BTL Landmine BOOM

[Zoiderman]

I used to have 3 houses, 2 of which were investments. I remembering seeing an interview with Buffet where he was asked his key secret to investment, and he said "When people get greedy, I get scared...and when people get scared, I get greedy", and using this adage, I sold up in late 2007 and early 2008, when most of my IT contractor brethren were all getting into BtL. Quite perplexed to see the area go up a little more for a while, and thought I'd made the wrong mistake and tried to get back in, in summer 2008. One of the best things that ever happened was not being able to aggree a price until the market went pop. I still have one house that I cannot sell, but luckily, have a relatively low interest rate on a 60% LTV.

What Buffet didn't say, was bears of limited intelligence (like me), shouldn't play about in areas they know nothing of. I am relieved more than anything, but still face a loss on one house, if the whole shebang comes down. Greed leading to Stupidity is rife, and I am guilty of it.

[PAH]

I remembering seeing an interview with Buffet where he was asked his key secret to investment, and he said "When people get greedy, I get scared...and when people get scared, I get greedy"

What's his current facebook status, Scared or Greedy?

Greed leading to Stupidity is rife, and I am guilty of it.

It's human nature to be greedy. Everyone thinks they're worth more in a capitalist society. You don't see footballers moaning they're being overpaid, yet they're a prime example of achievement and talent (particularly the England football team ) falling far short of apparent worth.

Some might say contractors are another example, but they'd be wrong. Ask Bob's employer.

Shame there's no workable alternative outside of science fiction. Not workable due to the greedy having all the control.

[Zoiderman]

I reckons he's working on greedy.

Me, well, I am still running around with my tail between my legs, heavily chastened.