Thoughts on the Panic of 2008
Pretty brutal day...er week...er year. At this point I'm kind of numb to the mugging of my portfolio.
Every day my net worth sinks and my caps score increases a little, just to rub it in my face.
Here are my semi-rational musings on this state of affairs:
- I think I have Stockholm Syndrome...I'm almost rooting for the market to sink lower...and not even just to pick up some cheap stocks (I'm almost fully in the market at this point)...no, it's kind of like watching a team that's losing by 30 points...you kinda want to see them lose by 50 for a better story.
- We should stop talking about percentage losses and start talking about how many years we've added to our retirement target dates. I'm estimating this year has forced me to work 7 years longer than I would have before. Yeesh! Obviously, I'm hoping an eventual recovery will give me some of those years back.
- Regarding my massive losses, I'm trying to take the viewpoint of a hedge fund. It'll take me a long time to re-reach my high water mark...it's time to close up shop and start a new fund with adjusted expectations.
- The market is so wild that stories that would have been the "news of the day" are afterthoughts. I feel like I could sit here and blog all day without running out of interesting side stories to report. But on that note, back to work!