By listening to these fukstiks. This seems like yesterday
no. they are getting bailed out by the taxpayers.
Exactly. Never be closed minded about opportunities. And investing is a contact sport, you're going to have a season ending injury if you play long enough. After the bath I took in stocks in 2008 I was mad at the world. Swore I would never buy stocks again. The only assets I had left were my house which was paid off but it was untouchable. You always need a place to live. A life insurance policy with an expired suicide clause and a still somewhat healthy 401k account. Real estate was in a world of hurt. I wasn't starting another mortgage company. My wife said, " what are we going to do?" I said , " im firing our investment adviser, putting all of the 401k money in a self directed Ira and investing all of it in buying real estate". She looked at me with confusion on her face and fear in her eyes, she said, " but we just lost almost everything in real estate ". Hahahahaha. Big balls baby. I bought houses flipped a few, got healthy in no time and kept buying and holding real estate. Looked a Tesla and said fuck it, I'm back in stocks. Bought Tesla at $300 when everyone here on the board still hated Musk, rode it to $1200 . Turned into a lot of cash. Took that cash and loaned it out on real estate secured loans and now non performing loans. Weird how history turns us and opportunities arise. Just keep fighting on.
There is a ETF that shorts all of Cramer's recommendations. I remember him touting Sears Holdings claiming it would be the next Berkshire Hathaway. It ended up filing for bankruptcy.
lol. Fawking Cramer. I got some ptsd vibes watching his clip. Bear had survived the Great Depression but couldn't survive 2008. I didn't own any Bear shares but I was plenty invested in financial stocks including wamu. Bear was our our warehouse line and handled our mortgage securitizations at the time. We were out of business within 10 months from this debacle. I got fucked every which way in that one. All this broke March 2008, my birthday is March 18. My wife said, " what do you want to do for your birthday? "
I said " die " 😂.
The next few years brought me Inquisition level torture. I learned the most expensive but valuable lesson of my life. When all seems lost, just keep going.
Weird. I had been slaving for a decade w a business that didn't make much. I had very small investments.
my kids and figured I'd rescue the business when they all left in another decade.
Grandma died that year. Left me. And the other grandkids $200k each. To start a business or down payment on a house etc.
She died Easter of that year. Well. Was basically dead then and stopped breathing a few days later.
I found out about the 200k like August. I want to say market rock bottom was October. Market had fallen either 47 or 57%. Panic everywhere. I smelled blood in the water but didn't know what to do.
Warren buffet said he believed in America and saw good companies on sale. Good enough for me. I dumped either the whole 200 plus another 40 I scrounged up into vfinx. Or maybe qqq. One was a Nasdaq index. The other sp500. Within a year I'd made about 50%. Which meant the market was still off by about 25%. Within two years the market had recovered and I'd doubled my money.
Not long after was the arrive told about kids I coached and iPods and investing in Apple at the today equivalent of 10-15 a share. They were pricing it like a value stock at the time. Pe of like 11. Made no sense. I loved the App Store and I tunes. Thought it was free money.
Ten years later Apple has
Grown 10-12x and I think im super smart playingniotions games for free money. Guess the market wrong and am forced to sell $2.8m of Apple. All I had. At $160. Tried to dabble and get back in but market was ahead of me. So now I have 200k of Apple. Kind of like it was right back to 2008. Of course I also ended up with the 2.8 m that's now 2.4 of cash I have to figure out what to invest in. And the home I'm Dana.
Weird how history turns us and opportunities arise.
Ouch, that sucks. I remember Fidelity had a sector fund called Regional Banks that was a huge winner until the shit hit the fan. I didn't own any bank stocks but did have Allied Capital a BDC that imploded. What a financial mess.