Fools Never Learn
The objective of my previous blog is never to provoke anyone. If readers find my blog offensive, there is always a choice not to patronize my articles. Now, if you ask me again, I would still say those who lost their money in the Genneva fiasco deserved it. In fact, I hope they don't get back a single cent at all. Why? Because people never learn unless they are taught a painful lesson in life. In 2008, a lot of Singaporean lost their money investing in Minibonds. About 8,000 people in Singapore had sunk in S$376 million in Series 1 to 3 and 5 to 10 of the Minibond notes. They thought that they were investing in bonds and since they were sold by local financial institutes, they couldn't go wrong. They were dead wrong. These fools didn't even bother to research and realize that they were actually buying highly risky financial products instead of bonds. Eventually, some of them were lucky enough to claw back some of their monies through legal actions. Now history repeated itself over and over again. Fast forward to 2012, same thing happened again. A group of so-called "investors" lost money in dubious gold-buy back schemes promising ultra high returns of 30 to 40% per annum. They wanted to get back their monies through legal means after realizing their stupidity. Now Jack, let me ask you, if these bunch of jokers succeed in getting back their monies, do you think they will emerge from this incident wiser? Do you think they will become a better investor and truly become a practitioner and do their homework before investing? Are we condoning this sort of reckless investment attitude - invest with no brain and expect government to step in when you lost monies?
The Blame Game
I hope Jack can cast aside his ego when he read my article. He blamed the government for not implementing measures to prevent people from being conned by such financial schemes. What sort of stupid logic is this? I mean is it fair to blame the government for everything wrong in your life? This is crazy and is so typical of a Singaporean. The government has no part in your investment failures or successes. If you win money from stock investment, do you donate to the government? Likewise if you got conned or lost money in stock market, is it fair to blame the government for not implementing preventive measures? Stop being a loser. Stop blaming others for your failures. Learn from my blog and join me in my journey. Stop being stupid and arrogant.