I have heard from many people over the past few months that have lost chunks of their life savings in the current bear market. Many feel remorse, regret, some anger, frustration, and embarrassment. Most say that they wish that they had known or had done something to protect themselves. But here is the thing. This cyclical bear market is not finished yet. And we are likely only half way through the secular bear climate that started in 2000. That means it is still not too late to re-calibrate your thinking, investment style, approach.
It is never too late to learn lessons and improve. Most of us learn our wisdom through loss first. There is no shame in learning things the hard way so long as we do learn and we do change. Our only fault is if we suffer loss and then keep doing the same things over and over hoping for a different result. This is very much the first day of the rest of our lives.
Several people have asked me for an update as to my current thinking about world markets and risks following the 2-part Financial Post video interview I did in March 2008. This morning I reviewed these clips again now 5 months later. I still agree with the comments. For those that have not seen it before, you can still view Part 1 and Part 2.
For those who asked for a link to my interview on BNN at 1:50pm EST yesterday, Fri Aug 15, it is supposed to be available shortly on www.bnn.ca, although it has not yet appeared as of this writing.
My next interview on BNN is set for Thurs Aug 21 at 9:20am EST.
To all my viewers and readers, I know this is an anxious time in the world. But this too shall pass. Pragmatic optimists protect against the downside, and keep looking for the light. I wish you well; I wish you peace of mind.
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