“I have a bridge I can sell you” usually makes people laugh, albeit in a rueful way. Who could ever be convinced to buy the Brooklyn Bridge? It can’t be bought, everyone knows that, right?
The article “Still Speculating About Bitcoin” (Features, January 24) is a serious take on the latest manifestation of this gullibility, and is full of gems. It relates the comments of Mr. Naftoli Horowitz, a managing director at JP Morgan, who spoke at Hamodia’s financial seminar last month. In my opinion, it should be required reading for everyone in the community.
Mr. Horowitz knows our community well. He laid the matter out in very straight terms, and also analyzed some of the emotional elements of good and bad decision-making when it comes to investing (or in this case, speculating). His insight that “extreme fear and extreme greed cloud rational decision-making,” and his advice to seek out opposing views while making an important decision are priceless.
Most of us need more money than we have, and it’s easy to wish for a quick solution, but I am finally convinced that there is none.
R. Kaysman, Brooklyn, NY