What was I doing 10 years ago today!?!
March 6, 2009, the day the stock market bottomed during the financial crisis. Here’s what the daily, weekly and monthly S&P 500 charts looked like heading into that bottom. (See charts below)
I wish I had a blog back then to journal my thoughts. Instead of blogging and putting my thoughts together, I like many other people, tuned in daily to CNBC. Here’s a video from CNBC in 2008 >>>> https://www.youtube.com/watch?v=mFF59fbf1YM&t=5s Looking back on the headlines from that show, “Wall St Crisis: Is your money safe,” no wonder everyone began to panic and sell their investments. I, (22 years old at that time), followed the crowd and sold my shares as well. I took losses in excess of -50% on many of my investments at that time. I received instant relief that I would not lose any more money. Turning on financial television every single day, convinced me that I should stay away from the markets and wait for the bottom. I began to trust CNBC to tell me when the stock market would put in its bottom. As a result, I made no investments or trades in all of 2009. In hindsight, this was the exact opposite of what I should of been doing at the time. I sometimes ask myself what I would of done differently if my 32 year old self, time traveled back to March 2009 and was making investment decisions. I suppose I would ask myself a simple question. What can people not live without, even during a recession? That simple question may have shifted me towards some Electric utilities, waste disposal, and some grocery investments. Even then, there’s no guarantee that I would of held those investments for very long. What’s the moral of this post? Turn off financial television. Find mentorship and guidance on StockTwits/Twitter. Study history and learn from it or you will be doomed to repeat it! Thank you for reading!
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