heinz,
What's the state of mania in Austria?
Here in Sweden it seems to be at least as bad as in the US.
The newspaper headlines are no longer about disasters in Mocambique or politics. Now it's all about picking shares and funds, daytrading, everybody will be rich. Funds only returning 20% yearly are ridiculed, regarded with contempt.
All those attachments to the papers, that used to be exclusively dedicated to "How to lose 10 kg and gain a new husband","The cream guaranteed to remove 10 years from your face or we will add 20 years free" or "Improve your sex life
in 10 easy do-it-yourself lessons". If you ask somebody "What's your preferred position" the reply is "long on NOK".
There is a market for small companies not yet on the exchange, comparable to BB pink slips, where you use the phone to talk a broker. This market has virtually exploded,
as it is very limited and the buying of a few thousand shares can double the price. Every evening you can see how much your stock has gained on text-TV.
There have been warning voices, from professional people, but their voices drown in the deafening noise from the media. Of all the people I know, I'm the lone wolf bear,
mostly in cash, even most of my retirement money in a cash fund, the rest in gold and mining. Actually, most think I'm crazy or plain stupid. They may be on to something.
There have been people I have talked to that actually got scared, taking my advice ad notam, and sold.
Those people now constitute a group of former friends.
BTW, I have also filed the divorce papers.
My kids have withdrawn all funds managed by me and investing the money in god knows what.
As for fear, I must say that the only fear I have detected is the fear of missing the train. "If the market drops 10%, who cares, it will jump up 20% next week" is the prevailing opinion. "Buy when you see red figures and never sell" is the simplest and most rewarding investing strategy. Careful studies of market data, reaching as far back as into the end of the last millenium proves this to be true.
I have bought tulips and puts. Both are now withered and gone. I should have bought itulips instead.
Happily singing "These poots are made for walking...one of these days these poots are gonna walk all over you", i was unaware that they were gonna walk all over me instead.
Horrible thought, what if we are the real clowns, that will be destroyed by self destruction!
Naah, we will start a stock discussion site : The Roaring Bear. It will be so successful, that when we IPO it at $40,
we can talk it down to open at $5.
Regards
Per S |
