Comments by "Maverick Capitalist" (@maverickcapitalist1) on "Don’t Keep all Your Eggs in One Basket" video.

Great topic Andrew! I have many interesting personal stories on this topic that have happened with distant family members that "kept all their eggs in one basket". This was also a principle that my dad really emphasize to myself and brother and sisters while growing up, and to avoid this mindset at all costs. Back in 2018, I took a huge loss on a stock that I was holding when it tanked overnight, I was holding mid 5 figures in the stock which took a huge hit on my portfolio. Fortunately, I had a lot in savings which kept me still in decent condition but this experience was a huge learning lesson for me to this day and not just in the stock market but in all areas of my life. Like yourself I think people should always be prepared if governments want to come in and confiscates a person's wealth at any moment. Most people here likely know the famous story of Escobar and the massive quantities of cash that he had which would begin to rot at times because he did not hold any of it in traditional banks. When his family left Colombia, they only had about 100 or 200 K with them in cash, which would be a lot for most people but considering he was a billionaire was just a drop in the bucket. They did not have proper offshore accounts or trusts offshore which is why most of the wealth was lost when Escobar was assassinated. The lesson here is that at any moment even a billionaire who is on top of the world can be wiped out and essentially lose most of their money if they don't have the wealth sitting in different countries and banking institutions. As always learn something new from you Andrew everyday!
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