Phillip defends capitalism and unfortunately shares too many falsehoods about how financial and economic systems work. HE IS A FOOL; DO NOT LISTEN TO THIS MAN. Any financial advice that he provides must not be taken seriously.
K Sera asks about the stock market and how it is just rich people feelings. Phillip feels personally attacked and Micah is a socialist.
Show notes:
Ray Dalio How the Economic Machine Works
Princess Bride –a battle of wits scene (game theory)
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K Sera’s Afterthoughts:
-Phil!!!!!!!!! (○｀д´)ﾉｼ︵ ┻━┻
-So, Phil clearly knows more about economics than I do.
-It’s better to invest in things than to hoard money, that’s apparent, and ok, risk/reward games are profitable for those who are good at determining what to risk and when. The problem is, it’s easier for wealthy people to risk larger sums for larger rewards than a poor person who can’t afford to lose that money or have that money tied up in stocks. It’s easy to afford patience when you have more than enough to afford living expenses.
-I’m not sure if the Princess Bride poison cups analogy was a good analogy, but I like it anyway. Both cups are poison and the only ones who will survive are the ones who have built up a tolerance or an immunity.
Phillip’s Afterthoughts:
-I swear to god, this episode took place a year before any of the shenanigans occurred about shorting any stocks. Please do not listen to me for financial advice, I am a fool and I myself have no idea how our economic/financial systems work.
-We didn’t even talk about the insanity of cryptocurrency
-Final thought: look, if you want to invest go ahead. If you don’t want to, that’s fine. But please educate yourself on the risk and reward of your actions. To spread the meme that wallstreet (or wallstreet bets for that matter) is volatile game is doing a great disservice for people that could build wealth and be on the proper side of compounding interest (not the credit-card side). Honestly, this is what got my goat the most in this episode. Look, I am a fool and I have no idea what I’m talking about, but I’ll be damned if I agree to a premise that will actively dissuade people from actually learning how the financial system works to better themselves. It could very well be folly, but certainly don’t agree (or disagree with me), find out for yourself by using your god damn brain and by learning what it means to invest, the risks involved, and please for the love of god have a rainy day fund.
-I don’t know what I’m talking about but I don’t think you need to be wealthy in order to invest. I think the premise that you must have a ton of money in order to play wallstreet is not accurate, but then again what the hell do I know?
-Finally, do not take financial advice from me, ever. Good luck out there, and may fortune favor you personally.