From Louis Rukeyser:
"By now, the value of staying calm amid the market's periodic panics is so evident to most of our readers that you may sometimes feel it's scarcely worth reiterating. But the threats to your wealth are certain to recur, in sometimes-terrifying fashion, promulgated by screamers who may well seem, at first hearing, not just super-confident but super-knowledgeable. Frightening people still pays off, in the short run—for the frighteners, not the frightened.
So, as part of your inoculation against the next, inevitable siege of "sell everything now," I thought you might be entertained, as I was, to read a piece of marketing from an outfit in Georgia that was dredged from an old file the other day by an amused fellow Member of Louis Rukeyser's Wall Street Club. Under the big black headline, "EMERGENCY ACTION BULLETIN," the text declared: "GET OUT OF U.S. STOCKS. Sure, the market can go up from here. The Dow could hit 6,000. But which matters more to you: Squeezing the last 5% profit out of this market? Or protecting yourself from a 50% loss? I suggest you take your profits and run."
Golly, folks, maybe the guy was right: we may never see 6,000 again.
Happy holidays!"
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