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Drew Brees wins lawsuit against jewelry store

Gil Bang

By Gil Bang
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SHOOTER12

SHOOTER12 8789

Posted
Posted (edited)
43 minutes ago, NeverMarryAStripper said:

What kind of idiot buys diamonds as an investment

This idiot, but you have to know what you are doing.  My guy Donnie The Jeweler knows his shit.  No fuggazis.

Edited by SHOOTER12
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Beau Vine

Beau Vine 54016

Posted
Posted
Quote

Among the most egregious examples Brees' attorneys pointed to was a diamond ring Moradi sold the Breeses for $8.1 million that was actually worth $3.75 million.

The lawsuit, filed in San Diego Superior Court last year, accused Moradi and his company, CJ Charles Jewelers, of selling Brees and his wife Brittany several supposedly investment grade diamonds that were supposed to appreciate in value.

I honestly didn't realize that you could successfuly sue someone because you paid them too much for something.  

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Beau Vine

Beau Vine 54016

Posted
Posted
2 minutes ago, totallynotabuttpirate said:

The key here is the guy sold it to them as an investment, not as jewelry. That changes things. 

I guess what I'm wondering is why he didn't take that $3.75M diamond ring to the appraiser who told him it was worth that much before he paid $8M for it.  That shouldn't be so hard to do, should it?

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totallynotabuttpirate

totallynotabuttpirate 5346

Posted
Posted
Just now, Beau Vine said:

I guess what I'm wondering is why he didn't take that $3.75M diamond ring to the appraiser who told him it was worth that much before he paid $8M for it.  That shouldn't be so hard to do, should it?

I didn't read the details of the case, but the bottom line is you can be sued and found liable for damages if you lie and misrepresent a product you're selling. 

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Beau Vine

Beau Vine 54016

Posted
Posted
Just now, totallynotabuttpirate said:

I didn't read the details of the case, but the bottom line is you can be sued and found liable for damages if you lie and misrepresent a product you're selling. 

Yeah, I didn't see anything about lying and misrepresenting. 

This is from a longer article:

Quote

Brees described growing so close to Moradi over the course of about 15 years that he completely believed the jeweler when he said the diamonds were investments that would rapidly appreciate and likely weather downturns in the economy such as the 2008 financial collapse.

However, problems brewed when an appraiser told the Breeses in 2017 that they had paid roughly $7 million more for the collection than it was worth. The appraiser’s opinion was that the $8 million ring was worth roughly half of that.

Brees sued last year, asserting that Moradi admitted to obscenely marking up the diamonds and explaining that away by saying the prices were what they could be resold for in a number of years.

https://www.theadvocate.com/new_orleans/news/courts/article_fc695fa6-9478-11e9-839c-ab95ccae3ad8.html

So two guys disagreed about what diamonds are worth.   I'm not aware of any valuation formulas that can tell you what a diamond ring is actually worth.

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SDG

SDG 3319

Posted
Posted
18 minutes ago, Ignatius said:

Unlike gold?

I tell people that, outside of a small investment, if you need to invest in gold for the apocalypse you’re better off spending the money on ammo.  

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Deej

Deej 76594

Posted
Posted
8 minutes ago, totallynotabuttpirate said:

I didn't read the details of the case, but the bottom line is you can be sued and found liable for damages if you lie and misrepresent a product you're selling. 

So I can sue UT for the end of Mack Brown's tenure here, and all of Charlie Strong's?

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ChiTownDoc

ChiTownDoc 21102

Posted
Posted
3 minutes ago, SDG said:

I tell people that, outside of a small investment, if you need to invest in gold for the apocalypse you’re better off spending the money on ammo.  

Yep - that's also what I tell my broker when I insist he puts a large percentage of my portfolio in highly leveraged S&P ETF's.  I don't need that money any time soon and if the S&P is not up in 15/20 years, we've got bigger fish to fry than my portfolio.  

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Beau Vine

Beau Vine 54016

Posted
Posted
2 minutes ago, ChiTownDoc said:

Yep - that's also what I tell my broker when I insist he puts a large percentage of my portfolio in highly leveraged S&P ETF's.  

If you're talking about what I think you're talking about, you need a new broker yesterday.  Those are intended for *daily* investments.  Unless you're rebalancing your positions daily, your return can be the opposite of what you expect due to volatility.  

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ChiTownDoc

ChiTownDoc 21102

Posted
Posted
1 minute ago, Beau Vine said:

If you're talking about what I think you're talking about, you need a new broker yesterday.  Those are intended for *daily* investments.  Unless you're rebalancing your positions daily, your return can be the opposite of what you expect due to volatility.  

Oh I totally get it - he doesn't want to do any of them.  I understand if you just go up and down the same amount you actually are losing...but look at performances over any decent period of time.  I do this with UPRO constantly - and they have me do it on my side account because like you saud, they don't want to touch for long term.  3-4x now I've let it ride to a high or close.  Take profits and then buy all that amount on the way down.  I totally get what you're saying but if you're in a position to hold you sure as shit don't need to trade in and out daily to make money.  But yes - that's not his position as they're not into playing with the account for gains here and there.  

