Dmytro | boring investor 🌴

Turned $3K into $42K, lost it all on a first date. Married her anyway. Now a boring long-term investor on an island 🌴 Learning money in public. Corgi dad 🐶

[Dmytro | boring investor 🌴 @notes_from_x]

https://t.co/eBtj9aShsa

[Dmytro | boring investor 🌴 @notes_from_x]

In 1995, a 27-year-old trader in Singapore hid his losses in an account numbered 88888.

By the time anyone found it, the losses were £827 million.

The bank was 233 years old. It was sold for £1.

Guess the bank.

[Dmytro | boring investor 🌴 @notes_from_x]

We need a word for someone who’s been “starting Monday” for 3 years.

What are we calling them?

[Dmytro | boring investor 🌴 @notes_from_x]

@The_Money_Buddy fun detail: the $4k at 25% costs $1,000 a year in interest. same as the $20k at 5%. a fifth of the debt, same bill

[Dmytro | boring investor 🌴 @notes_from_x]

What will be hardest to find in 2035?
A) Money
B) Time
C) Attention
D) Trust

Pick one.

[Dmytro | boring investor 🌴 @notes_from_x]

@Olympusperspect best insurance policy ever then lol. no premium hikes

[Dmytro | boring investor 🌴 @notes_from_x]

@ApesAlphaHQ fair lol. if you had to pick one?

[Dmytro | boring investor 🌴 @notes_from_x]

Things you should have started 5 years ago:
- Investing in index funds
- A side project
- Building an audience

What should you start today?

Reply with yours.

[Dmytro | boring investor 🌴 @notes_from_x]

@leonid_zador honestly neither lol.

[Dmytro | boring investor 🌴 @notes_from_x]

@ducksays @bot fair. i don't even let autocorrect make final decisions

[Dmytro | boring investor 🌴 @notes_from_x]

@StokPix that's the part that gets me. he'd already seen enron from the inside and still called this the worst

[Dmytro | boring investor 🌴 @notes_from_x]

Sam Bankman-Fried's FTX was valued at $32 billion. Then $8 billion of customer money was gone, and the man hired to clean it up called it "old-fashioned embezzlement."

In the video below, FTX's new CEO John Ray tells Congress what he found.

FTX filed for bankruptcy in November 2022. Ray had cleaned up Enron. Six days into the job he wrote: "Never in my career have I seen such a complete failure of corporate controls." He also wrote that there was a complete absence of trustworthy financial information.

Payments were approved with emojis in a chat. The books ran on QuickBooks.

On December 12, 2022, Bankman-Fried was arrested in the Bahamas. The next day Ray sat in front of the House Financial Services Committee: "We've lost $8 billion of customer money."

Some of the most famous names were paid in FTX stock. Tom Brady's $30 million endorsement deal was almost entirely in shares. Gisele Bündchen got $18 million in stock. Both went to zero.

In November 2023 a jury convicted Bankman-Fried on seven counts. In March 2024 he got 25 years. "I was the CEO of FTX and I was responsible," he told the judge.

Then the twist. In October 2024 the court approved a plan to pay customers at least 118% of their accounts. But at November 2022 prices. BTC was about $16,000 then. By the time the plan was approved it was above $63,000.

Two things I take from this.

118% back sounds like a win until you check the price of what you actually owned. Getting paid in dollars for BTC you deposited is still a loss.

My $42K also died on an exchange. That one was my own leveraged long, nobody stole it. Both lessons point the same way: an exchange is where you trade, not where you keep everything.

Who carries more of the blame: the founder, or the famous faces who made millions of people trust him?

[Dmytro | boring investor 🌴 @notes_from_x]

@Retiredat40HQ the one compounding machine that never has a down year haha

[Dmytro | boring investor 🌴 @notes_from_x]

@Olympusperspect didn't check. that's kind of the whole strategy lol

[Dmytro | boring investor 🌴 @notes_from_x]

@njcAllocates 1000% bro

[Dmytro | boring investor 🌴 @notes_from_x]

@EllisInvest 2008 was -57% top to bottom. this is -0.6% lol. we're fine

[Dmytro | boring investor 🌴 @notes_from_x]

@alecsime writing the crash plan before you need it is underrated. mine got written after one liquidation, which is the expensive way to do it

[Dmytro | boring investor 🌴 @notes_from_x]

@njcAllocates phd + startup + x account is a full portfolio already lol. one day off is the best rebalance 🤣

[Dmytro | boring investor 🌴 @notes_from_x]

@EdwardCoronaUSA my camera roll is a corgi, a beach, and screenshots of charts i should never have looked at