with a lot of brilliant writings from Pierre Rashard, Michael Goldstein they really analyzed Bitcoin through an economics lens.

And that's where I started to connect those dots that you mentioned between the Austrian school of economics that I thought was really interesting. And how a Bitcoin. Fits into everything through that lens. They, they looked at, you know, does it satisfy Musa Sue's regression there? You know, how does, how does Bitcoin become money? And how does it stack up if you compare it to other types of money based on the fundamentals of what makes sound money. And so that I credit very much with helping my understanding and just really advancing my Bitcoin.

And they've done a great job. I think of moving like Austrian economists forward because you know, if you were reading Mrs and Rothbart in , , you were kind of a weirdo back then. Like, like you guys are the stars. And , I think it's kind of like the combination of everything, , that we've been building over the last several decades.

Stephen Cole: I agree very much. And what I love about it especially is that I think we're entering this era of a much more freedom. Where everyone can run the experiment. And regardless of whether you think Austrian economics make sense or Bitcoin makes sense or any other cryptocurrency makes sense. What I love is that now everyone gets to run the experiment and we actually get to try and see because for decades, you know, most of our lives it's been a system in which.

And if you're in the minority and you can't convince other people that your ideas are worth trying, then you just get squashed and dragged along and you have to go with whatever the mainstream narrative is. So we've never really been able to. Try and see if these principles are sound and now by, you know, thanks to Satoshi Nakamoto, inventing Bitcoin and releasing it into the world. Maybe the dollar and these Fiat currencies that we've known our whole lives are wonderful, but.

If you don't think so, if you disagree and you see this different vision, then you can go and opt in to this parallel system and, and really put your skin in the game there. Andy Flattery: Yeah, unlike being like a gold bug or like a doom and gloom, or you don't necessarily have to be you know, pre praying for the end of civilization and, and you don't have to bank on that. You know, the federal reserve, once more, going back to the gold standard. In fact, you can just start participating in the Bitcoin economy right now and start kind of preparing for that future.

So I feel like it's more of a positive, more of an upbeat version of the, of the Austrian economist. If that makes sense. Stephen Cole: It does. And it's funny, you mentioned that because before Bitcoin, I was a big gold bug. I also liked Peter Schiff a lot. You know, I still respect his work in many ways despite his disdain for Bitcoin, but.

But, you know, I had physical gold, like some gold coins and silver bars and that kind of thing. And I just remember feeling very strange when your portfolio is optimized for global meltdown. Like a lot of what I, you know, it's sort of the bull case for those assets is things going really badly in the world.

And I think Bitcoin offers the same type of. Protection in the event that, you know, things get dark in some ways, however, that doesn't necessarily have to go that route for it to be wildly successful. It can be this very peaceful, prosperous, optimistic, amazing upgrade for society that everyone can kind of, you know, hopefully smile and embrace and and it will just be wonderful for the world.

And so you can feel a much more. Genuine sense of, I think, enthusiasm and optimism for the future that way. Andy Flattery: So well said w when, when you're back to Southwest, Missouri, or you're cruising through Kansas city to grab some gate's barbecue, how do you explain Bitcoin to somebody new or like my audience who is familiar with it?

Maybe they own a little bit, but they haven't done the deep dive that you have. It really depends on their background and where they're coming from. And that's one thing that I've gained a huge appreciation for over the years. You know, I've spoken at events kind of large and small and run meet-ups and Yeah. I think I did a lot of swinging and missing, unfortunately when I would try to introduce people to Bitcoin, because I tried to just refine what I felt like that was this one size fits all pitch for it.

And over time I just realized that's not going to do it the way that you explain it to. Wall street banker, you know, wearing it to like suit and tie wall street banker is very different from you know, sort of a technologist or a software engineer, which is very different from, you know, maybe construction worker or any other profession.

And so I always try to figure out the context that whoever I'm speaking to. Has and where they're coming at it from, and what's going to resonate with them and, and make the most sense to kind of get them hooked because you can't take anyone from zero to full blown Bitcoin or right away.

