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Just heard interview with a lady who said she was going to become a millionaire on April 1st, 2010.

When asked how this was going to happen she said, unbelievably:

"It's based on property and the fact that prices have gone up so much in the past 5 years that by 2010 they will be worth that much more again..."

I was so angry at this waste of oxygen, as the host propped up her argument with the usual low-unemployment, low-interest rates speil. Thankfully, a Financial advisor reminded them both that past performance is no guarantee of future returns.

Sweet Emily said that she was assured that prices would just keep going up, stammered a little but offered no concrete reason as to why or how.

She's clearly been diddled by one of those property portfolio 'clubs' and didn't read the small print. How many like her will go under, I wonder?

:unsure:

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Guest Bart of Darkness
Just heard interview with a lady who said she was going to become a millionaire on April 1st, 2010

The joke it seems, will be on her.

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Chill, let me give you an excellent example from the dot com era. Jonathan Cohen..Jewish.net..gonna rule the world with a Jewish only portal. Radio 5 constantly interviewing him, fawning over the bloater. Anyhow all of a sudden not worth 35mil, sells Co. for 35K, or some low figure..his next brainwave? The lowest common denominator for all failed netrepreneurs..huntforporn.com..guess what? Too late with that also :P

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People are so damn stupid..... she never looked back in history at the housing market?? :angry:

Never underestimate the capacity of human beings to be stupid, lazy, greedy, arrogant and complacent all at once when a market is rising.

And the mind numbing/blinding affect of fear when a market starts falling.

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Dont care about her being stupid. Care about it being broadcast to people who take the BBC's word for things, and who will think this is true.

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Radio 5 is good if you want a daily run down on what has been going on in Big Brother or anything to do with the people once they have left the house - regurgitating minor celebrity crapola seems to be thee way the Beeb keeps in contact with their audience.

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Radio 5 is good if you want a daily run down on what has been going on in Big Brother or anything to do with the people once they have left the house - regurgitating minor celebrity crapola seems to be thee way the Beeb keeps in contact with their audience.

Typical BBC drivel. No doubt a host of deluded fools will rush forward in defence of this National Pariah.

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Never underestimate the capacity of human beings to be stupid, lazy, greedy, arrogant and complacent all at once when a market is rising.

And the mind numbing/blinding affect of fear when a market starts falling.

You know I don't like to think of myself as a sadistic person but in the mood I'm in at the moment I'm looking forward to their fear and panic. I have had it up to here with them. I've always put it down to stupidity brought on by understandably wishful thinking but it's not that. If I suggest that I hope to buy in 2-3 years you can see the defensiveness in their little eyes. FTBs' gain is their loss, they think. They see it as a zero-sum game. And I do know a couple of owners of the 'fair's fair, swings and roundabouts, your turn will come' school of thought (mother and one friend) which means it is actually possible to own and not be a blinkered, selfish arsehole so there's really no excuse for the rest of them!

Edit: am slightly embarrassed by the rantiness of this but oh just bloody tsk.

Edited by North London Rent Girl

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Part of the reason we hate them so is because they are so smug. They really think they have done 'something clever' or are 'brilliant businessmen' (TTRTR for example) rather than just happened to have got lucky. It's hardly conducive to love now, is it.

Now me, I actually made (rather than 'won') a rather large amount of money last year, sitting around my home. But I would never make the assumption that it is all down to 'skill' - sure, there was some work involved, but a very great deal of it was down to luck, and I would be the first to admit that. If I can repeat it on demand, then I may admit to a level of skill, but right now, I'm a REALIST.

That's the difference between us bulls and bears. We are realists, and accept that markets are cyclical, there is no 'free money', and sh!t happens as does luck. We KNOW that we can't control it, we just have to go with it and boy, it can actually be a fun ride!

THEY on the other hand, think they are awfully clever, and are in some way 'better' than us. Or at least that's the impression I get from the constant 'should have bought 80 years ago' and 'Im so rich and u arent' kind of crappola TTRTR et al habitually post.

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I watched the Enron programme the other night

One guy pension pot was over £1mill - afterwards £3500.

Only the niave and stupid get caught and reduced to nothing.

I can see the tsunami coming as can a lot of intelligent people here.

Unfortunately a lot of people are below intelligence for breathing and thinking at same time

Im just pissed that Bankrupcy is so lenient it will help them all out so quickly and without any effort.!!

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yes, the new lenient American-style bankruptcy laws were designed to encourage entrepreneurship .....

The idea being that letting bankrupts have a fresh start after a year would encourage more people to take risks in the first place....Not a bad idea in principle.........

In practice however it has meant that totally feckless people and indeed criminal people can run up say £50k or £100k in unsecured debts and have it all written off........

There was even a special clause attached to prevent students going banko to get out of paying off their student loans but this can be dodged by paying off the student loans with a credit card or personal loan and then going bankrupt because of the personal loan.....

Edited by Michael

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yes, the new lenient American style bankruptcy laws were designed to encourage entrepreneurship .....

How can these be 'American-style bankruptcy laws' when the US government has been making their bankruptcy laws much tougher while we make bankruptcy trivial?

