I’m not critiquing them. I’m sharing what I know was said and am asking for increased transparency on what other financial advice was provided. That’s it. Do you take fault with that?
I don’t know you are trying to paint me as the ‘bad guy’ here. If you wish to defend the financial advice provided by 80k, you are free to do so. As my initial comment plainly stated, I don’t know how they came to the conclusion as to what the mainstream EA investment portfolio looked like.
I applauded them for promoting diversification, but was skeptical of their forecasts on FB/FTX returns. I don’t know on what basis, evidence, or reasoning they made those forecasts. I’d demand the same from my stockbroker if he made those same statements.
It’s valuable to be strict, even at the risk of being called harsh. My comment and my inquiry is in line with EA consequentialism. There are always consequences, foreseen and unforeseen, for putting out statements and recommendations. It may seem marginal to you, but people’s savings are at stake and 80k has earned a spot as of influencer for their reliable work. But no group is flawless and it is important to identify mistakes.
dude you’ve misunderstood what the 8k Hours piece was saying. It wasn’t saying that the median EA’s individual investment portfolio was overweight FB and FTX. It was saying that EA collectively was hugely overweight FB and FTX, which yeah, duh, it absolutely was because Dustin M and SBF—the two main zillionaire funders—were massively overweight those two things. Obviously if you’re working in EA don’t really want to be massively long the same two things that the people who ultimately pay your salary are long, because if things go south you both lose your job (potentially) AND the value of your personal investment portfolio drops like a rock. So diversifying is both good for you as an individual and good for EA collectively because then collective EA wealth is at least very slightly more diversified.
I understand, but I never said that diversification wasn’t good. Again, I commended the recommendation for diversification.
My error was thinking it was a claim about the median EA portfolio. My apologies.That said, the rest of my post still stands uncorrected. I should not be downvoted nor silenced to inquire if 80k (and others) provided financial advice that later proved catastrophic. 80k provided all sorts of awesome advice but is responsible enough to look back and identify where things were off the mark.
This is important to prevent future errors of this scale. I’m just asking and inquiring, rather than accusing. That’s why I asked Robert if it was the case. It may not be. There should be no harm or censuring in asking, but apparently I was wrong.
There were some financial predictions made about future returns, amidst a backdrop of optimism, and the worst possible outcome wasn’t considered and there was no warning. Most of the time this isn’t an issue. This time it was.
Elsewhere on the sight, SBF (via FTX) was the prime example of how to earn to give. Now a new paragon is needed for that strategy.
As Robert himself wrote, people were too quick to trust. Today the optimal strategy influential figures have adopted is to distance themselves from SBF’s projects. I don’t blame them for this. Wouldn’t you do the same? But there are lessons that need to be learned .
I’m not critiquing them. I’m sharing what I know was said and am asking for increased transparency on what other financial advice was provided. That’s it. Do you take fault with that?
I don’t know you are trying to paint me as the ‘bad guy’ here. If you wish to defend the financial advice provided by 80k, you are free to do so. As my initial comment plainly stated, I don’t know how they came to the conclusion as to what the mainstream EA investment portfolio looked like.
I applauded them for promoting diversification, but was skeptical of their forecasts on FB/FTX returns. I don’t know on what basis, evidence, or reasoning they made those forecasts. I’d demand the same from my stockbroker if he made those same statements.
It’s valuable to be strict, even at the risk of being called harsh. My comment and my inquiry is in line with EA consequentialism. There are always consequences, foreseen and unforeseen, for putting out statements and recommendations. It may seem marginal to you, but people’s savings are at stake and 80k has earned a spot as of influencer for their reliable work. But no group is flawless and it is important to identify mistakes.
dude you’ve misunderstood what the 8k Hours piece was saying. It wasn’t saying that the median EA’s individual investment portfolio was overweight FB and FTX. It was saying that EA collectively was hugely overweight FB and FTX, which yeah, duh, it absolutely was because Dustin M and SBF—the two main zillionaire funders—were massively overweight those two things. Obviously if you’re working in EA don’t really want to be massively long the same two things that the people who ultimately pay your salary are long, because if things go south you both lose your job (potentially) AND the value of your personal investment portfolio drops like a rock. So diversifying is both good for you as an individual and good for EA collectively because then collective EA wealth is at least very slightly more diversified.
I understand, but I never said that diversification wasn’t good. Again, I commended the recommendation for diversification.
My error was thinking it was a claim about the median EA portfolio. My apologies.That said, the rest of my post still stands uncorrected. I should not be downvoted nor silenced to inquire if 80k (and others) provided financial advice that later proved catastrophic. 80k provided all sorts of awesome advice but is responsible enough to look back and identify where things were off the mark.
This is important to prevent future errors of this scale. I’m just asking and inquiring, rather than accusing. That’s why I asked Robert if it was the case. It may not be. There should be no harm or censuring in asking, but apparently I was wrong.
There were some financial predictions made about future returns, amidst a backdrop of optimism, and the worst possible outcome wasn’t considered and there was no warning. Most of the time this isn’t an issue. This time it was.
Elsewhere on the sight, SBF (via FTX) was the prime example of how to earn to give. Now a new paragon is needed for that strategy.
As Robert himself wrote, people were too quick to trust. Today the optimal strategy influential figures have adopted is to distance themselves from SBF’s projects. I don’t blame them for this. Wouldn’t you do the same? But there are lessons that need to be learned .