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re: Being "recession proof"
Posted on 7/8/13 at 3:09 pm to Nawlens Gator
Posted on 7/8/13 at 3:09 pm to Nawlens Gator
quote:
Some of my coworkers panicked and sold when it was down. When you sell when it's down, all you're doing is locking in losses.
This is what's hard for me to grasp. Did they not think it would rebound ever? Or were they ready for retirement and just took the cash? Were they invested in index funds or single stocks?
2
Posted on 7/8/13 at 3:14 pm to rintintin
Yep on paper it's hard to grasp.
Emotions can do things to you however
Emotions can do things to you however
Posted on 7/8/13 at 3:18 pm to rintintin
quote:Read the link I gave in my post from February, 2009. There were some very practical people on this board who thought the end of our economic world as we knew it was happening in 2008/2009. One poster replied to me "There won't be a stock market by the end of March." And he was not really joking.
Did they not think it would rebound ever?
People were panicking. It was the best example of Warren Buffett's investment axiom: "The time to be greedy is when others are fearful." I followed his advice and it worked.
He followed his advice, too. Remember he practically stole billions of dollars in General Electric and Goldman Sachs stock by making mult-billion dollar convertible loans to both of those companies when they needed capital. His investment in GE has more than tripled since he made it about 4.5 years ago.
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