patrick.net

Whoever sold missed out on glorious gainZ

Once the election is over, virus drama will be over too.

BayArea says

Whoever sold missed out on glorious gainZ

- said so many Hipsters in April 1930

B.A.C.A.H. says

- said so many Hipsters in April 1930

Whether you like it, or not, the Fed will buy up the entire stock market if it has to, to support asset prices. It's a little more talented than the 1930's Fed, which has been attributed with causing the crash back then.

I dunno about you guys but I opened a coinbase account yesterday. I'm going to ever so slowly start shifting $ into crypto and physical gold and silver.

This isn't just to protect from the currency debasement going on but also safe harbor from the little fucking socialists coming up.

I'm not expecting to make much profit from it. I'll continue to make other investments for that. Just planning to start taking up some small positions that will grow over time that I might thank myself for later.

Al_Sharpton_for_President says

Fed will buy up the entire stock market if it has to

It's the bond market they are concerned about but yeah... I don't believe they'll get away with printing enough to buy the entire stock market which is considerably smaller. All these buys are support in some cases but also psychological pump priming in the hopes that you and I will buy.

Did anyone hear of that deal China made with Iran a week or so ago? They have a new military/energy/currency pact. It's small now yeah, but over time it's going to start crowding out the $ and this significantly weakens any sanctions we have on Iran right now regarding swift. I think this is partly why China doesn't care much about any retaliation related to Hong Kong. Their new financial center is going to be Shanghai.

The pact includes Russia as well.

Al_Sharpton_for_President says

the Fed will buy up the entire stock market if it has to, to support asset prices

You mean like the JCB in the lost decades?

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just_adhom_preaching says

Did anyone hear of that deal China made with Iran a week or so ago? They have a new military/energy/currency pact. It's small now yeah, but over time it's going to start crowding out the $ and this significantly weakens any sanctions we have on Iran right now regarding swift. I think this is partly why China doesn't care much about any retaliation related to Hong Kong. Their new financial center is going to be Shanghai.

Yeah, it includes military and oil sales.

https://oilprice.com/Energy/Energy-General/China-Inks-Military-Deal-With-Iran-Under-Secretive-25-Year-Plan.html

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just_adhom_preaching says

Did anyone hear of that deal China made with Iran a week or so ago? They have a new military/energy/currency pact. It's small now yeah, but over time it's going to start crowding out the $ and this significantly weakens any sanctions we have on Iran right now regarding swift. I think this is partly why China doesn't care much about any retaliation related to Hong Kong. Their new financial center is going to be Shanghai.

Iranian! Oil! Burse!

Newbie123 says

Look into storing your crypto on your own hard wallet. It’s basically a cold storage that nobody can touch

AKA flashdrive.

Onvacation says

Newbie123 says

Look into storing your crypto on your own hard wallet. It’s basically a cold storage that nobody can touch

AKA flashdrive.

AKA "if it's bricked - kiss your money goodbye".

Newbie123 says

Exposure to Bitcoin and some of the top 10 crypto’s should be part of your diverse portfolio.

But first learn how idiotic crypto really is: https://patrick.net/post/1332913/2020-06-11-someone-paid-2-6-million-in-fees-to-move-134-worth-of-crypto-and-oops

ad says

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Here is how I came across Patrick.net: https://abcnews.go.com/Nightline/story?id=3731415&page=1

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Thanks, almost forgot about that.

clambo says

My Wells Fargo stock is still a mile underwater.
Buffet said he just loved Wells.

OK, Wells is way down probably due to all those impending mortgage defaults.

Maybe time to buy it? It depends on the exact numbers, but those seem kinda unknowable for me.

clambo says

I don’t like owning stocks so much as mutual funds

I'm the opposite. I strongly prefer individual stocks.

Mutual funds are rife with corruption you can't see, and then charge you money to do worse than the market, usually.

BayArea says

Whoever sold missed out on glorious gainZ

I got some of those glorious gains and then flinched and sold quite a bit. I'm still 1/3 cash and 2/3 stocks though.

SHOP is my big hope. I know it's not rational given their massive valuation relative to earnings, but damn, it's been so good to me so far.

BoomAndBustCycle says

Just kidding.... by late September early October... schools will get shutdown with the first signs of flu season. Then the shit will truly hit the fan.

