Buffett's protégé warns of risky market speculation — compares meme-stock boom to Dutch tulip bubble
Kanbrick cofounder Tracy Britt Cool compared the meme-stock boom to the Dutch tulip bubble.
"While both speculating and gambling can produce great payoffs and a sea of endorphins, heartbreak is almost sure to eventually follow," the pair continued."Memes and social media are modern inventions, yet our underlying human psychology hasn't evolved much since the Tulip mania of the 1630s." "The siren song of promoters has just become more sophisticated at separating investors from their wallets," they added.
Buffett has struck a similar chord in letters and interviews over the years. The Berkshire Hathaway CEO has urged investors not to treat the stock market like a gambling parlour, place bets with borrowed money, or fall for the promises of shameless promoters. Britt Cool joined Berkshire in 2009 as Buffett's financial assistant, and went on to chair the boards of several Berkshire subsidiaries and serve as the CEO of another one, Pampered Chef. She left the conglomerate to launch Kanbrick, a private equity firm that
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Govt takes drastic action to ease fuel prices, but can SA afford to lose its strategic fuel stocks - again? | Fin24A decision to sell strategic fuel stocks could be considered risky, although its' not clear that South Africa's reserves provide much security of supply anyway. | Fin24
Read more »
Business Maverick: U.S. Recession Seen Most Likely to Start Next Year: SurveyThe U.S. is poised for recession most likely in 2023 and bank stocks are expected to fall behind the broader market, according to 525 respondents to the Markets Live weekly survey.
Read more »
Business Maverick: U.S. Bonds, Stocks Sink as Rate-Hike Bets Ramp Up: Markets WrapThe U.S. bond selloff deepened and stocks declined on Wednesday as investors positioned for a stepped-up campaign of monetary tightening by the Federal Reserve to tackle high inflation.
Read more »
MARKET WRAP: Russia and US economy pull JSE lowerBanking stocks hit hardest as Deutsche warns of recession in wake of sustained rate hikes by the Federal Reserve
Read more »
YouTube suspends the account of a Chinese vlogger who posts about life in Ukraine | BusinessinsiderThe 37-year-old, who has 104,000 subscribers, attracted hate from Chinese nationalists who call him a traitor for going against the party line.
Read more »
China minted 62 billionaires last year, more than any other country | BusinessinsiderDespite Beijing's sweeping tech crackdown, the tech sector produced almost a third of China's new billionaires in 2021.
Read more »