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In this week’s podcast, we talk about John Dorfman‘s article in which he discusses the old Wall Street saying “the market climbs a wall of worry.”
But…when stocks (and stock markets) collapse, no one really cares about old stories or sayings. What investors want to know is
- Market Drop: Could We Have Seen This Coming?
- What Could We Have Done To Possibly Get Out Of Harm’s Way?
Very few (in my profession) have any answer for these questions.
Part of the reason is because so many are conditioned to be “perma-bulls:” they are pre-disposed to staying optimistically bullish, and keeping you invested in some far-off fantasy where everything works out great. Hey, life is not all purple pansies, sometimes things get messy. And sadly, some folks in my line of work get defensive/bearish AFTER the fact, when it is too late. Then they miss the next move.
In repeated conversations with clients, we hear the same phrases:
- “Tom, we do not like the news/the headlines…”
- “The economy worries me…”
- “Tom, I do not like this stock market”
And, as soon as they mention those phrases, they get in a defensive posture. They are conditioned to hear their adviser tell them “you have to look long term.”
We will not be optimistically bullish 100% of the time.
There are times we want to be IN the market.
There are times we want to be OUT of the market.
The Mullooly Asset Management Podcast can be found below. The Podcast can also be found on iTunes. Go to the iTunes Store and simply search for “mullooly.” Under no circumstances should the information contained in this blog or podcast be considered investment advice.
Thank you for listening. We welcome your comments and questions.