I think that is quite likely, but it’s equally likely that they announce another ban on in person schooling just before school even starts! The teacher mafia is NOT wanting to go back to work.
They’ll get their wish, but not the way they wanted. Parents aren’t putting up with another semester or year of that unmitigated bullshit they called distance learning. Better to go to a true online school of which there are plenty available. A real online program teaches as it walks the kids through the material. It doesn’t just hold one disjointed zoom call and then assign a bunch of homework.

Newbie123 says

crypto and physical gold and silver

Not sure about crypto, but I do think that at least some physical gold and silver is a good hedge against the BLM cult getting into power.

https://www.msn.com/en-us/news/us/coronavirus-san-bernardino-schools-to-remain-online-when-new-school-year-starts/ar-BB16w38S

And San Bernadino county district just announced that schools would be online only. Other local districts have said hybrids or partial reopening but that will change as time goes on and the outbreak intensifies.

Newbie123 says

Look into storing your crypto on your own hard wallet. It’s basically a cold storage that nobody can touch.

This is how Bitcoin Billionaires store their stash:
To protect their bitcoin holdings, the brothers distributed snippets of a printout of their private keys across multiple safe deposits around the United States. This ensured that even if thieves got their hands on a fragment of the private key, the others would still be outside their reach.

EBGuy says

This is how Bitcoin Billionaires store their stash:
To protect their bitcoin holdings, the brothers distributed snippets of a printout of their private keys across multiple safe deposits around the United States. This ensured that even if thieves got their hands on a fragment of the private key, the others would still be outside their reach.

Meaning that one of the oft-touted benefit of crypto - quick access to your money and good liquidity - is effective neutered by this move. Also being tied to physical bank locations is not very good move for mobility and anonymity.

In the future will be the right time to buy when everything tanks and goes on sale. Patience will pay off. Guessing bottom is a year out?

@patrick Options is not that difficult and the risks are low. For example this works in your favor you can sell a put on a company you're eying and you know the intrinsic value/what you want to pay and just collect a premium and who knows maybe you'll get put the shares you wanted to buy in the first place.

Newbie123 says

I have zero interested in quick access.

Meaning that if the shit tanks you'll be not able to dump it on the way down and will be left holding the bag. Which is stupid.

This is crazy. Tesla continues to squeeze the shorts. I've never bought a Put Option in my life, but am tempted to give it a try at this point.

EBGuy says

This is crazy. Tesla continues to squeeze the shorts. I've never bought a Put Option in my life, but am tempted to give it a try at this point.

Huh, maybe that can be my revenge for missing out on the rise from 1000 to 1500. My risk is only the premium.

mich says

Options is not that difficult and the risks are low. For example this works in your favor you can sell a put on a company you're eying and you know the intrinsic value/what you want to pay and just collect a premium and who knows maybe you'll get put the shares you wanted to buy in the first place.

But then you have to keep the cash on hand for the life of the option and be ready to buy if they exercise the put. Not a big risk, but an inconvenience.

Patrick says

Huh, maybe that can be my revenge for missing out on the rise from 1000 to 1500. My risk is only the premium.

Tesla's market cap is now more than Toyota, GM, Ford and Chrysler/Fiat combined. Tempted to short 100 shares outright just for the thrill of it. Tesla's stock price at the beginning of the year was $1000 dollars lower....

Newbie123 says

I want to accumulate more, not sell or spend it

HODL2Z

I'm up 125K in the past 3 months in stocks. Plus 500K in my house over the past 6 years. Let me tell you boys, doom may sell, but it doesn't appreciate.

Asterisks, it all paper gains. Double jinks.

Newbie123 says

Bitcoin is at around 9k right now.

I am still amazed that the market cap of bitcoin, a virtual collection of 0s and 1s, is larger than that of all of the investible silver in the world. I think part of the reason for this is that many youngsters have never lived in a time where currency was not fiat.

Remember, if you don't know who the fool is it might be you.

Newbie123 says

I guess you have to have stupid market participants in order to make more money.

The greater fool theory.

Onvacation says

Newbie123 says

I guess you have to have stupid market participants in order to make more money.

The greater fool theory.

Awww hell, when I hit enter I remembered the tulip kid and wondered if he'd pipe up. I guess I have him on ignore as I saw his posts when I wasn't logged in earlier today but not now.

