Greed – The Most Addicting Drug Out There!

by FI Fighter on January 22, 2016

in Precious Metals, Real Estate Thoughts, Stock Investing Thoughts

screen shot 2015-09-29 at 8.50.17 am

Looking back, the last post I put out was obviously emotionally charged. In hindsight, I probably should have just held back from releasing it altogether since I didn’t allocate much more than 5-10 minutes to write it up… Many of my thoughts were disjointed and not many details were shared…

It was rushed…

But I am human, I make mistakes, and sometimes I let my emotions get the best of me.

I hope you can forgive me…

These days, what’s causing me so much frustration?

Contrary to perhaps what one might think, it’s not that the equity markets are crashing or rallying (yes, I am invested in gold mining stocks, but outside of that I have no stake in the game) on a regular basis… I’m not a short-seller, and quite honestly I really don’t care that much about how my gold stocks are performing right now… That “Greed Trade” is a 3-5 year speculation, and believe me, I have more than enough patience to ride that story out…

Anyway, what’s causing me so much distress is what I am seeing all around me… Yes, it’s true that I live in Silicon Valley (aka Bubble Land), and for the last 3-5 years, I’ve watched investor after investor getting more and more greedy with the markets…

It’s almost quite sickening to observe, really…

So much hubris sets in that you start to wonder if these investors aren’t blind…

Seriously…

For example, even after property prices have climbed up by $400,000+ on a single family home (SFH), a lot of these folks are still mightily interested in searching for the next “fix and flips”… Almost like they feel invincible (reckless abandon), and that the odds that they’ll be left holding the bag are as close to ZERO as possible…

I’m sure in 2006, 2007, there were many real estate investors who also felt the same way… Oh wait, that’s right, I’ve met a few of them in meet ups before… Yeah, those same investors who got the most greedy at the end of the cycle and ended up filing for bankruptcy… That’s right, they did warn me about being careful and not ending up with so much debt that I risk losing EVERYTHING, like they did!

But sadly, until the stock markets turn south for good, almost no one living inside Bubble Land will care at all!

Most investors have nothing more than short-term memory…

As I’ve alluded to before, in an era of Zero Interest Rate Policy (ZIRP), when you make money essentially “free”, investors/speculators will sign up for all that they can get and abuse it to no end…

Right now, I’m alarmed that some of my friends and co-workers are still getting caught up in all the hoopla, and the Fear of Missing Out (FOMO) is causing them to lose their brains…

For instance, one co-worker who works extremely hard all day designing integrated circuits (ICs) to support his wife and 2 kids, is being scolded upon on a daily basis to “hurry up and buy a house already before the markets run away…” As someone who is the sole breadwinner for the family, you can of course appreciate the fact that this man has very little time to follow the markets and news developments…

He’s just trying to make ends meet, and the fact that he hasn’t been able to win a house these last 3-4 years has put him in a tough spot… I’m sure all around him, he’s feeling the pressure to pull the trigger now or risk “renting for the rest of your life.”

But that’s how the biggest financial mistakes are made!

Markets Do Crash!

I don’t know what it is about me, but I always do my best to NEVER forget important life lessons that profoundly impact me. As I’ve stated far too many times already on this blog, the financial crisis of 2008 left a permanent mark on me…

I cannot and will not ever forget it…

I saw first-hand the enormous amount of devastation that buying into the market at the wrong time can do to a family… Some of my brother’s closest friends had to foreclose on their properties… Many other friends who bought in 2006 ended up having to support mortgages that were TWICE as much as what the market valuations were reduced down to in 2011…

Ouch!

This is physically, emotionally, mentally, spiritually DRAINING! Families get torn apart because of finances, and I’ve seen this story play out before…

It’s really sad stuff… which is why I refuse to ever forget these life-changing moments… even if they weren’t my own personal experience.

But one thing I learned during the last crash was this — No one will EVER ring the bell at the top of the market… A market crash never seems obvious until after the fact.

Staying Grounded

With that knowledge in mind, I’ve always done my best to stay grounded as an investor, never letting any individual successes get to my head too much…

I never wanted to get wiped out, or blindsided by greed.

Yes, there are times that I stray too much and I get big-headed, thinking that I am a better investor than I really am… Hopefully when that happens, my friends, family, and even blog readers will be around to put me in my place!

But for the most part, I’ve learned to be content with my gains… I made over $1,000,000 during the last cycle and was 100% content with checking out late last summer.

