German engineer and electric vehicle enthusiast, Alex Avoigt, took to social media today to mock Bill Gates for adopting a diversified financial strategy after becoming friends with Warren Buffett, which resulted in him losing a significant amount of potential wealth. Alex Avoigt stated:
However, this statement drew criticism from Vitalik Buterin, co-founder of Ethereum. Vitalik accused Alex Avoigt of giving bad advice and offered four practical financial recommendations to the public:
Diversification is a good thing.
Save money. Work hard to have enough savings to cover several years’ expenses. Financial security equals freedom.
Keep the majority of your investment portfolio conservative.
Do not use leverage exceeding 2 times. Absolutely do not.
