If it goes way down and you sell, that's when the wealthy people take your money.
More moments · 5
Ep 70Those fancy cars are leased and those homes are mortgaged to the hiltDr. Rich Roberts
▶1:32
Those fancy cars are leased and those homes are mortgaged to the hilt
Ep 70A $1 million millionaire still has to work. Here are the real levels of wealthDr. Rich Roberts
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A $1 million millionaire still has to work. Here are the real levels of wealth
Ep 7090% of stock pickers don't beat the index, and he learned it the hard wayDr. Rich Roberts
▶1:17
90% of stock pickers don't beat the index, and he learned it the hard way
Ep 70If it goes way down and you sell, that's when the wealthy take your moneyDr. Rich Roberts
▶1:22
If it goes way down and you sell, that's when the wealthy take your money
Ep 70The day after a CEO sells his company, he's clinically depressedDr. Rich Roberts
▶1:24
The day after a CEO sells his company, he's clinically depressed
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Quotes
“Among the super wealthy, there's the 2% rule, which is you never put more than 2% of your assets in any one investment.”
Dr. Rich Roberts
“If he gave these 10 other guys... their 15% every month. Well, that smells like a Ponzi scheme.”
Dr. Rich Roberts
“You cannot know more than anybody else, which is the whole fallacy about picking stocks.”
Dr. Rich Roberts
“Making people jealous doesn't make them love you. It makes them despise you.”
Dr. Rich Roberts
“There's offense and defense... They had great offense. They made a lot of money. Why did they end up broke? Because they had lousy defense.”
Dr. Rich Roberts
“Don't be jealous of people who you see out there... You don't really know what they really own.”
Dr. Rich Roberts
Takeaways
1 The Orthodox community's high trust makes it an easy target for the rare dishonest insider. Unregulated investments with 'guaranteed' returns are the biggest mistake he sees.
2 Expect failure and diversify. Builders who roll every profit into the next, bigger project often lose it all on the last one. The wealthy follow a 2% rule for any one investment.
3 Public markets are not fraud-free, but the risk is far lower. You can't legally know more than others, so 90% of stock pickers fail to beat the index, and last year's winners don't repeat.
4 His own record: he would have done better in plain SPY or DIA than with private equity through big banks. Dollar-cost average and don't touch it.
5 A finance degree has real value. Very few people get rich with their own two hands, and people he lent to often didn't understand basic profit and loss.
6 Owning a business means constant problems. Restaurants rarely last, and new AI or app ventures face giant, well-funded competitors unless you can protect the idea.
7 Wealth has levels: $1 million still means working. About $5 million, handled sensibly, means security for life. About $10 million starts covering children.
8 From The Millionaire Next Door: most millionaires drive used cars and spend modestly. Showy spending on leased cars and heavily mortgaged homes often signals insecurity and near-ruin.
9 His drive was security for his family, tzedaka, loyalty to the investors who backed him and care for about 800 employees, who all got stock options. Many CEOs fall into depression after selling because their identity was the title.
10 After his first large gifts became public, requests swamped his family. Written letters only, with a one-year no-giving list for anyone who asks another way, cut the pressure.
11 He prefers AI summaries and YouTube over most non-technical books, and warns that one-sided sources can capture you.