I sold out of all my dividend stocks.

I cashed out of all my index funds.

I converted everything to cash and physical bullion (gold and silver).

But yes, I did manage to hold my 8 rental properties for cash flow…

Many of my investing peers were not content… They kept on buying… They kept on taking millions more in debt… To this day, some of them are still out looking for the next deal… It’s almost like they need to be smacked in the back of their head before common sense will return to them…

Despite all the capital gains and passive income, I knew that I had to draw the line in the sand somewhere… All good things come to an end, and winter always follows the fall which follows the summer.

By summer of 2015, I wasn’t sure exactly where we were, but I knew that it was getting late out… and that at some point:

Winter is coming.

As I’ve always believed, it’s better to be a year early than a day too late…

Today’s Markets

Look, I don’t have a crystal ball, so there’s absolutely no way for me to really know where things will be headed next… But I think if you’re being objective, there’s no doubt that there are cracks in the foundation right now…

The important thing is to look at this sensibility… Too many investors are either permabulls or permabears… In a long-term investing career, you must learn to see (and embrace) both sides of the coin…

And if there is ever any doubt (like right now), look at things from a risk vs. reward perspective… Does the reward justify the risks involved?

If not, do NOTHING, stay cash strong, and wait things out until a clearer picture develops…

Walmart closing 269 stores (154 in the U.S.):

From USA Today:

Walmart

Baltic Dry Index Falls to Record Low of 369:

From Ship & Bunker:

Baltic Dry

bdiy vs trade

From Business Insider:

So why does this all matter? Well, the most recent time the Baltic Dry Index crashed was just before the 2008 global financial crisis, and many market-watchers say it predicted the crash.

There are several other occasions when the index has pointed to a big correction in the global economy. The Baltic Dry Index has existed in its current state since 1985, and it had its first big drop in mid-1986, just under a year before the Black Monday crash hit markets in 1987.

In 1999 the Baltic Dry slumped to 12-year lows, very soon before the dot-com bubble burst. It slumped again to another massive low in 2001, around the same time the US economy fell into a recession that lasted until 2003.

Of course, there’s skepticism over whether the Baltic Dry can actually predict global crashes, and no one is claiming that it is a perfect predictor of what the world’s markets will do.

But other corners of the market are starting to ring alarm bells — William White, chairman of the OECD’s review committee and former chief economist of the Bank for International Settlements, suggested on Wednesday that the stresses in the financial system were “worse than it was in 2007,” and Goldman Sachs says a ballooning debt bubbling in Asia is creating the “third wave” of the financial crisis.

Bloomberg Commodity Index:

From Bloomberg:

A gauge of returns on raw materials tumbled to the lowest since at least 1991, extending the agony that producers of energy, industrial metals and agricultural commodities faced in 2015.

The Bloomberg Commodity Index, a measure of returns from 22 raw materials.

Bloomberg Commodity Index

Oil Bust Just Heating Up:

Oil Bust

From CNN Money:

Three of America’s biggest banks warned last week that oil prices will continue to create headaches on Wall Street — especially if doomsday scenarios of $20 or even $10 oil play out. 

For instance, Wells Fargo (WFC) is sitting on more than $17 billion in loans to the oil and gas sector. The bank is setting aside $1.2 billion in reserves to cover losses because of the “continued deterioration within the energy sector.” 

JPMorgan Chase (JPM) is setting aside an extra $124 million to cover potential losses in its oil and gas loans. It warned that figure could rise to $750 million if oil prices unexpectedly stay at their current $30 level for the next 18 months. 

“The biggest area of stress” is the oil and gas space, Marianne Lake, JPMorgan’s chief financial officer, told analysts during a call on Thursday. “As the outlook for oil has weakened, we would expect to see some additional reserve build in 2016.” 

Citigroup (C) built up loan loss reserves in the energy space by $300 million. The bank said the move reflects its view that “oil prices are likely to remain low for a longer period of time.” 

If oil stays around $30 a barrel, Citi is bracing for about $600 million of energy credit losses in the first half of 2016. Citi said that figure could double to $1.2 billion if oil dropped to $25 a barrel and stayed there.

