Well I think the Republicans would need to be on board this time to make it happen. Shit has to be getting real to most of them? (I know, sweet summer child and all…)
lol there’s no fucking way Trump is removed or resigns. Jesus.
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1500pts to go before the Dow Joans is down in the Trump era.
I’ll wait to hear from Riverman.
It’s bounced off ~ 21500 a couple of times now.
So this is what 2008 felt like.
It sucks but I’m fine. Still in accumulation phase, happy to buy cheap for the foreseeable future.
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And there it is, confirmation I should have had the options thing set up before today.
From my perspective 2000 and 2008 was just money. This (virus and the current pathetic state of the US leadership) feels like a serious threat to our way of life and future. This feels much scarier to me than 2008, despite the finance system supposedly almost melting down then.
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We all knew a week ago what the market just seems to be figuring out now.
I’m still convinced that observant amateur investors who don’t get caught up in the current mass delusion can get out in front of black swan events.
I think it was d10 who said that well everyone else must be looking around at each other thinking there’s a reason the market isn’t dropping like a stone yet.
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Sure, they can. Some people can do it reliably. Maybe I can get in front of the market in situations like this reliably. But buy and hold isn’t just an investment strategy, it’s a mindset. For me its mostly about minimizing the amount of worry and mental energy I put towards the market. I don’t have to worry about getting in front of the market because I’ve decided to not even play that game. The stock market will go up, the stock market will go down. And things will work out fine.
And it works. Letting go of the feeling that you have to control your investments and micromanage your entry and exit points is incredibly powerful and liberating in terms of minimizing market-related stress. I don’t have to worry about making the wrong decision because I’ve already made the only decision I’m going to make – my contribution amounts and asset allocations. And this dip hasn’t bothered me one bit.
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I’ve been buying and holding since 2010 or so. I’m buy-and-hold-except-for-black-swan.
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Same.
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lol, bitcoin down to 6k and gold down $55, everything selling off
Sure. But for me that’s a big difference. You have to be constantly vigilant for black swans, because they can swim by at any time. That’s kind of their whole thing. That’s a lot of mental energy that I’d prefer not to dedicate to black swan detection and mitigation.
In a couple months you can buy a cruise ship.
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To circle-jerk each other a little here, the intelligence on this board is way above average. The instinct of the average person is “stay calm” through the initial dip then finally gives up and considers panic selling on a day like today then miss the eventual swing back up. Market timing is an abject disaster for them.
I don’t even give my wife advice on how to invest her portfolio as her instinct to “buy high, sell low” is just too overwhelming.
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It’s not clear what exactly is driving the market response. To be brutally cold-blooded about it, it’s likely not the case that 5 or 10 million people, mostly old or very old, dying around the globe is going to have a major impact on the NPV of future corporate profits. That’s the epidemiological fact that’s been baked into the cake for a while. Airlines and cruise lines and hotels going bankrupt is not economic carnage either. What’s driving the S&P 500 down by 20% is the expected response from the government to try to contain the spread of the virus. Now, you may well have had views about what that was going to be as well, but I bet you feel less confident about them than about the spread of coronavirus.
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My thoughts when I unloaded most of what I had on Monday and after the bounce Tuesday (and really came to the decision after hours Friday - a day too late - NDB just $30k swong) - is that most people, even some of the super smart guys, still aren’t pricing in the idea of hospitals being overrun like Italy. And when that reality sinks in the market is going to drop like a stone.
Also like Riverman has been saying - seems like a good chance of a secondary shock when debt-leveraged companies start going belly up. I’d be shocked if some of the banks weren’t way too exposed. But we’ll just write a check for a $T and bail them out so I guess no reason to worry.
My biggest regret is not unloading the last of my funds Tuesday at close. But I was afraid if the order didn’t go through I’d be locked in for Wed. no matter what happens. Fidelity has a big warning that since I placed the order near close it might not go through.
I’m still not sure what happens in that scenario since all my orders went through. Anyone know if I can cancel on Wednesday a fund order that I placed late Tuesday before market close, but it didn’t go through?
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America does not have the safety net to handle this kind of fallout.
This recession is gonna make the previous one look like nothing.
Countries with a safety net will definitely not suffer to the extent that America will.