A letter to the stock market. I'm going long, you can't stop me.
I've been dollar cost averaging into the market for the last few months, and last friday, the 13th, i was nearly even. This week has been brutal on my holdings, brutal, and has left me bleeding red ink like crazy. I stand down more than 10% overall today. Its a greusome thing to behold, it has shaken my confidence, left me nervous and less than fully able to sleep, and all those things that I'm sure more seasoned investors know well or have gotten used to.
But, stocks are cheap today. Very cheap. As long as one doesn't pick companies that are going bankrupt, in the long run you will profit heavily.
And so I am well on my way to all in. I am diversified across 90 stocks, each of which is severely beaten in this wild bear market, most of which will recover 2 or several times their value if they don't go bankrupt. I have one large holding that falls into the realm of speculative - Nova Chemical (NCX) - and many that could have downside. The upside potential is huge.
I've got a good job, money put away for several years, everything is paid off, and I don't need whats on the market. So bring the pain, Mr. Market, make me wimper. But i'm long and I'm staying there. I've got 5 gallons of Rolaids, a big punching bag and some gloves, and I'm ready for the ride.
love and regards,