Greed vs Aggressive Action

OMG I just said a similar thing in another thread. I swear I didn't read this first.

 

When you have conviction in something and you think it's a sure-win, you should go all-in.

If you get it wrong, often it's probably just poor judgment. Eg a lot of us here knew mining towns would bust sooner (not later) - well documented on Somersoft. Similarly, a lot of people here went all in into Sydney in 2012. That's conviction with good judgment.

 

Mediocre minds think alike

 

I would have agreed with you not too long ago, but since having reached a certain level now after a decade of really hard work, I would not risk it all now if there is a small chance of failure.
More money would not make me happier, but if we lost it all now, I would probably become severely depressed for quite a while and have to sacrifice family life to recover from the loss.
Going all in shows your confidence, but you still have to consider the chance of an unnecessary wipeout due to unforeseen circumstances.

 

"Financially free", that's a better word, retire, most probably wont.

 

I've still got a post it note with "Financial freedom" written on it in my wallet where I can see it every time I flip it open. I wonder what people think when they see it briefly - shopping list for finance magazine or adult diapers?

 

What year is that

 

I think this one has survived since last year? Will probably get a bit too manky soon.

 

Yes agree.

But not advocating going all-in as a strategy - obviously it depends on your personal preference for risk. Just saying, someone who goes all in is not necesarily blind greed. Eg, as an easy example, someone who goes all in USD at 1.04 is high conviction play - obviously a lot of greed too, but it's not blind greed.

 

thanks, first I read greed, then I read not "blind greed", now I feel better..... that's a joke

 

Yea only caveat is everyone who is greedy thinks they're not blind.

 

Some people are just wired that way as well and will do anything to make their vision come alive. Elon musk put every single dollar of his on the line when tesla was struggling, he was already a billionair i believe and would have been broke if it failed. I admire people with that much conviction, this wasnt joe bloggs betting the house without properly understanding the risks.

Even if it had failed and wiped him out someone like that cant be held down for too long, he wouldve been back on top soon enough.

 

these people are a different breed I think, unique perhaps.

 

it is similar to professional poker players u need to know when to fold and when to bluff on a consistent basis to which you can win the odds. if you can't distinguish or have some self control you will be burned. Sometimes even if you have a flush but everyone folds, you end up with nothing hence you take your gain when you can. at one stage i owned close to 7 CBD/ southbank apartments but i made sure i cashed out every single one of them with a gain as oppose to keeping them till today. hence i don't own any CBD/southbank apartment as of today. Sometimes you need to know when to cash out, mining towns, apartments etc.

 

Most importantly here, Elon Musk didn't care about the money. He is lauded as a successful businessman, but the money is a side show for him, coming second to his totally off the planet goals for his businesses

Pun intended. The guy wants to put people to live on Mars. With such a totally enormous and outlandish goal, he is willing to do whatever it takes and sacrifice anything in the mean time to make it happen.

When he sold his share of Paypal, unlike his partner who went on a holiday, he took a very short period off and then immediately piled all the proceeds into his next business. He isn't focused on the money that comes from his business succeeding, he is focused on what he can do with his money to make his crazy sounding business ventures succeed.

 

Nice dog. Is that your dog?

 

He sure is a crazy achiever and no doubt gives it all he's got, maybe too much...
Must have contributed to his 2 failed marriages, achievement and ego above family.
Each to their own.

 

thanks.yup maltese had her for 5 years now.

 

I definitely agree on the marriages part. He sounds like a difficult person to get along with due to his relentless work ethic.

But not the "ego above family" part. I have seen no evidence of him having a large ego, if anything to me he comes off a bit egoless. He just has crazy seeming goals which he wants to come to fruition, which is why he has to work so hard to make that happen. He doesn't appear to be working for his own ego or anything. In facts his goals are all things that he believes will benefit or advance the future of humanity

 

Hi guys, there are were a number of issues at play with our financial destruction .... and unfortunately we were not the only ones to get caught up in this ....

I won't bore you with an explanation on xmas eve .... (I'm working over xmas finalising my manuscript to be into the publishers by the 26th...)

Appreciate the supportive comments on the other thread about us. Will be interesting to see the reaction from certain groups..... will need all the support I can get ....!!!!

Have a safe and happy Chrissy everyone.