Sorry for the side rant. 

TLDR: I like risk.  Fuck buying gold or diamonds. 

Oh - and my advisors are smarter than me with money.  It's good that way. 

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sushihorn

sushihorn 3233

Posted
Posted
47 minutes ago, ChiTownDoc said:

Yep - that's also what I tell my broker when I insist he puts a large percentage of my portfolio in highly leveraged S&P ETF's.  I don't need that money any time soon and if the S&P is not up in 15/20 years, we've got bigger fish to fry than my portfolio.  

If you're going to do that, buy stuff that generates income with the bulk of your principal and play leveraged games with the interest only.

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ChiTownDoc

ChiTownDoc 21102

Posted
Posted
36 minutes ago, sushihorn said:

If you're going to do that, buy stuff that generates income with the bulk of your principal and play leveraged games with the interest only.

Trust me - it's not with a significant percentage.  GS>me.  I get it.  But I love giving the guys shit when I go on a run like this and say we should have gone all in on this!

They get it and deal with my bullshit.  I guess those 40 basis points are worth putting up with me.  

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OrangEngr

OrangEngr 1034

Posted
Posted
1 hour ago, ChiTownDoc said:

Yep - that's also what I tell my broker when I insist he puts a large percentage of my portfolio in highly leveraged S&P ETF's.  I don't need that money any time soon and if the S&P is not up in 15/20 years, we've got bigger fish to fry than my portfolio.  

Screw Bill Connelly

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Guest Lobo

Guest Lobo

Posted
Posted

There's no romance in a tale of an 1850's gold digger panning the American River.  However, the thought of a dozen child slaves mining for diamonds that will eventually be "polished and cut to grade E"...well let's just call that the 'moist maker'.  

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WhatTheBuck

WhatTheBuck 28720

Posted
Posted
2 hours ago, totallynotabuttpirate said:

I didn't read the details of the case, but the bottom line is you can be sued and found liable for damages if you lie and misrepresent a product you're selling. 

And if you make a nice little contribution to the DA's reelection campaign then you can make those charges go away. 

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Pato del Muerto

Pato del Muerto 52364

Posted
Posted

Just want to point out that diamonds, just like gold, are scarce and cost lots of money to find and mine, and due to their hardness have plenty of applications other than jewelry. 

Now, the diamond on the teeth of saw blades don’t need to be clear or colorless or large, there is a premium on those features for cosmetic application. 

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ButtFumble

ButtFumble 5161

Posted
Posted
16 minutes ago, Pato del Muerto said:

Just want to point out that diamonds, just like gold, are scarce and cost lots of money to find and mine, and due to their hardness have plenty of applications other than jewelry. 

Now, the diamond on the teeth of saw blades don’t need to be clear or colorless or large, there is a premium on those features for cosmetic application. 

unlike gold diamonds can be created in a lab for a cost that is often below the cost of mining them

gold cannot be created in a lab for any price/cost

and diamonds are not really that scarce relative to the value of them all the more so when industrial diamonds do not have to be flawless (if mined) and generally do not have to be large in size like a gem quality stone and for industry lab grown diamonds are usually better than mined diamonds for the job

I do agree that if the shit really hits the fan gold is equally worthless since you cannot wear it as clothing (only as bling bling), you cannot eat it, you cannot make a good shelter from it, and you cannot make a good weapon out of it unless you plan on standing at the top of your castle with The Knights of Ni and trying to drop your gold in the heads of invaders to kill them......which of course will mostly fail and even if you hit a few the others can just run up and pick up your gold and run off with it

you would be better off with lead and gun powder and guns so that you can pull them on people and steal their shit including their gold if you want to lug around some heavy shit along with food and clothing and water

there are many other gem stones that look much better than diamonds and that are much more rare that would be a better investment (even if not a great one) relative to diamonds

gold as an "investment" is only valuable as a medium of exchange that you can trade instead of trading chickens for dental work or new boots and you can tell if it is real by biting on it like Underdog.....no way to tell if diamonds are real for most people and for most experts to tell if they are mined or lab grown and with the ability to lab grow them you can still water down the market unlike gold (and silver)

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Guest Lobo

Guest Lobo

Posted
Posted

They are not a good investment, however as has been pointed out---they are a discrete way to move large amounts of cash across international borders.  But they are quickly being replaced by MSB alternatives.  