 

And so on and so forth…

All this news is out there, it’s not “hidden” secret information…

It’s just that when you’re consumed with greed and living in a bubble, sometimes it’s difficult to see what’s staring directly back at you…

My Take

Why am I not participating in any kind of bargain hunting? Well, it’s quite simple really — I still see far too much greed out there to entice me to invest right out…

All across the board — Index funds, dividend stocks, expensive real estate, etc…

When most everyone else is still mightily interested in a certain asset, I’ve learned that it’s probably best for me to sidestep it for the time being, and hold out for a better opportunity later…

Most investors are far too keen to jump into the fray right now because they perceive that there are bargains after bargains to be had…

Hardly…

I remember vividly what it was like to buy up assets (real estate, index funds, dividend stocks) at the bottom of the cycle (2009-2012), and this is NOT in any way, shape, or form, similar to that experience…

I mean you could of course buy right now, but if the markets then decide to massively sell off (this current sell-off is the conclusion of pregame warmups, at best), then what?

You’ll keep eating it on the way down and I don’t think anyone has a real sense of how bad things might get…

And if you use up your ammo now, how can you buy for “pennies on the dollar” later (when the real wealth is made)?

This is just my own take, but I really don’t feel like anything you buy right now (outside of gold/silver mining stocks) will produce any type of life-altering gains for anyone in the next few years…

Sure, you might make a pretty penny, but hundreds of thousands of dollars? That seems highly unlikely at this point in time.

Yes, long-term I definitely LOVE copper, uranium, energy, oil, etc., but there’s just too much excess inventory right now… Prices have, and can keep going lower…

So, I’m trying to be patient before I rush in to buy more Energy Fuels (UUUU), or Ivanhoe Mines (IVN.TO), etc.

But when these stocks finally do bottom out, commodities will be the buy of the decade…

In the commodity space, I would say gold/silver are the only exception because they’ve already experienced a brutal 4-5 year bear market, and those assets have traditionally been used in the “Fear Trade” as real money to hedge against market calamities. In essence, gold/silver should be anti-correlated to the rest of the markets, even if that isn’t evident at this particular moment in time.

I mean, you can’t really have a “glut” supply of “excess” gold… Gold is not heavily used in industry, and for centuries, all the above ground gold that’s ever been mined is STILL THERE… resting comfortably in bank vaults.

So, when it comes to gold, I have no concerns with “oversupply”.

For anyone who thinks oil is near a bottom now, you really have no idea how bad things can get in the commodities sector! The majors such as Chevron (CVX), ConocoPhillips (COP), even the almighty Exxon Mobil (XOM) are still holding up very strong, and we haven’t even had enough time to allow low oil prices the ability to penetrate into earnings reports yet…

Let’s wait and see how those numbers look before we go dashing off to buy more shares…

Yes, I realize that companies such as CVX, XOM, etc. are vertically integrated operations and are much more diversified than your typical gold miner… It really is like comparing apples to oranges…

Nevertheless, if you really want an idea of what destruction in the commodity space looks like, plot the charts of Barrick Gold (ABX), Newmont Mining (NEM), Kinross Gold (KGC), etc. But even some of the streaming companies, which in theory have a different business model, such as Silver Wheaton (SLW), have been absolutely dreadful performers over these last few years…

The entire gold/silver industry has been whacked… I guess Franco-Nevada (FNV), the highest quality streamer, would be the one exception… FNV is the Gold Standard of gold stocks…

When the oil majors fall 80%+ and see their dividends slashed (or suspended entirely), then we’ll start talking!

Of course, I personally can’t see anything quite that bad happening because unlike gold/silver, oil is universally beloved by income investors… especially stocks like XOM and CVX… For the same type of devastation to impact the oil majors, we would need a sustained period of say sub $30 oil… Things would have to get bad enough where one of the major Dividend Aristocrats has no choice but to cut the dividend…

Only then will the major oil stocks really sell-off…

So, I just can’t see the bargain in rushing out to load up on XOM, CVX, COP, etc. like most everyone else is doing… These investments (at today’s prices) won’t produce any life-changing gains for me, so really, why bother right now?

If I’m going to try and snatch up bargains at the lows, I want assets with a very realistic chance of going up 3x, 5x, or maybe even 10x…

As of right now, I  can only see that happening with the best mid-tier gold stocks that have: wonderful assets, safe jurisdictions, lots of cash in the bank, minimal debt, and a terrific management team; yes, you need all those ingredients to insure your investments will be able to weather the harshest of winters…

For the most part, oil ain’t seen nothing yet…

Conclusion (Hoard Cash)

So, when in doubt, do the easy thing — Nothing…

Right now, I just see way too many headwinds for me to want to jump into any investment, really… Even as it pertains to gold mining stocks, I’ve put on the brakes, and right now my only interest is in hoarding more cash

Cash is king in a deflation!