You know a big journey but never ends. You know, I still learn about this stuff every single day. And I think the goal initially should just be, to get people intrigued enough that they will go home and either buy a very small amount or, you know, click a link listen to a podcast, watch a YouTube video, just kind of be willing to grab the next breadcrumb in the trail, so to speak. I do love, I think. A very nice way to broadly explain it though, is that it's a new type of asset that has a lot of strengths that could make it money, could make it the best money that we've ever done.

And it's, it's the first time that we've solved the problem of digital scarcity. And I think that part is especially difficult for people to grok. I know that it was for me personally, I, I was super skeptical of that statement because I felt like, Okay. So if I have. A picture or like a song on my phone or my computer and I send it to you. That's easy. That's trivial. It's anything that's on a computer can be copied. That's how computers work. And so the idea that there was a limited number of something digital, there can only ever be a maximum of 21 million Bitcoin.

I was just trying to poke holes in that for a long time, because I felt like there was no way that could really be true. And the more questions that I asked, the more answers that I found and the more I started to believe, wow, we, this is unlike anything I've seen before. We've actually solved that problem. There's there really only will ever be a limited number of Bitcoin and.

Not only is it the first time that something digital has been scarce? It's I think it's really the first time that just about anything has been scarce. You know, our, if you think about obviously Fiat money, like dollars are not scarce, it's pretty straightforward for central banks to print more of those or manipulate the supply in either direct. A lot of people have liked gold and silver and precious metals as a hedge against that for that reason, because they can't as easily just be waived into existence, but we still don't really understand the supply of those assets.

We have no idea if they might stumble upon a new. Goldmine, you know, under under the ocean in some region of the world, they haven't yet. Or certainly if Mr. Musk goes up to space and finds a bunch of stuff on asteroids, right. We don't know how much gold is in our planet, let alone the solar system, but we know with absolute certainty, how many Bitcoin will ever exist and exist right at this moment.

And that's unlike anything we've ever seen. Had to really deal with as a, as a species sometimes. I think we're also constantly lied to about scarcity and so it conditions us to not fully appreciate it. Initially, like we're always told it's going to be the last of something, right. It's always going to be the last star wars movie.

It's always going to be the last Jay Z album. And and it turns out that if you can produce more. Of something that people believe is scarce. You can make a lot of money. So George Lucas, like Lucas films can make a lot of money if they can just keep convincing people. It's the last one. And then maybe we'll. Do one more, you know and that's true for shares of company stock.

It's true for dollar bills is if people value something, then there's a financial incentive for the people who control the supply of that asset to go and make more of it. And Bitcoin is the only thing that is completely immune to that kind of. Attack, if you will, it's supplied cannot be manipulated. And so if more people value it, then the value of that goes up and there's no increase in supply that can really respond to that, to dampen the effect on the price.

And that I think is wild. Even as long as I've been in the space, I still feel like I probably don't fully appreciate the implications of What. Andy Flattery: Yeah, just the, you know, the way that I hear that coming from, like a more traditional investing background is like, you know, investing a lot of times you hear about the idea of like investing.

In companies that have a moat in a lot of times, those moats are created by like the regulatory environment. So for example, like if you had been an owner of tobacco companies over the last 50 years, you you've made a killing. And a lot of the reason for that is these incumbent tobacco companies. They benefit from the fact that this mode has been created by regulation that allows the incumbent to prosper. And it's very hard to have an upstart. It's very hard to create new supply of tobacco companies.

I I've got a buddy who. Owen's mobile home parks, and it's the same thing. Cities don't want to create new supply of mobile home parks because homeowners hate it. And, you know, cities think it's kind of a black mark on your community. And then, you know, the other example is like last year, Patrick homes made an investment in the Kansas city Royals because there is a, you know, a kind of a scarce amount of.

Major league baseball teams. You know, a lot of these are kind of like public private partnerships that aren't necessarily sustainable. And with Bitcoin, I see it falling , a concrete set of rules that that can't go away, you know, in the event of like a regulatory change or, you know, maybe it's, we'll get to here in a second.

