Still gambling.
Literally any place you put your money is gambling. Its impossible not to gamble if you have money.
There's a difference between buying groceries for your family and losing that same amount of money on a hand of poker.
The Tax Nerd Who Bet His Life Savings Against DOGE
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Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#12Still gambling.
Literally any place you put your money is gambling. Its impossible not to gamble if you have money.
Not to be obtuse, but for what definition of putting money, and what definition of gambling? I think it's reasonable to distinguish between, say, holding Berkshire Hathaway and day trading. And I'm not sure that you can lump the two together into a definition of gambling that doesn't end up being too broad to be useful.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#13Story here: https://www.mediaite.com/politics/conservative-economist-sco... Archive.is gives server error on the wsj url. TLDR: Musk fans bet that DOGE would cut government spending so the guy bet against them. He ended up betting around $342K (his liquid assets, not what most of us would call life savings) and hedged some of it later. Eventual result was he gained $128K.
That article's even better: the bet was a bipartisan one!
> The WSJ report noted that Cole sought advice from other fiscal policy wonks, including Brookings Institution fellow Jessica Riedl, who said the outcome of the bet “should have been completely obvious to anyone who knows anything about the government, the budget and public administration.”
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#14Story here: https://www.mediaite.com/politics/conservative-economist-sco... Archive.is gives server error on the wsj url. TLDR: Musk fans bet that DOGE would cut government spending so the guy bet against them. He ended up betting around $342K (his liquid assets, not what most of us would call life savings) and hedged some of it later. Eventual result was he gained $128K.
that doesnt seem like super great returns
I think it’s the framing. ‘Bet’ makes us think about doubling up.
This guy made a very calculated low risk wager for pretty great near-term rewards. He outperformed most hedge funds over the same period.
If he had gone all in on ‘black’ twice at a Vegas roulette wheel it’d be a more impressive total, but that’s gambling.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#15I was expecting the article to end with “he won tens of millions and never has to work again”, but gambling your life savings on a sketchy betting site for a potential 35% return is idiotic.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#16I was expecting the article to end with “he won tens of millions and never has to work again”, but gambling your life savings on a sketchy betting site for a potential 35% return is idiotic.
The “gambled his life savings” framing in the article is very hyperbolic.
He gambled $300K from his extra savings outside his retirement accounts, and he hedged significantly to reduce downside risk.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#17Story here: https://www.mediaite.com/politics/conservative-economist-sco... Archive.is gives server error on the wsj url. TLDR: Musk fans bet that DOGE would cut government spending so the guy bet against them. He ended up betting around $342K (his liquid assets, not what most of us would call life savings) and hedged some of it later. Eventual result was he gained $128K.
That article's even better: the bet was a bipartisan one! > The WSJ report noted that Cole sought advice from other fiscal policy wonks, including Brookings Institution fellow Jessica Riedl, who said the outcome of the bet “should have been completely obvious to anyone who knows anything about the government, the budget and public administration.”
Anyone with any sort of intellectual honesty, or reads any kind of responsible news source would know that despite a solidly controlled GOP government, "fiscal responsibility" is just a slogan for the GOP. They're big government and big deficit spenders through and through.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#18Story here: https://www.mediaite.com/politics/conservative-economist-sco... Archive.is gives server error on the wsj url. TLDR: Musk fans bet that DOGE would cut government spending so the guy bet against them. He ended up betting around $342K (his liquid assets, not what most of us would call life savings) and hedged some of it later. Eventual result was he gained $128K.
that doesnt seem like super great returns
if you think of it like a bond it’s pretty fantastic. coupon rate 3.5% and you got it at a giant discount to par even though it’s actually (according to this guy’s beliefs which proved correct) nearly certain to be repaid.
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#19Earlier quoted context omitted.
That article's even better: the bet was a bipartisan one! > The WSJ report noted that Cole sought advice from other fiscal policy wonks, including Brookings Institution fellow Jessica Riedl, who said the outcome of the bet “should have been completely obvious to anyone who knows anything about the government, the budget and public administration.”
Anyone with any sort of intellectual honesty, or reads any kind of responsible news source would know that despite a solidly controlled GOP government, "fiscal responsibility" is just a slogan for the GOP. They're big government and big deficit spenders through and through.
I mean, that's the GOP
For all the sloganeering, Democratic administrations have better fiscal responsibility about deficit spending
It's amazing how Reagan-era propaganda still sticks despite all evidence
Re: The Tax Nerd Who Bet His Life Savings Against DOGE
#20Earlier quoted context omitted.
Anyone with any sort of intellectual honesty, or reads any kind of responsible news source would know that despite a solidly controlled GOP government, "fiscal responsibility" is just a slogan for the GOP. They're big government and big deficit spenders through and through.
I mean, that's the GOP For all the sloganeering, Democratic administrations have better fiscal responsibility about deficit spending It's amazing how Reagan-era propaganda still sticks despite all evidence
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