In the depths of the pandemic in mid-March, I did the following:
(1) I refinanced my house and took out a HELOC @ 2.9%;
(2) I spent the $175K HELOC on TSLA, NIO, SQ, and and ZM;
(3) then my kid's soccer coach told me about ARKK and I bought that too.
THEN...my life changed in August and I started listening to Michael and Ben on Animal Spirits. I would study their podcast episodes religiously. They taught my about the efficient market hypothesis, broadly diversified portfolios, and most important of all, target date funds. I saw the light and realized that my days of trading stocks were over.
(4) I promptly sold all of my stocks and ARKK in the fall for a 574% return because I knew that this gain was only luck and that the market is almost perfectly efficient. These mispricings would be corrected ASAP; in fact, I read FAMA/FRENCH papers each night to comfort me.
(5) I spent my new ~$1 million portoflio purely on 2050 target date funds and they have already returned 5% since September!
(6) Eventually Michael and Ben had the bitcoin man on a few weeks ago and they all taught me about the power of cryptocurrency in the future economy.
(7) I have now sold 80% of my target date funds and bought bitcoin. I suspect that I will be a billionaire soon. Fama and French have a boomer menality and bitcoin is the future. I no longer read them or their outdated EMH papers. The only factor that I need now is bitcoin.
Thanks Michael and Ben.