Long ago, I coined those who constantly preach on Financial Networks “all is well and to invest with both fists”, the “Don’t Worry, Be Happy” crowd on Wall Street. I’ve stated you can toss them off the top of the Empire State Building, and all the way down they would say the same thing – so far so good!
This is not to say there are opposites of them working in the financial arena. Go no further than the hard asset arena, where yours truly spoke among them for 25 years all around the world. There, many of the so-called experts never were bullish on financial assets and always touted metals and mining shares.
While it’s okay to watch the financial networks, keep in mind neither they nor I, am certain (or even near-certain) on what markets will do. If we were, we be calling in from one of our many private islands in the Pacific.
Here’s what you can expect to hear from the “Happy people” if the stock market keeps falling:
Down 5% – It went straight up so no surprise.
Down 10% – This is healthy correction and a buying opportunity.
Down 20% – Yes, this usually suggests a bear market has begun, but this time it’s different.
Down 40% – This surprised us, but it’s now too late to sell.
Over 50% losses – Mr. Happy is no longer with the firm.
“Whoever loves money never has enough; whoever loves wealth is never satisfied with their income.” Ecclesiastes 5:10