If/when this deflation cycle finally grabs hold for good, I think we as investors will have some buying opportunities of a lifetime… That’s a good reason why I’m currently holding $120k+ in reserves…

Yes, I know that the deals out there might looking tempting right now, but if you want to relate this bust to 2008, we still have a loooooooooong ways to go… I’d rather not catch any falling knives, as I feel confident that the best deals are still to come…

Greed does some CRAZY things to us… It not only blinds us to keep chasing after assets (in spite of many thunderclouds fast approaching), but it also encourages us to forsake millions in the attempt to latch onto pennies…

Really, the only fortunes being made right now are from the short-selling side of the trade…

For all you long-term “Buy and Hold Forever” types, it might be a good idea to focus more on defense and cash… An extra 3% or 4% yield stock isn’t going to turbocharge your progress towards early FI that much…

I’m practically financially independent now, as a consequence of being able to take advantage of a buying opportunity of a lifetime between 2009-2012.

Patience will be rewarded.

 

There will be a time to be a hero in this market… Just not now.

 

Fight On!

{ 19 comments… read them below or add one }

1 Martin January 22, 2016 at 6:11 pm

I have been writing about the BDIY as well as transportation index and money supply base in the economy and how it affects the markets for sometime on my blog. Still you find a lot of people who believe the US economy is rosy and doing well. But we are not an island. If the world around us is crashing, commerce is basically halted (just check the Marine Traffic website), PMI is in recession, we are seeing deflation, GDP is slowing, all this points we are in recession. The markets have predictive ability so the recent drop is not just a “transitory” coincidence. We are heading into a trouble!

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2 FI Fighter January 23, 2016 at 10:07 am

Martin,

Definitely, and a strong USD doesn’t help matters either… You have to look outside of just the US and most living in this country won’t care too…

In the mind of most Americans, why bother? It could never happen here…

You really need a stock market crash to wake people up, unfortunately… Until that happens, many investors will keep pushing the envelope and taking out more stupid debt.

All the best!

Reply

3 Financial Samurai January 22, 2016 at 8:10 pm

Do you think perhaps the reason why you are so emotional is because the $1,000,000 in gains might not be real or liquid?

You have been writing about financial freedom and quitting your job once you got to $1M net worth. Maybe that’s all it takes? Actually going through with freedom by leaving your job might finally put you at peace. I know change is scary, but sometimes you just got to make the move!

Sam

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4 FI Fighter January 23, 2016 at 10:10 am

Sam,

Absolutely not. My frustrations are not about me… I did everything that I thought that I possibly could to prepare myself.

I don’t care about my net worth being $1MM or not… That means nothing to me.

I have the cash on hand. And my 8 rentals are for cash flow. From that perspective, I’m looking at things like every dividend investor does… Since 5 properties are in Class A locations, I sleep very well at night. The other 3 properties are out of state, cash flow well, and they were never overpriced (relatively) to begin with. And in those Midwest markets, housing is still cheap today… It’s not off in Bubble Land like Silicon Valley at all.

As I mentioned in the article, my frustration and concerns have to do with my friends, co-workers, and other people. It’s not about me. I saw what happened last time around, and I would hate to have to witness that all over again. The average Joe always get screwed, no matter what.

Quite frankly, I don’t need my job and I don’t care about that either. I’ve already amassed more cash flow/savings than I ever dreamed possible. I’m not long for the rat race, and those days are coming to an end soon.

Take care!

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5 Financial Samurai January 23, 2016 at 11:25 am

Are you sure your frustration is not with yourself? I’m just giving you the objective view that ever since you started investing and losing in gold stocks you’ve kinda gone off the deep end. You are an engineer and not a professional investor or gold industry veteran right?

I understand it is scary to lose money, especially money you took more debt out to invest. It is also frustrating not to be able to leave your job now as planned. The key is to stop digging, as the markets can really upend people’s lives.

Again, I’m just a long time reader, but I’ve gone through a couple full cycles now with real money, and no longer have to work. I understand the fear, anxiety, and frustration. Don’t forget about your mental health break you wrote you had to take a year and a half ago. Things could get really ugly where you not only lose your investment portfolio, but lose tenants, and the value of your property and have to work forever. Tighten things up financially! The first thing to recognize is that the “cash” you have investing is not cash but debt. Without admitting this, things could get very, very bad!

