A Great Financial Understatement

I spend a fair amount of time reading and reviewing some of my older posts, mostly to check the awkward writing style, and to repair broken links and such. I tripped across a classic understatement I made in the summer of 2008

Bad Day on the Market

That was the day after the market meltdown that eradicated a great deal of wealth in a few short days. Remember that the real obliteration of wealth happened on September 20th, 2008, but this was a start (thanks to me being laid off I was a little preoccupied, so I didn’t write about the huge market drop on that day).

In a short paragraph I stated:

Figured I’d add my 2 cents to the fray of Bloggers talking about the problems on the Stock Market these past few weeks. Is this an opportunity to buy? Should we be selling? Is it time to crack open skulls and eat the goo inside? Don’t ask me, I am standing pat for now, and we shall see what happens. My portfolio is down a fair amount, but my feeling is, now is the time, just to “Not Look”. Remember most of my stock holdings are in an RRSP, and thus aren’t a short-term investment either. I am watching TD with intent.

I do like the line, “…Is it time to crack open skulls and eat the goo inside? …” (I stole that from Kent Brockman on the Simpsons), but I was a man of my world, I didn’t touch my holdings (and at the time I still held Nortel, that had not gone bankrupt quite yet). This market apocalypse did lead to my Best Financial Decision Ever, but only because I had money from my Severance Package to invest.

Always interesting to review the past, wonder when the next Stock Market Apocalypse will happen? Hope not soon.

 

 

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