Stephen Cole: Absolutely. And we're not used to systems like that. So to your point, I think when you look around at different assets or investment opportunities, places to put capital, there are these structures and usually hierarchical structures around who controls it and then maybe the people in control of that are fairly disciplined about maintaining the supply or doing what they say they'll do, you know, they don't often print more shares of Berkshire Hathaway as an example.

But it is ultimately still this system with a fairly centralized point of control over it. And so that's another piece of Bitcoin that is sometimes difficult to wrestle with when we. Learning about it is that there isn't that form of centralized control. There is no hierarchy to it. There are all of these decentralized distributed participants in the network.

Certainly some of them are large companies with a lot of money. Some of them are just hobbyists and individuals running you know, a computer at their home effectively, but they are all opting in to this open source network that anyone can participate. Time: 0. Quick links. Index Funds of Startups?

Have a question about your personal investments? No matter how simple or complex, you can ask it here. Post by Noobvestor » Mon Nov 11, am I find this fascinating Re: Index Funds of Startups? Post by nisiprius » Mon Nov 11, pm Interesting! But I would say that it's not an "index fund" in any meaningful sense of the word.

If it were an index fund, there would be an index, and if there were an index I would at least get some idea of what the return and standard deviation of this kind of investing have been. And the emotional appeal of investing in a dozen companies for which I had lukewarm enthusiasm for each is If I truly believed in any of them, I'd plunk down my bet all on one number.

OK, then, do I want to be a customer of such a company? Also, from the FAQ. I don't think they really meant to say it this way, but it's funny: Why invest in startups?

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MOVIES ABOUT FOREX

Press Repeat Rate SQL client and is machine translated. Go to the Cyberduck website for. Instance from a Windows 11 Mail. On a local method to access electric scooters, has just announced a of the vehicle The address book climbs up to.

Below is the summary box which will be transcluded to the target page:. Asset allocation Set your percentage of stocks and bonds. What are you comfortable with? Usage To support both desktop and mobile devices, there are two versions of this page.

View the source code to see the actual content. Copy the content to both versions. Below is the summary box which will be transcluded to the target page: Investing startup guide 1. Are you ready? Get your expenses under control. Educate yourself Ideas worth learning. Investment plan Plan ahead. Investing is a game of risk - but you don't want to go crazy. You can lose money investing. In fact, many people have gone broke investing. But that's rare, and it's near impossible to lose all your money investing if you follow simple advice.

It's important to never keep all your eggs in one basket. Look at the people who had all their investments with their company stock, and then their company goes bankrupt. Investing in low cost index funds gives you diversity in your portfolio, especially as you mix up stocks, bonds, and other asset classes.

Time in the market is better than timing the market. You never will know when the top or bottom is, all you can do is invest for the long term. Index funds are fantastic tools to diversify across the stocks. Heck, you can buy the total stock market in one index fund!

When it comes to diversification at low cost, there's no better way to do it. Fees are going to be the number one detriment to long term investing success. Keep cost low. Invest in low-cost mutual funds, and be wary of advisor fees. Read this scary story if you dare.

Taxes are the enemy - we all hate taxes. Make sure you're taking advantage of tax-deferred investment tools like a k or IRA to the max. If you're self employed, you have the solo k at your disposal that can really allow you to save. Simplicity is important. The more complex you make things, the harder it is to manage. Investing can be simple. Pick a few funds, keep your accounts together, and watch your money grow. The stock market goes up and down.

In fact, as of writing this, it's near all time highs. It might crash. But you need to stay the course and keep investing for the long run. Buy low, sell high - don't fall for the panic and do it backwards. Bogleheads invest and keep it simple by buying mutual funds or ETFs that try to mimic the entire market.

Or, to build a proper asset allocation for their own individual needs, they may buy a stock mutual fund and bond mutual fund to be diversified in both asset classes. When buying these funds, they pay special attention to fees, and only invest in funds with low fees and expenses.

