If You Ride a Bubble, You’re Likely to Get Eaten by a Whale
A cautionary tail (pun intended).
The stock market is a device for transferring money from the impatient to the patient.
— Warren Buffet
He almost had me.
Instead of saving the planet — like he’s been promising for a decade now — Elon Musk spent his weekend pumping a meme coin on social media. The following Monday, his company announced the purchase of $1.5 billion in a competing cryptocurrency.
Such wow…
The move sent bitcoin and other cryptos skyrocketing, prompting a lot of enthusiasts to post “told you so” comments directed at skeptics like me, as if this news proves anything other than the obvious fact that the world’s richest man can drive bubbles with social media spectacles, largely for the purpose of enriching himself.
I already knew that.
Still, I was one of the people refreshing my screen every few minutes for an afternoon, wondering if I should try to ride doge to the moon like a million other people are. And while I hope it does, for the sake of everyone invested, I’m not pouring hundreds of dollars into it for a quick return. Instead, I might put in a few bucks…
