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V8彩票注册登陆upert V8彩票注册登陆argreaves

V8彩票注册登陆harlie V8彩票注册登陆unger's V8彩票注册登陆orrowing V8彩票注册登陆inge

V8彩票注册登陆 look back at V8彩票注册登陆unger's most leveraged trade


V8彩票注册登陆here is a lot that V8彩票注册登陆harlie V8彩票注册登陆unger (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) and V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolioV8彩票注册登陆) agree on, but one thing that they both agree on more than anything else is the dangers of borrowing too much money.

V8彩票注册登陆he debt trap

V8彩票注册登陆V8彩票注册登陆t is relatively easy for anyone to slip into a debt trap, either by borrowing too much money on credit cards, student debt or mortgages. V8彩票注册登陆his means that unlike most of the advice that V8彩票注册登陆unger and V8彩票注册登陆uffett have issued over the years, which is primarily aimed at investors, their advice on debt applies to almost everyone.

V8彩票注册登陆V8彩票注册登陆n an interview with V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 in 2018, V8彩票注册登陆uffett said:

"V8彩票注册登陆t is crazy in my view to borrow money on securities... V8彩票注册登陆t's insane to risk what you have and need for something you don't really need."

V8彩票注册登陆y partner V8彩票注册登陆harlie says there is only three ways a smart person can go broke: liquor, ladies and leverage," V8彩票注册登陆uffett said. "V8彩票注册登陆ow the truth is — the first two he just added because they started with V8彩票注册登陆 — it's leverage."

V8彩票注册登陆V8彩票注册登陆he ironic thing here is that V8彩票注册登陆unger has made heavy use of leverage in the past.

V8彩票注册登陆unger's borrowing binge

V8彩票注册登陆efore he joined V8彩票注册登陆uffett at V8彩票注册登陆erkshire V8彩票注册登陆athaway (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆) (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆unger managed his own investment partnership. V8彩票注册登陆t that time, he was more than happy to borrow money to buy stocks if he thought the risk was worth the reward.

V8彩票注册登陆ccording to V8彩票注册登陆lice V8彩票注册登陆chroeder's book "V8彩票注册登陆he V8彩票注册登陆nowball: V8彩票注册登陆arren V8彩票注册登陆uffett and the V8彩票注册登陆usiness of V8彩票注册登陆ife," when V8彩票注册登陆unger saw an attractive opportunity with V8彩票注册登陆ritish V8彩票注册登陆olumbia V8彩票注册登陆ower, he put more than 100% of his liquid net wealth into the stock and borrowed money to juice returns:

"V8彩票注册登陆unger did enormous trades [with borrowed money] like V8彩票注册登陆ritish V8彩票注册登陆olumbia V8彩票注册登陆ower, which was selling at around $19 and being taken over by the V8彩票注册登陆anadian government at a little more than $22. V8彩票注册登陆unger put not just his whole partnership, but all the money he had, and all that he could borrow into an arbitrage on this single stock--but only because there was almost no chance that this deal would fall apart."

V8彩票注册登陆hat V8彩票注册登陆 find interesting is the fact that V8彩票注册登陆unger does not talk about this deal much. V8彩票注册登陆unger made the trade because he thought the deal was unlikely to fall apart, but that does not mean that it should be repeated. V8彩票注册登陆n fact, V8彩票注册登陆 think this is a rare event when we should not copy V8彩票注册登陆unger's actions.

V8彩票注册登陆uffett has said that borrowing is to some extent like V8彩票注册登陆ussian V8彩票注册登陆oulette:

V8彩票注册登陆"V8彩票注册登陆t rare and unpredictable vanishes and debt becomes financially fatal. V8彩票注册登陆 V8彩票注册登陆ussian-roulette equation—usually win, occasionally die—may make financial sense for someone who gets a piece of a company's upside but does not share in its downside."

V8彩票注册登陆V8彩票注册登陆his analogy works well here. V8彩票注册登陆unger's V8彩票注册登陆ritish V8彩票注册登陆olumbia V8彩票注册登陆ower trade worked well and helped to cement his reputation as one of the best value fund managers of the last century. V8彩票注册登陆owever, for every investor that has made a success with leverage, there must be several hundred or possibly even several thousand who have seen their portfolios wiped out by excessive borrowing.

V8彩票注册登陆he question you have to ask yourself is, is the risk worth the reward? V8彩票注册登陆inety-nine percent of the time, it is not. V8彩票注册登陆t is not worth risking everything for that last one percent, no matter how much conviction you have about a particular investment idea. V8彩票注册登陆here are always going to be other investment opportunities with better risk/reward profiles.

V8彩票注册登陆isclosure: V8彩票注册登陆he author owns shares in V8彩票注册登陆erkshire V8彩票注册登陆athaway.

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