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it is actually possible to own and not be a blinkered, selfish arsehole

Blinkered yes, but why selfish?

They are no different to the Human rights Lawyers earning £1m, or Paul MaCartney worth £600m or B Geldoff selling his TV Co for £6m or Ben Elton worth £100m. What about the socialist Rory Bremnar - is he selfish? He is worth millions.

All of us are born into this world able to make our luck. Instead of being bitter, go put yourself in the path of luck.

I actually detest wealthy celebs who con us all into watching them simpering on Parkinson, when thier onlt motive is to add to thier millions. Once Ive got £2m in the Bank I will work for charity, no one needs more.

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How can these be 'American-style bankruptcy laws' when the US government has been making their bankruptcy laws much tougher while we make bankruptcy trivial?

For ordinary people and small businessmen bankruptcy is easy in the States.....Don't know about big businesses though

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Part of the reason we hate them so is because they are so smug. They really think they have done 'something clever' or are 'brilliant businessmen' (TTRTR for example) rather than just happened to have got lucky.

The 'luck' thing is wearing thin.

You protect your self - image by convincing yourself 'luck' is the key sucess factor, when it actual fact it is bottle.

Why do you do this?

Because if you admit it isnt luck you admit you dont have bottle.

As I always ask (BUT YOU NEVER EVER REPLY) what risks did you take last year to improve your 'luck'??

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For ordinary people and small businessmen bankruptcy is easy in the States

So, uh, why was there a desperate rush by many people in poor financial conditions to go bankrupt before the laws changed a couple of months ago?

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They are no different to the Human rights Lawyers earning £1m, or Paul MaCartney worth £600m or B Geldoff selling his TV Co for £6m or Ben Elton worth £100m. What about the socialist Rory Bremnar - is he selfish? He is worth millions.

All of us are born into this world able to make our luck. Instead of being bitter, go put yourself in the path of luck.

... ok, I'll bite. It's been one of those days.

Firstly, arguably your list of the wealthy actually worked for some of their cash. Sure, it's a lot, but lawyers earn their keep (sort of, although I can't believe I actually said that), Paul McCartney used to be a bit handy with a tune or two, and Bob Geldoff built his own company.

Hard work. Rewarded. I'm all for it...

This is quite a bit different from sitting in your house congratulating yourself and your friends on your astute business acumen in having been born at the right time. Genius. And yeah, building a property empire does take balls, but it's a lot easier if you don't know the first thing about markets or economics and just went for it during a historically unprecedented (and completely unpredicted) rise. Were you clever, or lucky? Or do you just not like to think about it. Besides, if it's a sure thing, why do you need balls anyway.

But... Secondly... and this is what made me bite... between gritted teeth... "All of us are born into this world able to make our luck". Er, like f*ck we are. That's just the most irritating piece of nonsense I've heard today. Tell that to the scrote born into a rancid council estate, or the russian without heating selling herself to the west, the zimbabwean without food, the iraqi without security. I mean, just take your pick... Have you seen the news? Have you ever been poor? I used to deal with people every day who had simply unimaginable lives. Even in this country life is v. tough for some, and with the education system a shambles & quality of life now independent of what one might earn there's a lot of kids out there who are not able to "make their luck", and never will be. That's the consequence of this boom. They're left not able to see 5 feet beyond their own horizon.

Most on this board are lucky. All of us are lucky in that we were born (or now live) in the west. Yeah, some pull themselves up by their bootstraps. But some get beaten down. It's not always their fault. grrrrr

Edited by bear_or_bull

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Radio 5 is good if you want a daily run down on what has been going on in Big Brother or anything to do with the people once they have left the house - regurgitating minor celebrity crapola seems to be thee way the Beeb keeps in contact with their audience.

Radio 5 is generally very poor, though good for sport. For some reason whenever I listen to R5, I immediately think of Birmingham. Don't know why, perhaps the two are subconsciencely linked?

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Guest muttley

The 'luck' thing is wearing thin.

You protect your self - image by convincing yourself 'luck' is the key sucess factor, when it actual fact it is bottle

When I talk to property investors or read the posts of BTL landlords I am often appalled by their lack of business acumen.*

It leaves me to believe that had they chosen any other business at any other time they would have quickly floundered."Bottle",as you call it or buying a business without doing the research,is going to land this girl in the bankrupcy courts,IMHO.

* not you DB

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Part of the reason we hate them so is because they are so smug. They really think they have done 'something clever' or are 'brilliant businessmen' ...

THEY on the other hand, think they are awfully clever, and are in some way 'better' than us.

Call me smug in my own position but there's a lot of anger on this thread that I don't think is really neccessary, if only you rearrange your thinking around smug people:

Fortune favours the brave, but evolution rarely ever favours the stupid. Miss Smug will be come Miss Bewildered in no time flat when the economic cycle does its thing.

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I heard it when I was driving to work. Couldn't freakin' believe it, now I know you need lots of self confidence and drive to become a millionare but this was taking the p*ss. The lady just couldn't understand the concept of, "Past performance is not an indicator of future performance"...

I thought these people only exosted in the figments of the uber bear.

:huh:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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