Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Tommaso who wrote (847)	11/21/2000 6:19:49 PM
From: Joshua Corbin	Read Replies (1) of 74559

The fashion of our time is, "Buy stocks. Stay in for the long term." Our zeitgeist is expressly not to think about the long term: live fast, die young, leave a good looking corpse. The investing paradigm is at best that of the Microsoft millionaire, who cashes in his options for a fortune. At worst is those little old ladies who get lucky on the slot machines. People do LTB&H in retirement accounts only because the system is structured to encourage it -- and sometimes they break the 401(k) piggy bank to pay MasterCard. How else do you explain dot-com mania? Daytrading? SI itself? Why do online brokers have names like E*Trade, Ameritrade and Suretrade? Why are ETFs like the QQQ used as trading vehicles instead of investments? Look at Web sites. Notice that TheStreet.com went public while Motley Fool didn't. Jim Cramer is far more well-known than the Gardner brothers. Hedge fund managers are cool while nobody cares about small-time investors. Brokers do not encourage LTB&H because it cuts into their profits. Human nature makes stocks more attractive during bears and less attractive during bulls. People are always tempted to sell into bottoms and buy at tops.

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