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I'm amazed at how many guys at lunch at the country club are saying, "If I ever get any of my stock money back, it's nothing but CDs from now on!!" That's a big if.
Same people that gave those who had their retirement in CDs a hard time, I spose. Now when I say our little bit is still earning 5%, some 6%, they say how lucky we are.
It was/is that ridicule and the fear of missing out that made/makes sticking to a conservative investment plan a bitch. But, then, fear of loss can be stronger than fear of missing out. Then there is fear of not knowing.
We have friends back in the city that have been clobbered twice now, but I doubt that it will change them. Let's see, the last time they got clobbered they were waiting to sell until the Dow hit 25,000, something one of their gurus told them.
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An afterthought . . . listening to the talking heads on TV today, it appears that what I always figured had to happen eventually has happened, with companies like GM. I know a lot of folks who took early retirement from GM. Today they said every worker is supporting ten other non-productive people being paid by GM, the retirees and their dependants.
You just cannot keep paying non-productive people, and keep increasing the number of them, and stay competitive. Regardless of what promises were made to those retirees, you just can't do it, and it may take going out of business to prove that.
Of course, in the reorganization talk, retiree benefits are right up there first on the list.
Same people that gave those who had their retirement in CDs a hard time, I spose. Now when I say our little bit is still earning 5%, some 6%, they say how lucky we are.
It was/is that ridicule and the fear of missing out that made/makes sticking to a conservative investment plan a bitch. But, then, fear of loss can be stronger than fear of missing out. Then there is fear of not knowing.
We have friends back in the city that have been clobbered twice now, but I doubt that it will change them. Let's see, the last time they got clobbered they were waiting to sell until the Dow hit 25,000, something one of their gurus told them.
- - - - - -
An afterthought . . . listening to the talking heads on TV today, it appears that what I always figured had to happen eventually has happened, with companies like GM. I know a lot of folks who took early retirement from GM. Today they said every worker is supporting ten other non-productive people being paid by GM, the retirees and their dependants.
You just cannot keep paying non-productive people, and keep increasing the number of them, and stay competitive. Regardless of what promises were made to those retirees, you just can't do it, and it may take going out of business to prove that.
Of course, in the reorganization talk, retiree benefits are right up there first on the list.
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