I'm not looking at crypto as any sort of investment to make money or get rich. This is a sub-1% net worth start if I even buy any as INSURANCE to protect me from "I'm Republican but...", fuckers and worse who I think stand a good chance at seriously screwing the country up much worse than we've seen lately. I'm not buying at 9K hell no. But I have it funded if we get another downturn.

When that happens I expect it'll drop again for people needing to sell for other reasons. Margin call etc.,

Mainly I want a bit of gold/silver more along the lines of 5% but that's less liquid (Really 15% but that's longer term) and slower to get so I'm adding this for flexibility. Might be easier to move out of the country if I decide to as well.

I'm not buying that right now either but will on a pull back.

Imagine Biden winning and AOC as his VP. That type of insurance. I want to be able to escalate as appropriate.

Obviously air-gaped but I need to read up on hard wallets. My assumption is that you can get one of these flash drives with some sort of EMP protection but who the fuck knows.

And Kraken, not fucking around on a phone with Binance.US. No other coins just bitcorn.

Jesus H. Christ. Lawdy lawdy! Cash is still King right now. I'll be backing up the truck on a variety of money making investments when the time comes. Not those.

The following have been good to me:

TSLA
AMZN
PYPL
ZM
SHOP
ADBE
RDFN
NIO
AAPL

Crashes historically have come in March and September/October.

I am hearing that 1 in 6 renters and 1 in 3 mortgage holders have stopped making payments. In NV, moratoriums end in September. I've also heard that some of the employment bailout (feds paying companies $$billions to keep employees on payroll) ends in September.

We've never seen anything like this. How bad will Oct get? We shall soon find out

Newbie123 says

Lol fuckin lol. I thought only wookieman is that stupid but now we have a second one. Eric holder: “when it tanks, sell!” Unbelievable....

You put someone on ignore and then post shit like this... now that's actually funny. Not sure I've seen some little boy so scared of the truth.... I should mark this personal, but I'm not that petty... Cowards run from the truth and they're easy to spot.

CBOEtrader says

I am hearing that 1 in 6 renters and 1 in 3 mortgage holders have stopped making payments.

I still can't fathom this. Not saying you're wrong, there's a small segment of the workforce that can't pay for sure, but 33%? WTF are people doing with the free money they received and extra UE benefits if they lost their job? You can't cruise, you can't travel to a foreign country for the most part. Are car sales up? Until the start of August, 95% of the population should have had no problem paying the mortgage.

My concern is that there's a segment of society that has had a foreclosure or short sale from 2008 and feel it's not that big of a deal to let it go after doing it then. Most were made whole credit wise by 2016-17 and may have bought again by now. They just figure they can rent and rebuild their credit again, live mortgage free for 1-2 years while hoarding the cash they saved. I knew plenty of people (through work) that did this during the last crash and would do it again.

WookieMan says

WTF are people doing with the free money they received and extra UE benefits if they lost their job?

Buying bitcoins, bwahahahaha.

@Patrick - I don't have any active users on ignore, so I wouldn't know. But if you @ a user that has you on ignore, will they get notification of it still?

WookieMan says

Cowards run from the truth and they're easy to spot.

But Newbi is an "investor".

Hold On for Dear Life to Zero! HODLZ

HODL meaning, essentially means; “Hold on for dear life”. This roughly translates as the "HODLER" believing their coin to be profitable one day and will sit back and never lose coins due to botched trades. If the value of cryptocurrencies increases significantly in the years ahead, it can be worth it to hold onto the crypto as if it were a treasure-trove.

At the end of the scam you got a flashdrive with 0s and 1s.

mich says

Options is not that difficult and the risks are low. For example this works in your favor you can sell a put on a company you're eying and you know the intrinsic value/what you want to pay and just collect a premium and who knows maybe you'll get put the shares you wanted to buy in the first place.

Risks are not low selling puts. When the 1000 $40 puts you sold on American Airlines gets called, and American Airlines is trading at $20 because of something that could not have been predicted like corona, you’ll need to come up with $20K immediately, which probably means selling in a down market.

Selling of puts is one reason why people sell into a down market. It’s not that they want to, everyone knows the market will come back, they are forced to because of the dumb puts.

And for what benefit? An extra 1% return? Not worth the risk imo