While much of the news cycle has been focused on the results of last week’s midterm elections, The Daily Show’s Michael Kosta has been more focused on what’s happening in the financial world. Which is good news for all of us, as he has selflessly shared what the biggest shake ups in the market have taught him, which he shared on Monday night.
The big story, as far as Kosta is concerned, is that crypto exchange FTX Trading has filed for bankruptcy, meaning its customers could wait years to get their money back — if they get it back at all (as the company’s estimated million-plus creditors would be first in line to recoup any losses). In other words, it’s a pretty big deal. “People are losing their third houses because of this,” said Kosta, who did not invest in the company — and for reasons that everyone can take a lesson from:
Obviously, I didn’t invest in FTX. I didn’t like that Tom Brady was promoting it. I have a very simple investing rule: Don’t take financial advice from people who get hit in the head all day, okay? That’s why the only athletes I listen to are swimmers. They don’t get hit in the head! Now, this is important: Wait until they’re out of the pool to hear what they have to say.”
Sounds like some pretty solid advice. You can watch the full clip here, beginning around the 9:30 mark.