Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Joshua Corbin who wrote (838)	11/21/2000 3:35:41 PM
From: Tommaso	Read Replies (1) of 74559

"He was a Wall Street hero in 1929 and a goat all through the 1930s. Looking back, he was right." Depends on how long you live. If you were 50 in 1929, as one of my grandfathers was, and lose most of your wealth, as he did, and then die in 1944, you have to wait until 1952 to break even again. If you live to be 200 years old, and put $1,000 in an IRA account at 6% interest, and the government changes the rules to let you leave it there, you will have something like $35,000,000. This "long-term" investing mantra has suckered millions into the latter stages of the biggest bubble ever in America. Those of us who got in in 1982 have done pretty well. Those who have got in since 1996 and who stay in will have a lot harder time.

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