View Full Version : Byron, I'm with you: Don't sell stocks - Fish instead
10-10-2008, 12:59 PM
Here is a slightly optimistic view on things from CNN (which isn't known for its optimism). If you pull your stocks out now, you may likely miss the opportunity. http://money.cnn.com/2008/10/08/pf/money_crisis.moneymag/index3.htm
I agree that the media seems to do nothing but fan the flames these days. Panic is the true enemy of our economy, and it always has been. We all need to fish more and take the long term view...
Maybe I'm optimistic, because I fish. Afterall, fishing may be the ultimate in optimistic activities...No other activity that I can think of would you attempt something over 200 times in an hour (cast), consider changing your entire approach several times (switching flies or adding a dropper), and achieve your desired outcome only 10 times in that hour and consider it a success...
10-10-2008, 01:35 PM
Very well put. I can drive all the way to Florida, stand on a boat in the sun all day, maybe hook one tarpon and have a great day. Or I can sit on the bank of the Middle Prong and just watch the water go by. I've had another great day.
However, if the Dow reaches 15,000 to 20,000 when I'm 60+ years old, I'm switching to Treasury Bonds.
10-10-2008, 05:15 PM
You did post a report today Byron - I kept checking the date at the top, and it still reads 9 October - I didn't scroll down to see that you had a report posted for today. I realized you had when I saw this thread.
You have the media pegged perfectly. A few weeks ago, there was an online article on a large, multi-state car dealership group folding, and the clear implication was made that it was going under because of the credit crunch. As it turns out, it had been having problems for quite some time, and the lack of credit was only tangentially related to the story. These hysterical headlines do generate ratings for them, which is all they're ultimately concerned with - they don't care about the panic they're causing, and the fact that it is impossible to think and act clearly when in such a state.
Can't wait until my Thanksgiving trip - as an added bonus, gas ought to be relatively cheap by then.
10-11-2008, 08:50 AM
I see what you mean. Yesterday when I was copying the report to the day before I accidently errased it in Dreamweaver. So I downloaded the day before from our remote server. That also downloaded the headers and images and I didn't see that on my monitor.
I agree with you though, the media is not telling the whole story. And, due to that this all becomes an emotional market correction. I also opened some September investment statements yesterday and got a little emotional myself. But I've been there before. The market always comes back and those who buy in at the bottom make a lot of money. Those who sell at the bottom lose.
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