Gyroscopic Investing

Hollywood actor Johnny Depp told a court today that he was left broke after losing his $650 million fortune from the Pirates of The Caribbean movies and wracking up massive debts due to unpaid tax bills

Smith1776 wrote: ↑Thu Jul 16, 2020 6:21 pm The ongoing saga of Johnny Depp is... ongoing. It's all too common but always sad to see someone accumulate a great fortune through their work and passion, only to lose it through their own actions.

Top that off with (now apparently false) accusations of violence towards former spouse Amber Heard, and you are left wondering whether life as a superstar like him is really better than that of an "average Joe".

https://www.mirror.co.uk/3am/celebrity- ... irror_main

Hollywood actor Johnny Depp told a court today that he was left broke after losing his $650 million fortune from the Pirates of The Caribbean movies and wracking up massive debts due to unpaid tax bills

yankees60 wrote: ↑Thu Jul 16, 2020 7:03 pm
I heard today that Mike Tyson at his peak was worth in the high 600's millions. Now he's worth $3 million.

Vinny

Tortoise wrote: ↑Thu Jul 16, 2020 7:16 pm When you wake up from a drunken stupor with melted ice cream in your lap and realize you've hit a new low:

Smith1776 wrote: ↑Thu Jul 16, 2020 6:21 pm ...
It's all too common but always sad to see someone accumulate a great fortune through their work and passion, only to lose it through their own actions.

Smith1776 wrote: ↑Fri Jul 17, 2020 12:50 pm At first I was confused as to why you were linking a picture to some random guy in this thread. Then I was like "holy shit".

MangoMan wrote: ↑Fri Jul 17, 2020 1:59 pm Another big problem with all of these 'sad' Hollywood and athlete poverty stories is divorce. Even otherwise smart people can have their finances devastated by having to give half or more of it away. Ask me how I know.

Lochte says he went from making “well over $1 million” a year to earning $75,000 from a single sponsor. When Rodriguez met up with him, he and his wife had already downsized from a 4,200 square-foot home to an 1,800 square-foot apartment, but Lochte was still spending beyond his means and was quickly headed into debt. He estimated he had about $20,000 in savings, though he admitted that he hadn’t looked at his bank account in two years.

Smith1776 wrote: ↑Fri Jul 17, 2020 12:50 pm
Depp is really a cautionary tale that financial mismanagement can ruin even the largest fortune in a shockingly short period of time. When I was growing up I remember hearing from my parents that it's not about how much you make, it's about how much you keep. Man, this guy exemplifies that.

I've always heard numerous times about the archetype of rags to riches to rags again. The first generation makes it. The second spends it. The third has to go out and make it again. Depp compressed that into a few decades.

Kriegsspiel wrote: ↑Fri Jul 17, 2020 7:57 pm It's probably pretty fun to "lose" $650 million dollars, so we shouldn't feel too bad for him.

I'm glad you guys clarified that picture. I was about to compliment Tortoise on his dope suspenders. I mean, those alone are only 0.00000003% of that $650 million, but they probably added tons of pleasure to Johnnie's life. Think about how much more hookers and cocaine add.

we’ll get some cocaine and some hookers
\you are so *bleep* hot

Libertarian666 wrote: ↑Sat Jul 18, 2020 12:13 am

Smith1776 wrote: ↑Fri Jul 17, 2020 12:50 pm
Depp is really a cautionary tale that financial mismanagement can ruin even the largest fortune in a shockingly short period of time. When I was growing up I remember hearing from my parents that it's not about how much you make, it's about how much you keep. Man, this guy exemplifies that.

I've always heard numerous times about the archetype of rags to riches to rags again. The first generation makes it. The second spends it. The third has to go out and make it again. Depp compressed that into a few decades.

Most actors and athletes aren't very intelligent, and many of them also have very high time preference.
That is a recipe for disaster when you make a lot of money for a relatively short time.

yankees60 wrote: ↑Sat Jul 18, 2020 9:34 am

Libertarian666 wrote: ↑Sat Jul 18, 2020 12:13 am

Smith1776 wrote: ↑Fri Jul 17, 2020 12:50 pm
Depp is really a cautionary tale that financial mismanagement can ruin even the largest fortune in a shockingly short period of time. When I was growing up I remember hearing from my parents that it's not about how much you make, it's about how much you keep. Man, this guy exemplifies that.

