Saturday, January 25, 2014
Down 300+ points yesterday, eh?
I submit that EVERYONE is "longer" the stock market than they could possibly imagine.
I mean we've had 5 years of unmitigated upticks...
Every business, every household, every bank, every municipality, every pension fund, etc. is going to get blindsided.
It never ceases to amaze me how the mere theoretical value of unrealized market gains can be so comforting to so many.
I guess the analogy would be some nerd cruising through "school" with straight A's foolishly believing that they will be set for life.
I recently had a cab driver tell me that the stock market healthy.
And it reminded me of that day some 14 years ago I was in a cab in Philly at 6am....and the driver was telling me to buy QCOM!