Stock Markets Crash Today!!!

The main reason I left working in the investment industry is the lack of ethics. I firmly believe most of it is being manipulated by the Big Boys who will lie, cheat, and steal and collude with their cohorts. The retail investor (you and me) has no idea what is happening behind the scenes.

An example of this was an investment in a particular company that was rated AAA+ by the credit rating agencies. The auditors published some impressive results. Six months later, the company filed bankruptcy. This was a huge company, one of the largest in that industry. I do not believe the auditors didn't see what was coming. A company like that doesn't go from a AAA+ credit rating to bankrupt in less than six months.

I refuse to participate in this.
 
Like they say, you only lost it if you sold your stock. It will come back. Amazon is not going out of business. The stock market is manipulated by rich people for rich people. We just get to play along. I don't think we need to worry about a big crash until banks and Venture Capitalists wake up and realize sinking trillions into AI and it's infrastructure, which has no real return on that investment, is no longer worth it. We are heading towards that bubble bursting but I don't think they have pulled their heads out of the sand quite yet.
 
GoodEnuff said:
The main reason I left working in the investment industry is the lack of ethics. I firmly believe most of it is being manipulated by the Big Boys who will lie, cheat, and steal and collude with their cohorts. The retail investor (you and me) has no idea what is happening behind the scenes.

An example of this was an investment in a particular company that was rated AAA+ by the credit rating agencies. The auditors published some impressive results. Six months later, the company filed bankruptcy. This was a huge company, one of the largest in that industry. I do not believe the auditors didn't see what was coming. A company like that doesn't go from a AAA+ credit rating to bankrupt in less than six months.

I refuse to participate in this.
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I appreciate your character.

My father was a financial advisor for many years and he was one of the most honest men I've ever known. Some of the other advisors laughed at him and said he "mostly worked with old ladies". He did have a lot of older clients, but he made sure they were happy and he made good money for them and for himself. He had a gentle, low-key way about him that they appreciated.

When he passed away, I met with HIS advisor. I had sometimes heard my father yelling at his advisor after he retired so I already knew he wasn't happy with his performance. When I met with him, he just seemed like a dishonest jerk who was full of himself, so I looked elsewhere.

I asked around my industry and got great feedback from my co-workers and executives about a particular advisor. I met with him, was impressed, and hired him. He was my advisor for over 20 years until he passed away. He got me through the Great Recession with his knowledge and ability to put things into perspective.

The guy who took over his accounts is also great. I can call him at any time and he picks up. We discuss strategies and he gives me honest feedback. I have no reason not to trust him. Now I'm older and he has a gentle, low-key way about him that I appreciate. Go figure.
 
Mitch, you've told us you are wealthy and you also have said you think you're going to die soon.....so what are you worried about?! Surely you have more than enough to last until you transition. Now that the markets went up again, did your Amazon stock rebounded nicely? Looks like the markets are dipping again today. That's what they do and those of us who ride out the storms reap the benefits in the long run.
 
Socialism is in part propping up the stock market. The government is providing massive subsidies (in the 10s of billions of dollars) to existing nuclear power plants to keep them profitable because they're needed to power the AI data centers.

The energy sector is one of the primary drivers of profit today. Healthcare, AI industries, and the recent OBBB tax cuts are also increasing corporate profits and resulting in the stock market reaching new highs.
 
Restored said:
I hated wealthy people until I became one of them and then I decided they weren't so bad after all.
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Restored, at what point (monetarily) did you consider yourself wealthy? I always wondered what amount it would take. How long ago was that? If you prefer not to answer, I understand. Or you could message me.
 
I still have several million dollars invested in Amazon stock shares. I'll just ride out the down turn and keep holding until I die. After my wife and I die, my daughter will inherit my holdings and can then retire and live on it without working. She has no pension and this event will enable her to keep living in comfort. It may also support her kids after she dies.
 
Mitch86 said:
I still have several million dollars invested in Amazon stock shares. I'll just ride out the down turn and keep holding until I die. After my wife and I die, my daughter will inherit my holdings and can then retire and live on it without working. She has no pension and this event will enable her to keep living in comfort. It may also support her kids after she dies.
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Hey, I'm young enough to be your son. Are you open to adoption? :ROFLMAO:
 
Mitch86 said:
I still have several million dollars invested in Amazon stock shares. I'll just ride out the down turn and keep holding until I die. After my wife and I die, my daughter will inherit my holdings and can then retire and live on it without working. She has no pension and this event will enable her to keep living in comfort. It may also support her kids after she dies.
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That's great Mitch. The way things are going with the economy, she'll need every last dollar. I attended two pre-retirement seminars for N.J. State employees, a year apart. Both presenters recommended not leaving anything for (our) children to inherit. I thought...what kind of children must they have to not want to do that for them? :unsure:
 
OneEyedDiva said:
That's great Mitch. The way things are going with the economy, she'll need every last dollar. I attended two pre-retirement seminars for N.J. State employees, a year apart. Both presenters recommended not leaving anything for (our) children to inherit. I thought...what kind of children must they have to not want to do that for them? :unsure:
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I can see both sides of that coin.

Please don’t short yourself so your loved ones are able to live better than you, enjoy the last years of your life and happily leave anything left for your loved ones.

It’s a huge gift to be able to live independently and not be a burden or a drain on your loved ones finances.
 
Aunt Bea said:
I can see both sides of that coin.

Please don’t short yourself so your loved ones are able to live better than you, enjoy the last years of your life and happily leave anything left for your loved ones.

It’s a huge gift to be able to live independently and not be a burden or a drain on your loved ones finances.
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I'm definitely not advocating short changing myself and my needs (or anyone else doing so) Aunt Bea, but like you I'm a frugal person. I don't require much and don't really need much of anything. I'm frugal with some things so I can afford to buy what I want when I want, even when splurging. Of course, I believe you've already read my posts about me having such low housing costs. My pension and SS more than cover my basic expenses. All the while my retirement nest egg is growing.

My main concern would be if I had to spend my assets on a nursing home or if there's a catastrophic event or if I ever have to move from here (that would likely entail a catastrophe). Ideally, at home care would be feasible and better financially because of what my Medicare plan covers. My home owner's insurance would cover much of what would be lost during a catastrophe in addition to paying hotel expenses for a certain amount of time. I'd be able to afford a move to a more expensive apartment if it came to that. And here's the thing, if one didn't leave anything for children and if that means spending all your assets, where does that leave the persons (couples) if any of the situations I mentioned should happen?
 
I moved my 401k into an IRA about 10 years ago, thinking that the stock market was going to crash. The DOW was at about 17k at that time; now it's around 50k.

Pessimists make lousy investors. Instead of irrational exuberance, I get irrational despondence.
 
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