Sam

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6 FI Fighter January 23, 2016 at 11:44 am

Sam,

Yes, positive. I know this is just the blog/internet, but if you knew me in real life you would know that I am not that me-centric of a person. Truth is, I don’t care that much about money in the first place!!

Gold stocks down causing me frustration? That couldn’t be farther from the truth… Quite laughable really, b/c if you talk to any of my friends they’ll tell you that I’m as giddy as ever with the opportunity to add more shares at these low prices… 🙂

I am about as laid back as they come, but I do care greatly about my friends, co-workers, and others…

I think you’re looking at this from a very money-centric point of view… To me, there’s just way more to life than just: money, money, money.

In the near future, this blog will start to change course (focus) greatly…

And yes, I have a lot invested in mining stocks, but that’s not a part of my savings plan! As I mentioned in the article, I have over $120k in CASH.

If I was scared to lose money, there’s no way in hell that I would participate in a sector as volatile as gold mining stocks…

Yes, things can get really ugly, which is why I exited out of the casino last summer…

Take care!

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7 Financial Samurai January 23, 2016 at 11:57 am

Ok, my fault for focusing on money, but isn’t this a money-related site?

Is your $120,000 cash you saved, or cash you cashed out to take on more debt? What percentage of the $120,000 is from the cash out refinance?

It is very hard to see what’s going on with oneself during turbulence. If you are OK with having to work longer at a job you said was really bringing you down, then that is all the matters.

And since you say it’s not about money for you, then focus on lifestyle. The biggest lifestyle improvement is NOT working at a job that is making you sick. So the final question is, why are you staying?

Re-read your own post! http://www.fifighter.com/health/health-updates/2015/01/adrenal-fatigue-my-uphill-battle-to-recovery-day-3/

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8 FI Fighter January 23, 2016 at 12:10 pm

Sam,

No worries, I know it’s impossible for you or anyone else to get an accurate gauge of who I really am through just blog articles…

I know I’ve focused on money a lot, but no, this blog to me is not about money… Money was just the starting point to get to early FI/pretirement…. There is way more than that, and I’m going to get there soon enough. Can’t wait to start sharing those stories!

I don’t think it really matters where the $120k came from, whether through refis or my own savings… I took out $200k in the refi, but I plowed $60k of that to pay off a property that increases cash flow… The other $120k I parked in savings… All my properties cash flow, the Bay Area rentals are way below market (e.g. $2,350 vs $2,800 market), so I’m not too concerned with any future rent decreases… I’ve never pushed my rents to the limits, and I have great relationships with my tenants as well…

The debt service is covered by cash flow, but if times get tough, I’ll need to dip into the $120k, or work income, or whatever…

I am leaving sooner than you might realize… There’s a plan that I have never discussed on this blog before.

Sam, truth is, I’m in a very good place. I’m happy.

And I’m not worried about money at all 🙂

Take care!

9 Jon January 23, 2016 at 2:16 am

If the JPMorgan CFOs biggest source of stress is $750m of losses over the next 18 months due to low energy prices, then I’d say that’s a pretty bullish indicator? Their earnings are around 20bn annually.

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10 FI Fighter January 23, 2016 at 10:15 am

Jon,

The reason I brought that up was about the “bad debt” that still hasn’t come home to roost. That is the focal point, not so much about the impacts on Wells Fargo, or Chase, or Citi.

The big banks will be fine. They are stress tested to endure these “minuscule” shocks.

But not all lenders or oil companies will survive. Many will go bust…

My point is that the worst is not over yet and has not all been priced in. Oil didn’t start it’s decline until end of 2014… If you want to compare a commodities bust, look at gold/silver which started selling off in 2011…

Oil ain’t seen nothing yet, but I’m not saying things in that space will necessarily get as bad either.

Take care!

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11 No Nonsense Landlord January 23, 2016 at 6:14 am

I am still in the stock market, for a double comma amount.

I am relying on 130+ years of history. It may be different this time, but likely not any worse than the great depression, great recession, stagflation, WWI/II or a whole host of other world events.

Who knows what will happen this time. I suspect, as most advisers do, that regular investments over time, will still prove to be a winning strategy.

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12 FI Fighter January 23, 2016 at 10:18 am

Eric,

Yes, things will work out in the long run. In the short run, I cashed out b/c I didn’t want to endure the short term sell off…

Obviously, you have the staying power/timeframe to wait for things to recover back… It really depends on your timeframe and strategy.

