desperate
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TIL that in 1954, Warren Buffett tried to corner the market on Blue Eagle stamps. He bought almost 400,000 of them, expecting 2,500% gains from desperate collectors. The demand never materialized: he ended up selling his stamp stash at a loss in 1982. He never bought collectibles again after that.
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whatilearned
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TIL that in the middle of the Great Depression, a man placed an offer in an Ohio newspaper, saying: If you’re in trouble, write me. Many people sent him desperate letters, needing things like shoes, a coat, mercy, food, and to save their family from despair. And back came checks, under a pseudonym.
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whatilearned
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