Time to get drunk

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Oct 24, 2008 9:28 pm

I'm on my 3rd tall can, where are you?

    Next week I take a stand.  Time to fire some significant dry powder I've been saving on the sideline.  It's time to draw a line in the sand.  Might as well get a buzz on this weekend.
Oct 24, 2008 9:39 pm

I'm enjoying a few tall ones myself...

 
As far as firing a few shots next week I'll let you go first ok...Then next friday you'll either be a hero with your clients or will be down another 15% & can tell them the ol' "we're going to average out the loss" line.
Oct 24, 2008 10:17 pm

Rank, I'm in too tonight. As far as next week goes, enough of being beaten up over the past weeks/months/year. Time to circle the wagons and get clients fired up again about investing. Of course, I've already talked to all of them over the past days/weeks, but I'll approach next week with a new enthusiasm and vigor.



We'll get through this. We live in the greatest country in the world, and this is what we do. We overcome adversity and come through stronger.



Like my grandmother, who was my daughter's age when her mom and dad were one payment away from losing their farm and everything else in the Great Depression, and their family doctor made the monthly mortgage payment for them.



Like a certain Presidential nominee, who overcame years of being in a Vietnamese prison, and not only lived to tell about it, but lived to have a great career in government, and run for president 35 years later at the age of 72.



I could spend all night with examples of this. We will get through this, and we will be stronger as a nation, no matter which candidate is elected.



And if you need more inspiration, read "Still I Rise" by Maya Angelou.



(As you can all hear "Glory, Glory, Hallelujah" in your heads right now, I end my post)!



Best of luck to all of us!



BG

Oct 25, 2008 12:11 pm

American Funds has a great piece titled: "Selling Against the Tide: Perspective on the market’s upheaval, offered by Jim Fullerton, former chairman of the Capital Group — on November 7, 1974"

Here's a quick snippet that made me feel a bit better on Friday:

On April 28, 1942, in that gloomy environment, in the midst of a war we were losing, faced with excess-profits taxes and wage and price controls, shortages of gasoline and rubber and other crucial materials, and with the virtual certainty in the minds of everyone that once the war was over we’d face a post-war depression in that environment, the market turned around.

What turned the market around in April of 1942?

Simply a return to reality. Simply a slow but growing recognition that despite all the bad news, despite all the gloomy outlook, the United States was going to survive, that strongly financed, well-managed U.S. corporations were going to survive also. The reality was that those companies were far more valuable than the prices of their stocks indicated. So, on Wednesday, April 29, 1942, for no apparent visible reason, investors again began to recognize reality.

The Dow Jones Industrial Average is not reality. Reality is not price-to-earnings ratios and technical market studies. Symbols on the tape are not the real world. In the real world, companies create wealth. Stock certificates don’t. Stock certificates are simply proxies for reality.

Now I’d like to close with this: “Some people say they want to wait for a clearer view of the future. But when the future is again clear, the present bargains will have vanished. In fact, does anyone think that today’s prices will prevail once full confidence has been restored?”