Lesson 1: Resist the temptation to follow the crowdĪs the crypto bubble was peaking in 2021, I spoke with several investors who felt compelled to take part in the boom. Now I know that most of my readers are not invested in this space, but there’s a lot to learn here as you watch safely from afar. The big story of the moment is the implosion of the FTX crypto exchange. So I write this memo at the risk of being that punchable guy. You especially hate that guy when you’ve paid the price and learned your lesson, and he’s sitting there in the corner with a smug little smile on his face, shaking his head at you. It is eminently commonsense not to own an asset that is costing you a lot more than you are earning from it, even in the best of times,” Williamson said.Alright, let’s get this out of the way right up front. “I’m disappointed there isn’t commonsense in regard to the airport shares. Two councillors who do support selling the shares and will be voting for the budget are Greg Sayers, who calls it a “bandaid fix budget” to get the council out of the current hole, and Maurice Williamson, who is disappointed some of the proposed budget cuts have been reinstated but said, “that’s the horse-trading that has to be done. “The mayor continues to dig himself a hole of his own making,” he said. Lee said it was petulant of the mayor to chastise councillors who support him and doing their best to find a way out of the budget deficit while taking on widespread opposition to the sale. “Having explored all the other options, there is only one way to keep rates within inflation and that involves selling the airport shares or cuts will come back and rates will rise,” he said. Photo / Michael CraigĮxcellent, you stood for something, Brown said, “but I’m expecting you to honour your pledge”. Auckland Mayor Wayne Brown explaining his final budget proposal at Auckland Transport.
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