JB:
"After all the human race has always
marched forward (at least so far)."
Yes but there has been some terrible destruction along the way. Look at the European cities destroyed during the war. In fact, it wasn't until modern times that industry figured out that they could make money on weapons, and then make more money rebuilding the destruction those weapons caused.
With regard to the "doom and gloom" on this thread, I think it simply reflects a rational approach to history and empiric thought. With the stock market at never before seen levels of overvaluation (P/E, price to book, etc), all we know is that such levels have always marked market tops, without exception. So either we are at or near a top of historic note, or we are in a "new era". I don't believe in new eras.
To answer your question, I did indeed make a few bucks during the "mini crash" but (unwisely) kept half of my puts waiting for the other shoe to drop. Too bad for me. And, yes, I have missed out on a lot of paper profit during the expansion of the bubble. However, remember, no one in the market has made a penny until his position is liquidated, sold, turned into cash. The profit is illusory until that point.
Best regards,
Jack |
