{link » Bush critic Paul Krugman wins economics Nobel}
I don't claim to be a very sophisticated investor, just your basic buy-and-hold asset allocator who believes in diversification, periodic re-balancing, and cost averaging. But when the markets experience a record one-day gain after a week of record losses, I have to believe that last week's panic sellers will never recover from the missed opportunity of today's 11% gain.
The markets go up; the markets go down. But all historical 10-year periods have been positive. Those long-term positive results, however, rely almost exclusively on the small number of upward surges of which today's is the epitome.
Nevertheless, the early commentary after todays record close is mostly skeptical and sarcastic. It sounds to me like the Bush bashers were amongst those panic sellers last week. But their patron saint has been awarded a big chunk of Nobel change. Perhaps he'll share it with his fellow long-suffering liberals, though I'd wager Krugman is not that kind of liberal socialist.
I don't claim to be a very sophisticated investor, just your basic buy-and-hold asset allocator who believes in diversification, periodic re-balancing, and cost averaging. But when the markets experience a record one-day gain after a week of record losses, I have to believe that last week's panic sellers will never recover from the missed opportunity of today's 11% gain.
The markets go up; the markets go down. But all historical 10-year periods have been positive. Those long-term positive results, however, rely almost exclusively on the small number of upward surges of which today's is the epitome.
Nevertheless, the early commentary after todays record close is mostly skeptical and sarcastic. It sounds to me like the Bush bashers were amongst those panic sellers last week. But their patron saint has been awarded a big chunk of Nobel change. Perhaps he'll share it with his fellow long-suffering liberals, though I'd wager Krugman is not that kind of liberal socialist.
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