Christian Sangree ๐น๐น๐จ๐ฆ๐ฆ๐บ๐บ๐ธ
@csangree
Portrait artist, minarchist, Stoic, shameless omnivore, reader, investor, armchair economist. Fortunate. Grateful. Just beefing up my obituary before I go.
As everyone watches the SpaceX IPO today, its worth remembering this advice from Buffett
"The idea that a newly issued security (IPO)โbrought to market at a time of the seller's choosing and surrounded by massive hypeโis the single best bargain among thousands of global businesses is absolute nonsense.
When an offering carries a ridiculous 7% commission just to incentivize salespeople, it simply cannot be the most attractive investment available.
While people easily get caught up in the excitement of a new launch, look at the reality: you have thousands of existing public companies whose prices are set by a natural auction market, free from aggressive promotion or hidden fees.
It makes no sense to buy a security precisely when an insider decides the timing is perfect to sell. Frankly, it isn't worth spending five seconds thinking about IPOs."
- Warren Buffett
BREAKING REPORTS FROM IRAN: Explosions have reportedly been heard in the southern Iranian cities of Bushehr and Asaluyeh, home to major energy and petrochemical facilities. Local reports indicate blasts near the Asaluyeh petrochemical complex, with additional explosions reported in the Bushehr area. The cause remains unclear.
@TheCompoundNews@awealthofcs@michaelbatnick Agree! Let it settle down a bit! Same reason not to buy IPOs early. Too volatile. Could bring down the entire index when they settle into actual values.