It’s still lucky if you manage not to be very sick or disabled. My job made me very grateful for things that are beyond my control.
It’s still lucky if you manage not to be very sick or disabled. My job made me very grateful for things that are beyond my control.
My story is that I didn't really recover, the divorce was a big part of it and going to grad school for a solid career (didn't happen due to the recession). So I am here, don't have much of anything, not doing stocks again, and probably not retiring.
Since you asked, I think your experience speaks more to the temptations and dangers of leverage than to the intrinsic wickedness of those who dabble in the dark arts of finance. Asset prices will not always rise when we need them to. The downside risk is always lurking under the surface, and people shouldn’t risk more than they can afford to lose. Arbitraging a debt against an assumption of rising asset prices or an ongoing source of income can do very well for you or end in disaster.
Markets exist to distribute capital and risk, not to reward virtue. It’s better to be lucky than smart, but it’s also true that “chance favors the prepared mind”.
I wasn't going to continue on, but yes, LDAHL, it's that. I'm not "blaming" the wealthy for taking my money away--I readily admit that I didn't even entertain the notion that the housing market bubble would burst, and yes, I did know I was heavily leveraged, but figured it would all work out and I'd be clear in less than 6 months.
Yes, true, but as my mother always taught me, sometimes "Man plans and God laughs." I had a plan and I just couldn't hear God chuckling.it’s also true that “chance favors the prepared mind”.
"Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
www.silententry.wordpress.com
I believe the reason the market soared when The Donald was elected was because investors (rightly) believed The Donald would dismantle regulations that protect our environment and finances.
Well, a day like yesterday certainly gives me the fon-tons, Molly.
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