Moody's is in the business of predicting the future. It has algorithms and analysts who look at numbers and assign credit ratings to very big entities and deals (including the United States, most famously).
Warren Buffett is the media darling of billionaires, and he also is in the predicting the future business, because predicting the future, or causing the future, is the way you become a billionaire with a "b".
The reason I like this video is the following: it may provide comfort to smart business guys who beat themselves up because their business folded.
I routinely talk to gentlemen who tell me they've contemplated suicide while they were contemplating bankruptcy.
The guys who come into my office, obviously, have made one choice. Other folks opt for early-check out, which is probably the wrong choice.
Suicide is forever. Bankruptcy keeps you from buying a new house on credit for two years, or maybe three, depending on who you talk to.
So bankruptcy is a far more flexible remedy than suicide.
But back to our story.
If both Warren Buffett and Moody's failed to notice the gigantic real estate bubble in the United States, how should a poor little millionaire investor?
So if you were a poor little millionaire investor, don't beat yourself up.
An awful lot of doctors, lawyers, cpas, and business owners believed that real estate investing was the way to go, and all of them were and are very smart people.
So don't let one little error in judgment make you believe you're a loser.
Just file your bankruptcy, and get on with your life.
As soon as you get your debts behind you, you'll feel better.