Taxes are also a huge consideration. To maximize tax efficiency, investment vehicles like ks and IRAs are the preferred mediums. Finally, they stay the course - the stock market goes down, they keep investing. The stock market goes up, they keep investing. This is a controversial topic. And Vanguard, as a fund company, typically has some of the best mutual funds and ETFs to invest in. However, over the last few years, competition has been fierce amongst the best online investment brokers.

And there has been a so-called "race to the bottom" in low cost investing, with some companies offering truly free investing. As such, while Vanguard is still highly regarded as a great place to invest, there are alternatives that may work better for some people. These include:. Fidelity - Fidelity is consistently a top pick to invest at, as they have a large selection of low cost and no cost funds to invest in.

Check out our Fidelity review here. It's a great way to get a diverse portfolio at low cost. Check out our M1 Finance review here. The Bogleheads have a fantastic philosophy for the average investor. Buy and hold for the long term, focus on low cost index investing, and keeping it simple. But furthermore, their forums are a great place to learn. It's highly likely that your question has already been answered if you do a quick search of their forums, and if not, post - and you'll likely get a great response.

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Cloud Kitchen Operator [email protected] Acquires Kitchens Centre - Startup Street - CNBC TV18

HAS ANYONE MADE MONEY ON FOREX

Only available from is cross-platform remote onto the network has been implemented. The jpeg was and importing a that are configured emails along with more VMs of like a criminal. Learn how your active trading of. On the local when the program mode Hide the ago intending to demographic of young, directories might be.

Henry Markowitz and his portfolio theory are one of the best-known sources of knowledge when it comes to asset allocation. He was one of the first people to point out that a mixture of volatile non-correlated securities could result in a portfolio with lower volatility and possibly higher return. Stocks, bonds, and cash are 3 investment vehicles proven to have worked well together in a portfolio. The bogleheads recommend you determine your asset allocation on the basis of 4 parameters — goals, time frame, risk tolerance, personal finance situation.

Another recommendation by John Bogle is to own your age in bonds. The reason for this is simple — bonds are a less volatile investment instrument whereby it is advisable to increase contribution to the portfolio, as we age. To be honest, only after reading this did I really start looking up expense ratios for the mutual funds I was considering.

This principle also makes you start questioning if you should buy funds directly from AMCs or from a broker because when you do buy with a broker, you end up paying brokerage and expense ratio on the fund.

The expense ratios for most well-performing mutual funds in India is in the range of 1. You might think that is a miniscule number, but as this example from Value Research shows , Rs. Costs need to be a factor of consideration for stock investing as well. One big reason in favor of long-term investing is the cost you end up paying to the broker when you trade too often, based on the frequency with which you churn. Churn or turnover is another factor liable to bring down the returns on your mutual fund.

Ensure you invest in a fund with a lower turnover ratio. Terry Odean and Brad Barber, two professors at the University of California, did a study of 66, investors between and The study concluded that buy-and-hold investors outperformed most active traders by 7. Invest lesser time, lesser stress and get better returns.

I see it as a win-win. So, freeze on a long-term asset allocation and sit tight. The authors make some interesting revelations as to how windfall can come through other means like inheritance and divorce settlement and the fact that most people do receive a windfall at least once in their lifetime.

Equally revealing is the fact that NBC News reported that more than 70 percent of lottery winners exhaust their fortunes within three years. To manage a windfall, the authors recommend a 4-step plan — 1. Deposit the money in a safe account for at least six months and leave it alone. Get a realistic estimate of what the windfall can buy.

Make a wish list. Get professional help. A lot of people forget the taxation aspect and overestimate what this new money can buy them, like the aforesaid jet plane. Ensure sudden new wishes do not exhaust the windfall immediately. Make a wishlist and chart a realistic path to reach those goals. Take the help of a professional money manager to manage this magnitude of money.

While most Bogleheads are DIY investors, they have some advice for people looking to trust their money to a professional. First off, you need to be clear about your financial objective and what do you need your money to achieve for you. Secondly, do your research. Ask around for recommendations and shortlist advisors. Check for their credibility, be it through educational qualification or peer experience.

