S&P Breaks 4,500
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There's no moral to the story. It's just something that happened to a friend of mine.
And he started trading in 2008, just before everything crashed, because his wife filed for divorce and he wanted to make a shit-ton of money, mainly to annoy her. Despite my repeated suggestions to stop being a fucking idiot, he persisted, and lost a shit-ton of money.
Happy now?
The funny part of the story was the guy cashing in his 401K and offering to lend it to him.
Sheesh.
@doctor-phibes said in S&P Breaks 4,500:
There's no moral to the story. It's just something that happened to a friend of mine.
And he started trading in 2008, just before everything crashed, because his wife filed for divorce and he wanted to make a shit-ton of money, mainly to annoy her. Despite my repeated suggestions to stop being a fucking idiot, he persisted, and lost a shit-ton of money.
Happy now?
The funny part of the story was the guy cashing in his 401K and offering to lend it to him.
Sheesh.
I was hoping to steer the conversation towards my insights into why diversification can be diworsification, a term coined by the great investor Peter Lynch, but a concept independently generated by yours truly. However, you were so intent on telling a funny story, you ended up walking all over the point I would have made if only anybody had asked me. It's too late now though. Don't even ask.
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@jolly said in S&P Breaks 4,500:
@doctor-phibes said in S&P Breaks 4,500:
It feels like a crash is probably coming. Lots of people will be surprised, and say it's the end times.
Then it will go up again.
It doesn't always have to go up, you know.
I'm a firm believer in things generally continuing to behave as they have in the past. Both your comment, and the stockmarket, are currently following that prediction
@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
@doctor-phibes said in S&P Breaks 4,500:
It feels like a crash is probably coming. Lots of people will be surprised, and say it's the end times.
Then it will go up again.
It doesn't always have to go up, you know.
I'm a firm believer in things generally continuing to behave as they have in the past. Both your comment, and the stockmarket, are currently following that prediction
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
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@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
@doctor-phibes said in S&P Breaks 4,500:
It feels like a crash is probably coming. Lots of people will be surprised, and say it's the end times.
Then it will go up again.
It doesn't always have to go up, you know.
I'm a firm believer in things generally continuing to behave as they have in the past. Both your comment, and the stockmarket, are currently following that prediction
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
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@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
The bail out was the immediate consequence of the experts telling us by consensus that the Armageddon would happen without it.
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@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
The bail out was the immediate consequence of the experts telling us by consensus that the Armageddon would happen without it.
@horace said in S&P Breaks 4,500:
@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
The bail out was the immediate consequence of the experts telling us by consensus that the Armageddon would happen without it.
In the long run, did the bail out really matter - what would have happened without it? A bunch of companies would have gone under, and been replaced with other companies.
I'm not really an expert on this sort of thing, but it seems to me that people talk a lot of shit. The bailout was essentially welfare for rich people.
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@horace said in S&P Breaks 4,500:
@doctor-phibes said in S&P Breaks 4,500:
@jolly said in S&P Breaks 4,500:
Do a little reading on corrections and crashes early in your retirement as compared to later in your retirement.
Well yeah, at the point when you're getting close to retirement, it makes sense to move things to safer areas. Short term risk is clearly a thing, particularly when there's a bubble, long-term less so. But remember the gloom mongers in 2008? How did those predictions of Armageddon play out?
The bail out was the immediate consequence of the experts telling us by consensus that the Armageddon would happen without it.
In the long run, did the bail out really matter - what would have happened without it? A bunch of companies would have gone under, and been replaced with other companies.
I'm not really an expert on this sort of thing, but it seems to me that people talk a lot of shit. The bailout was essentially welfare for rich people.
@doctor-phibes said in S&P Breaks 4,500:
n the long run, did the bail out really matter - what would have happened without it? A bunch of companies would have gone under, and been replaced with other companies.
That is what the expert consensus spoke to. It allegedly was not going to be a matter of same old shit different day with the only fallout being some rich bankers swallowing a gun. But of course I don’t know what would have happened, and at the time was in a mood to let it burn. I still wish we would have, but maybe I should be careful what I wish for.
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Might break 5,000 today. Then again, when I started this thread in August 2021, the S&P didn't hit 4500 again for over 2 years
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Well, obviously the markets have confidence in what President Biden is doing. LOL
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Don't look now, but look what companies are posting most of the gains.
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@Jolly said in S&P Breaks 4,500:
Concentration of wealth.
Tech owners are essentially modern-day oil barons.
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I imagine that some folk are going to get really, really rich on the back of AI, until of course they're eventually replaced by AI.
I was only joking
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I imagine that some folk are going to get really, really rich on the back of AI, until of course they're eventually replaced by AI.
@Doctor-Phibes said in S&P Breaks 4,500:
I imagine that some folk are going to get really, really rich on the back of AI, until of course they're eventually replaced by AI.
I'll be amazed as fuck if AI doesn't have a catastrophic effect on the job market. Which in turn will fuck up the economy. Hard to buy tech shit when your entire career no longer exists.
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@Mik said in S&P Breaks 4,500:
There have always been layoffs when old technologies give way to new.
This is very different. This technology is not used to replace one set of skills with another. It's used to give the skills of other industries to others who don't have those skills, and the interface is kept as user-friendly as possible.
There's no such thing as a "prompt engineer" any more than there is a profession of "iPhone operators." This won't create nearly as many jobs as it will destroy.
