Positive Carry Yacht - Up For Sale

Quote from drsteph:

Well, after much consideration on this topic, who is the smarter man?


A. The man who plays it safe all his life, invests wisely, but through the slings and arrows of outrageous fortune ends his life with only a middling sum of wealth while having scrimpd and saved all along.

B. The man who goes for broke, succeeds, is able to buy a yacht, enjoys it, and then is ruined, ending his life only with a middling sum of wealth having been able to keep only what he was able to scrimp and save from his ruin.

I really don't know which is the better. I simply don't.
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That's a good question; my answer would be (B).

If it were me, having to endure one of these two choices, I would go with (A).

Swift, catastrophic loses are crushing to the spirit and soul. Often times without remedy.
 
Until i hear about him selling his 20million dollar house on Key Biscayne...
he can still sell his boat, second home, helicopter...

hes still WAY ahead of the game

i did hear about a mass exodus at his United Capital B/D which made markets in the illiquid ABS market..that business was worth hundreds of millions before he screwed it up

d
 
A neighbor of mine worked for him a few years back. He thinks Devaney had the bulk of his net worth in the fund. The guess is that those homes ain't paid for. Makes sense. If one was cockily earning 25% returns they'd be hard pressed to justify paying cash for zillion dollar houses. That's a lot of wasted utility when things are going good. OTOH in Fla your home is exempt from lawsuit so he'd be NUTS to not have paid off the most expensive home possible within Florida......



Quote from Drock409:

Until i hear about him selling his 20million dollar house on Key Biscayne...
he can still sell his boat, second home, helicopter...

hes still WAY ahead of the game

i did hear about a mass exodus at his United Capital B/D which made markets in the illiquid ABS market..that business was worth hundreds of millions before he screwed it up

d
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