I've always heard numerous times about the archetype of rags to riches to rags again. The first generation makes it. The second spends it. The third has to go out and make it again. Depp compressed that into a few decades.

Most actors and athletes aren't very intelligent, and many of them also have very high time preference.
That is a recipe for disaster when you make a lot of money for a relatively short time.

They are actually no different than lottery winners who come into money at a young age and who are not equipped to deal with such a large sum of money.

All actors and athletes are playing the lottery game. There are tons of them who spend their youth trying to "make it". An extreme huge percentage of them never do. The ones we know of are the the tiny, tiny, tiny percentage who did "make it" and, thereby, hit the lottery. There is not always a vast difference in talent between those who did "make it" and those who did not. Definitely talent and hard work involved but also "luck" and being in the right place at the right time. Somewhat similar to having the winning lottery ticket.

Vinny

Libertarian666 wrote: ↑Sat Jul 18, 2020 9:42 am
As a general rule, only those who don't need to win the lottery can handle it if they do win, regardless of the type of lottery involved.

Libertarian666 wrote: ↑Sat Jul 18, 2020 9:42 am

Yes, those two circumstances are essentially identical.
As a general rule, only those who don't need to win the lottery can handle it if they do win, regardless of the type of lottery involved.

yankees60 wrote: ↑Sat Jul 18, 2020 12:49 pm

Libertarian666 wrote: ↑Sat Jul 18, 2020 9:42 am

Yes, those two circumstances are essentially identical.
As a general rule, only those who don't need to win the lottery can handle it if they do win, regardless of the type of lottery involved.

Somewhat ties into deciding who will inherit from you.

Those who will put it to best use probably don't need it because they are already doing well.

And, those who "need" it need it because of the way they've lived their lives and made decisions, which means they will also fairly quickly squander anything they inherit from you.

Vinny

Smith1776 wrote: ↑Sat Jul 18, 2020 9:47 am

Libertarian666 wrote: ↑Sat Jul 18, 2020 9:42 am
As a general rule, only those who don't need to win the lottery can handle it if they do win, regardless of the type of lottery involved.

Let's call this "Libertarian666's Maxim".

Libertarian666 wrote: ↑Sat Jul 18, 2020 6:12 pm That could be my second maxim.
The first one is that although theory and practice are identical in theory, they usually differ in practice.

yankees60 wrote: ↑Sat Jul 18, 2020 12:49 pm
Somewhat ties into deciding who will inherit from you.

Those who will put it to best use probably don't need it because they are already doing well.

And, those who "need" it need it because of the way they've lived their lives and made decisions, which means they will also fairly quickly squander anything they inherit from you.

Vinny

Mark Leavy wrote: ↑Sat Jul 18, 2020 6:36 pm

Libertarian666 wrote: ↑Sat Jul 18, 2020 6:12 pm That could be my second maxim.
The first one is that although theory and practice are identical in theory, they usually differ in practice.

Okay, tech, we've finally found your true identity!
yogi.jpg

We knew it had to be Yogi. Or Mark Twain. Or Abraham Lincoln.

There are a few things Depp insists TMG got wrong – for example, the $30,000 a month the Mandels claimed he spent on wine.

“It’s insulting to say that I spent $30,000 on wine,” says Depp. “Because it was far more.”

Depp says they got the Hunter S. Thompson cannon story wrong too. “By the way, it was not $3 million to shoot Hunter into the fucking sky,” says Depp. “It was $5 million.”

Libertarian666 wrote: ↑Sat Jul 18, 2020 6:10 pm

yankees60 wrote: ↑Sat Jul 18, 2020 12:49 pm

Libertarian666 wrote: ↑Sat Jul 18, 2020 9:42 am

Yes, those two circumstances are essentially identical.
As a general rule, only those who don't need to win the lottery can handle it if they do win, regardless of the type of lottery involved.

Somewhat ties into deciding who will inherit from you.

Those who will put it to best use probably don't need it because they are already doing well.

And, those who "need" it need it because of the way they've lived their lives and made decisions, which means they will also fairly quickly squander anything they inherit from you.

Vinny

Exactly.

I'm leaving everything to my wife if I die before her.

Otherwise it's mostly going to Judicial Watch and other charities that are doing good work.

One of my brothers has been pretty nice to me, so he'll get a chunk. He's been reasonably good with money so I don't think he'll blow it.
The other one is insane and vicious to me, so he gets nothing.