Just caught this:
“I think right now there are just some very powerful negative images that are alive in many people’s minds — images of the Depression, images of people selling apples. The images of the downside are just so salient in people’s minds, and nobody has presented an upside image yet,” said George Loewenstein, a behavioral economist at Carnegie Mellon University
The “apples” line made me chuckle.
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1. The American baby boom generation has seen their buy and hold retirement accounts shredded in the last year. Shredded. An entire generation, perhaps the most influential American generation, was sold the story that buy and hold would take them to retirement shangri-la. Anyone got plan B for these folks?
2. I just caught a Russian market official speaking about Russian market distress. He said that the Russians were responsible for their troubles 10 years ago, but now the Americans are responsible for the latest crisis. Nice try. The current global meltdown is a result of first greed then fear. Those emotions don’t care about nationalities or borders. So if you, or if anyone, regardless of country, don’t like your portfolio’s direction…look in the mirror.
3. How far can the Dow drop? I don’t know. No one knows. If someone tells you they know, and you believe them, please go see a medical doctor to ask for a full frontal lobotomy.
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New Michael Covel blog can be found here.
I have setup an Online Afterword for "The Complete TurtleTrader" that adds even more detail. These are insights, nuggets, and narrative pieces not in my book, but only presented online.
The first ever film documentary to really analyze investor behavior along with the winners and losers in the market is underway.
