Of course, 4/20 refers to April 20, 2020.
You all know the type of business I’m trying to build (and have been working on for the past five years). No need to rehash it here.
I will, however, tell you that in my travels, I have spoken to a great many people. Seeing that I live in the Permian Basin, most of them make a living in the oil & gas industry–particularly, in the upstream exploration & production part of the industry. Some of these people have 95% of their wealth tied up in oil & gas mineral interests, or in other assets which have a virtually 100% correlation to those mineral interests.
For several years, I have told everybody I could that they needed to diversify their asset base, and that having 90+% of your money tied up in one economic asset is extremely dangerous. I could see all the classic emotional & cognitive biases (overconfidence, illusion of control, endowment, home country or “home industry”, etc.), and I tried to overcome them and educate people, without making them uncomfortable.
Some of them were polite and listened and said “Thank you for your concern, but I’m not interested at this time.” However, there were many who weren’t so nice. Some of them (literally) laughed at me. Some of them mocked or ridiculed me. Some of them insulted me. One guy even went so far as to ask me if I was a Democrat. (I died inside that day.)
So here I am today–having witnessed the spot price of WTI fall from $50 to $13 per barrel. In other words, the guy who was worth $100 million two months ago is worth nothing today. It literally costs more to take it out of the ground than what he can sell it for. And on some level, I can’t help but feeling some happiness at his misfortune. I know how that sounds, but I don’t think you can help how you feel.
I haven’t gone and rubbed it in anybody’s face. I haven’t laughed and said “Ha ha!!! I told you so!!!” Yet, I do feel some inner satisfaction at seeing how the mighty (and some of them very proud and greedy) have fallen.
Is this wrong? On a moral or spiritual level? Any thoughts or opinions?