From Meep at STUMP, we have GameStop Frenzy Lessons: Don't Bet the Milk Money. You would think professional asset managers would know the basics of cash management. It seems not to be the case.
I have a bunch of concepts I want to write about in reaction to the frenzy over GameStop and the various parties affected.
First lesson is something we should all know: don’t bet the milk money.
In concrete terms, it’s okay to speculate with part of your money, but you should reserve some cash outside the speculation to cover your living expenses…
Meep covers the GameStop kerfuffle, and goes on from there.
There is more about how Harvard bet the milk money and lost, a look at the state of the Mets and their bets, and there is even a bit on Bernie Madoff, together with a mention of public pensions and the mess they are in. Fiscal responsibility is such a 19th Century concept.
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