Is it time to panic or just stay the course like I always have?
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Is it time to panic or just stay the course like I always have?
Yeah, sell everything and go hide under the bed. :rolleyes::doh:
Get ready to buy!
I haven't seen any panic yet:confused2:
Watch the news on TV! To them, the sky is falling. Back in the 80s when the Dow was just above 2000, 700 points was a big deal. TV news doesn’t realize 700 points on a 25,000 point market is not breaking news.Quote:
Originally Posted by boneil
Quote:
Originally Posted by CatFan
It recalls somewhat the old story of J. Pierpont Morgan, “the Magnificent,” when someone asked him what the stock market was going to do. “I can tell you exactly what it will do for years to come,” he said. “It will fluctuate.
I just wanted to throw this out there and check the pulse of BBC. I have been invested in the market for about 25 years, I've road some highs and lows but the old pack mule never stops climbing for the top. I too will continue to look for deals and purchase, not bail. My investment strategy has changed slightly since I'm within three years of retiring. I also made it through the "Great Depression" without jumping off a building.Quote:
Originally Posted by stein3411
CNBC has their notorious Market in Turmoil special tonight. That usually marks a near term bottom.
Second scariest thing I’ve ever done in my life was riding out 2008. I just held my breath and left everything alone. I was 70% stocks and 30% Treasury bonds at the time. 10 years from potential retirement at the time it was a test of nerves. On paper, I lost enough money to make the difference between a comfortable retirement and working an extra 5-10 years and I had two kids getting ready to start college. By April, I was numb to the pain and cashed in my bonds and went all-in to the market, which was about the scariest thing I’ve ever done.Quote:
Originally Posted by stein3411
In 2007-2008 I watch my IRA and brokerage account lose 60% of its value......and I had retired in 2002. I lost 50 pounds worrying about the same things that CAT worried about before he retired!!!! But I stayed the course like others said........except I sold the 13 year old house in 2008 and bought a brand spankin’ new house that the builder couldn’t sell!! He built me a 24x30 two story boat garage, and today its worth more than any house in the subdivision! Only thing I can tell you today is that some time ago, I turned some of the lesser income producing stocks/mutual funds to cash and am waiting for a buying opportunity like Cat.
Fishing Fool / Cat, my story is so similar to both of yours. For me 2008 - 2010 was extremely scary, I really didn't think I could recover what I lost but I did and then some. It was extremely difficult not to bail and "hide under the bed". I'm glad I stayed the course and I'm also confident that I will weather this current potential storm.Quote:
Originally Posted by Fishing_Fool_NC
My Father was born in 1927 and Mother in 1929. They grew up in rural Alabama during the “Great Depression”.Quote:
Originally Posted by stein3411
They thought the 2008 and 2009 recession was a picnic compared to 1929 to 1940 depression.
Neither had electricity and indoor plumbing when they graduated High School. Cotton was only money-crop. Had to borrow money each year to purchase seed and fertilizer, not knowing how they would pay-back the loan.
When they married in 1949, their parents told them not to get an electric-stove. Their reasoning was the electric-stove was too new and needed to have the bugs worked out. They also said it would be hard to brown biscuits vs a wood-stove.
I’m not selling but I am not buying yet either. I think it has more to fall and it has not fallen enough for me to below my cost basis on many holdings. With treasury yields falling at some point the dividend stocks will look very attractive (good dividend stocks that is).