Comments by "Patrick T" (@patrickt49) on "Parents’ Stock Losses Halt Funds for Overseas Students, Leaving Families Suddenly Poor Overnight" video.

  1. Greed makes people stupid. As someone who used to be in the financial industry, this is commonplace. People who want to retire will do everything last minute when they have zero time horizon to get anything out of their investments so they will resort to gambling the stock market. The one's who DO have the time horizon and are young don't want to bother because they don't have "time" and are just not interested. Human nature at its finest. And they wonder why their circumstances don't change - This is the financial life cycle of 90% of people.
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  2. "The character of the people has been traditionally such that to thrust money into anybody's hands as an investment was always a gamble. Hence a Chinese with money might as well gamble it over the gaming table as any other way, and have at least the thrill of exciting play instead of the long gnawing anxiety following the equal, if not greater, risk of investing it." "Ways that are dark: The Truth About China" by Ralph Townsend (Former US Consul who lived in 1930s China) "They are famed for their prudence in money matters, yet their love of gambling amounts to such an insane passion that every year millions are ruined to become beggars or suicides." "Ways that are dark: The Truth About China" by Ralph Townsend (Former US Consul who lived in 1930s China) Nothing new here
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  3. Because the Chinese are no different than any other emotional person on Earth. Most of them don't let logic guide them. Also, they are shaped by speculation and superstition - Not a good recipe for making sound decisions.
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  4. "They are famed for their prudence in money matters, yet their love of gambling amounts to such an insane passion that every year millions are ruined to become beggars or suicides." "Ways that are dark: The Truth About China" by Ralph Townsend (Former US Consul who lived in 1930s China)
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