For me, I wanted out “near the top”… And I don’t want to buy back in until “near the bottom”.

Market timing, which is probably the most unpopular approach throughout the entire blogosphere (as it pertains to early FI).

Cheers!

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13 Jon January 23, 2016 at 7:20 am

I am with you in the mining trade, and I think the best thing that can happen for us is the market trundles along flat for the next few years, giving the capital cycles time to play themselves out. A massive crash wouldn’t be good for the mining stocks, just as it wasn’t in 08.

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14 FI Fighter January 23, 2016 at 10:21 am

Jon,

Yes, in a market selloff, there’s a mad rush for liquidity and every sector gets sold off… When fear sets in, it’s not about undervaluation or bargains, it’s about getting the hell out of the system and meeting margin calls.

So, of course you can try to time the exact bottom on when to jump in… That’s why having cash on hand is important.

I’m terrible with market timing, so I hold: lots of cash, gold, gold mining stocks, rental properties for cash flow.

That’s my strategy, but we’ll see how things work out.

Take care!

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15 Midwestern Landlord January 23, 2016 at 10:50 am

Jay,

One of the reasons why I really like your blog is you are not afraid to think outside of the box and go against the herd mentality. As I have always said, if the herd mentality works then why are most people not FI. Buy and hold investors had a nice 5 to 6 year run. Now reality is setting in. Equities can’t just go up forever. I think it is completely reasonable right now to be defensive and risk averse if one has built a sizable nest egg that they want to preserve.

I certainly understand your perspective particularly since you reside in the red hot bay area market. When the numbers in real estate do not make sense anymore, then history is repeating itself. For the typical person just looking to buy a home, I can see the conundrum. Rents keep going higher and you would rather own something and do not want to miss out. But rents are year to year and are subject to change. Committing to a long term mortgage on a property that would not breakeven from a rental perspective is risky.

My market is completely different from the Bay area. Prices have not increased much since 2012. They are flat. So investing in real estate is still a very viable option in my market especially considering the low interest rates available. The problem is eventually you run out of capital. And one has to decide how much they really want to own. I would rather have a manageable amount of rental units that I manage very well then too many rentals that I do not manage as well. Because you can only do so much and I would rather be happy with a lot of personal time then miserable with a ton of rental units just to have more cash flow. If your monthly nut is already taken care of, then it is just greed. I am trying to focus more on personal happiness.

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16 FI Fighter January 23, 2016 at 12:02 pm

Midwestern Landlord,

Thanks for all your support! Early FI is definitely not something that is easy to achieve, and sometimes we have to go the unconventional route to reach our goals… Some of the things that I am doing now were not planned for, and are definitely not popular… It’s been a pretty lonely trade going this route, but over time, I’m convinced that I’m doing the right thing…

The Bay Area is definitely in a bubble, and if you live and breathe it, it’s not easy to see… Almost no one around me is scared or looking to exit out of the markets… Everyone just wants to buy more, more, more…

Yes, I would agree that not all markets are overheated, and I do talk to a few local investors regularly who have bet big out of state, in the Midwest. If the cash flow is good and the purchase price not out of hand, real estate investing can still definitely work today…

Like you mentioned, anything more after you’ve met your cash flow criteria is just greed. I completely agree. And I’m perfectly content with where I am at right now… Sometimes, I get comments from other real estate investors and they scratch their heads, wondering why I’m slowing down and not anxious to buy more…

Greed is blinding… There’s no end to it…

After I acquired my last rental in 2015, I reached a state of complete contentment. In fact, if I never purchase another property in the future, I’m totally fine with that.

This journey has always transcended money, investing, properties, etc…

I’m looking forward to the next stages in life… Soon in fact, I will leave behind all thoughts of $$$.

Quite frankly, I’ve got enough. I’m good… 🙂

Take care!

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17 Jon January 24, 2016 at 12:35 am

Keep doing what you’re doing man. Ignore the trolling. The fact that all of the index and dividend investors have such visceral reactions to the mining thesis probably means were are pretty close to the bottom…

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18 FI Fighter January 24, 2016 at 9:02 am

Thanks Jon! Will do my best to keep at it.

Let’s hope the bottom comes in soon and we can get to the exciting stuff! 🙂

Cheers!

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19 Jon January 25, 2016 at 1:01 pm

Have you ever put any thought into how to play the BDI? I’ve been doing some research into this and it seems like a very interesting opportunity.

Reply

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