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Episode 2723:
Delve into the story of Bill Hwang and his astonishing $20 billion loss through Nick Maggiulli's insightful exploration, "When Wealth Isn’t Real." Maggiulli challenges our perceptions of wealth, illustrating through Hwang's debacle and other examples that much of what we consider financial substance may be mere illusion, prompting a rethink on what truly counts as economic value.
Read along with the original article(s) here: https://ofdollarsanddata.com/when-wealth-isnt-real/
Quotes to ponder:
"In some cases, wealth isn’t what it seems. We can see it. We can count it. We can write it down on a piece of paper. But as soon as we go to touch it, it disappears."
"Warning against the use of 5x leverage would be like warning against the dangers of getting injured while playing in the NFL. It is a risk, but not one that 99.9% of people have to worry about."
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Optimal Finance Daily - Financial Independence and Money Advice