Today’s front-page headlines:
Think the Economy's Bad? 'You Haven't Seen Anything': CNBC, US
Shares fall of Greek deficit fear: BBC News – Business, UK
Markets take a turn for the worse: Financial Post, Canada
Wall Street drops as Greece overshadows ISM data: Delhi Business Standard, India
Is it just me, or is this constant vacillation between panic and complacency getting a bit tedious? I mean, seriously, it's been going on for 3 years now.
Everyone who reads this blog knows that the Chinese market is overbuilt and due to crash. Everyone knows that Greece is in trouble, and that European countries supporting Eastern European countries will suffer contagion. Everyone knows that the US economy is still in the tank, and although holding its own (and I would argue, poised for a comeback) will nonetheless remain there for some time. None of this is news. And yet, people are“reacting” to this news by selling their stocks - again.
Not that I am complaining, exactly. I love it when people sell their stocks at low prices, because I like to buy them. Canadian resource companies are my current favorite, since the chart for virtually every one of them has the shape of an inverted ‘V.”
No, this does not mean that I am suddenly one of those chart-wielding soothsayers who use terms like “reverse head and shoulders formation” or other such nonsense. It just means that no entire sector of a profitable industry deserves to be priced so low. Of course, this was one of my predictions in a previous article (The Fortune Teller), and I am now taking full advantage.
As one wonderfully sarcastic writer commented on a financial site today: “I would recommend you panic.”
Panic and fear are an intelligent investor’s best friends, as long as you watch but do not partake. Don’t be a sad panda.
Not that I am complaining, exactly. I love it when people sell their stocks at low prices, because I like to buy them. Canadian resource companies are my current favorite, since the chart for virtually every one of them has the shape of an inverted ‘V.”
No, this does not mean that I am suddenly one of those chart-wielding soothsayers who use terms like “reverse head and shoulders formation” or other such nonsense. It just means that no entire sector of a profitable industry deserves to be priced so low. Of course, this was one of my predictions in a previous article (The Fortune Teller), and I am now taking full advantage.
As one wonderfully sarcastic writer commented on a financial site today: “I would recommend you panic.”
Panic and fear are an intelligent investor’s best friends, as long as you watch but do not partake. Don’t be a sad panda.
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"One must not let oneself be overwhelmed by sadness."
Jackie Kennedy
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From www.urbandictionary.com
Sad Panda, noun:
An unhappy, disappointed person. The phrase can be traced back to an episode of the cartoon South Park, in which the "Sexual Harassment Panda" teaches the children what is and isn't sexual harassment.
_____
"One must not let oneself be overwhelmed by sadness."
Jackie Kennedy
____
From www.urbandictionary.com
Sad Panda, noun:
An unhappy, disappointed person. The phrase can be traced back to an episode of the cartoon South Park, in which the "Sexual Harassment Panda" teaches the children what is and isn't sexual harassment.
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