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Magus Ossis

Magus Ossis 2784

Posted
Posted

Value is inherently subjective. The US government and others have variously had confiscation programs for, among other items, gold and weapons. What one chooses to use as an investment, a store of value, a hedge, or a medium of exchange is really based on assumptions about how likely certain events are. As the man said, predicting is difficult, especially when you're talking about the future. If you think civilization will hang on somehow, there are many non-survivalist-nut options. Otherwise, it almost doesn't matter. You can't possibly stash enough to make yourself impervious to raiding-- there are literally billions of other humans out there, with only a very small fraction needed to overwhelm your guns, cameras, dried food, water filter, off-grid power, etc.

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ButtFumble

ButtFumble 5161

Posted
Posted
2 minutes ago, markstanco said:
4 hours ago, NeverMarryAStripper said:
The entire perceived value of diamonds is completely artificially created

With your username you should probably pipe down on this subject homey.

yea what really gives gold and especially diamonds any real everyday value is pussy.....women control 100% of the worlds supply of pussy and women love gold and diamonds

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Jkwellborn

Jkwellborn 6658

Posted
Posted
Well if I buy golf I can weigh it and look up the current value on my phone. I don’t have to rely on the shyster selling it to me to tell me what the value is. Gold also has an inherent utility besides enticing some slut into giving you head.

How do you buy golf?

Ain’t nobody eating them diamonds on purpose either.
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futureman

futureman 22420

Posted
Posted
6 hours ago, totallynotabuttpirate said:

Gold is actually scarce and has many uses outside of monetary or currency value. To give you an idea, all the gold thats ever been mined in history would only make an estimated  68.8' cube. 

“68’ cube” doesn’t sound nearly as good as 325,000 cubic feet. 

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Trey3216

Trey3216 15325

Posted
Posted
3 hours ago, ButtFumble said:

unlike gold diamonds can be created in a lab for a cost that is often below the cost of mining them

gold cannot be created in a lab for any price/cost

and diamonds are not really that scarce relative to the value of them all the more so when industrial diamonds do not have to be flawless (if mined) and generally do not have to be large in size like a gem quality stone and for industry lab grown diamonds are usually better than mined diamonds for the job

I do agree that if the shit really hits the fan gold is equally worthless since you cannot wear it as clothing (only as bling bling), you cannot eat it, you cannot make a good shelter from it, and you cannot make a good weapon out of it unless you plan on standing at the top of your castle with The Knights of Ni and trying to drop your gold in the heads of invaders to kill them......which of course will mostly fail and even if you hit a few the others can just run up and pick up your gold and run off with it

you would be better off with lead and gun powder and guns so that you can pull them on people and steal their shit including their gold if you want to lug around some heavy shit along with food and clothing and water

there are many other gem stones that look much better than diamonds and that are much more rare that would be a better investment (even if not a great one) relative to diamonds

gold as an "investment" is only valuable as a medium of exchange that you can trade instead of trading chickens for dental work or new boots and you can tell if it is real by biting on it like Underdog.....no way to tell if diamonds are real for most people and for most experts to tell if they are mined or lab grown and with the ability to lab grow them you can still water down the market unlike gold (and silver)

Yep, if shit hits the fan, the only things you need are: food, water, and the tools to acquire food and water.   

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Homesickhorn

Homesickhorn 2202

Posted
Posted
With your username you should probably pipe down on this subject homey.

FUUCK!! I had to scroll through the entire thread before posting, and there it is^^^.

 

Then, there’s the ‘golf’ post shortly thereafter. I really wish I would have paid attention to this one, because it was arguably one of the easiest ‘username checks out’ walk offs in a really long time. (Sorry NMAS).

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notre dame joe

notre dame joe 173

Posted
Posted
4 hours ago, ButtFumble said:

unlike gold diamonds can be created in a lab for a cost that is often below the cost of mining them

gold cannot be created in a lab for any price/cost

and diamonds are not really that scarce relative to the value of them all the more so when industrial diamonds do not have to be flawless (if mined) and generally do not have to be large in size like a gem quality stone and for industry lab grown diamonds are usually better than mined diamonds for the job

I do agree that if the shit really hits the fan gold is equally worthless since you cannot wear it as clothing (only as bling bling), you cannot eat it, you cannot make a good shelter from it, and you cannot make a good weapon out of it unless you plan on standing at the top of your castle with The Knights of Ni and trying to drop your gold in the heads of invaders to kill them......which of course will mostly fail and even if you hit a few the others can just run up and pick up your gold and run off with it

you would be better off with lead and gun powder and guns so that you can pull them on people and steal their shit including their gold if you want to lug around some heavy shit along with food and clothing and water

there are many other gem stones that look much better than diamonds and that are much more rare that would be a better investment (even if not a great one) relative to diamonds

gold as an "investment" is only valuable as a medium of exchange that you can trade instead of trading chickens for dental work or new boots and you can tell if it is real by biting on it like Underdog.....no way to tell if diamonds are real for most people and for most experts to tell if they are mined or lab grown and with the ability to lab grow them you can still water down the market unlike gold (and silver)

Gold has always had value, i.e. there was never time when people wouldn't trade weapons, labor, sex for gold. 

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