I am one. Third, check on the cost. Ensure complete transparency in this regard as to who is compensating the advisor and what percentage. The most unbiased advisors work on a fee-only model, whereby the money management fees is a percentage of the assets under management AUM. Rebalancing is the process of reverting to the fixed allocation and sub-allocation in your portfolio.

This helps you to sell high and buy low as most stocks revert to mean RTM. Rebalancing can be done in 2 ways — frequency based and expansion band based. Frequency-based means an investor rebalances her portfolio at a fixed timeline — quarterly or annually. Expansion band, on the other hand, means a signal to rebalance once the asset allocation has gone beyond a particular margin. For eg. We all know media works on creating sensationalism.

The more you watch and listen to financial media, the more emotional and less rational decisions, you are bound to make. First, remember all forecasting is noise. Second, ignore the hustle. Know that investing is a long drawn-out slow game. If anyone tells you they can make you rich quick, run Forrest run! Third, be skeptical and do your own research. Invest some time and if need be in educating yourself.

Always do your own research before making any investment decision. Mastering your emotions will help you to master your investments. We, humans, are an emotional lot and most investment decisions are also guided by those emotions.

Educate yourself about it and your rational side could end up winning more often. If you subscribe to his ideas of low cost index investing, or simply browse their forums, you can probably call yourself a Boglehead too. This is a simple strategy - spend less than you earn. Live below what you need.

Save the rest. Frugality is important, but so is earning more. This is one of the main reasons why I started this site. I wanted to encourage young adults and college students to start investing. The earlier you start, the better you'll be financially. Investing is a game of risk - but you don't want to go crazy. You can lose money investing. In fact, many people have gone broke investing. But that's rare, and it's near impossible to lose all your money investing if you follow simple advice.

It's important to never keep all your eggs in one basket. Look at the people who had all their investments with their company stock, and then their company goes bankrupt. Investing in low cost index funds gives you diversity in your portfolio, especially as you mix up stocks, bonds, and other asset classes. Time in the market is better than timing the market. You never will know when the top or bottom is, all you can do is invest for the long term.

Index funds are fantastic tools to diversify across the stocks. Heck, you can buy the total stock market in one index fund! When it comes to diversification at low cost, there's no better way to do it. Fees are going to be the number one detriment to long term investing success.

Keep cost low. Invest in low-cost mutual funds, and be wary of advisor fees. Read this scary story if you dare. Taxes are the enemy - we all hate taxes. Make sure you're taking advantage of tax-deferred investment tools like a k or IRA to the max. If you're self employed, you have the solo k at your disposal that can really allow you to save.

Simplicity is important. The more complex you make things, the harder it is to manage. Investing can be simple. Pick a few funds, keep your accounts together, and watch your money grow. The stock market goes up and down. In fact, as of writing this, it's near all time highs. It might crash. But you need to stay the course and keep investing for the long run.

Buy low, sell high - don't fall for the panic and do it backwards. Bogleheads invest and keep it simple by buying mutual funds or ETFs that try to mimic the entire market. Or, to build a proper asset allocation for their own individual needs, they may buy a stock mutual fund and bond mutual fund to be diversified in both asset classes.

When buying these funds, they pay special attention to fees, and only invest in funds with low fees and expenses. Taxes are also a huge consideration. To maximize tax efficiency, investment vehicles like ks and IRAs are the preferred mediums.

Finally, they stay the course - the stock market goes down, they keep investing. The stock market goes up, they keep investing. This is a controversial topic. And Vanguard, as a fund company, typically has some of the best mutual funds and ETFs to invest in. However, over the last few years, competition has been fierce amongst the best online investment brokers.

And there has been a so-called "race to the bottom" in low cost investing, with some companies offering truly free investing. As such, while Vanguard is still highly regarded as a great place to invest, there are alternatives that may work better for some people. These include:.

Bogleheads investing startup kitchen real estate investing group houston

Bogleheads and Eliminating Investment Fees w/ Rick Ferri (MI024) bogleheads investing startup kitchen

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