The people who panic and sell the stocks in their retirement portfolios right here will end up kicking themselves. Here’s what to do instead if you want to end up patting yourselves on the back.
I’ve been doing this—writing about the stock market and investments—for a quarter of a century. It’s been a heckuva turbulent ride, including Russian defaults, emerging market crises, dot-com disasters, terrorist atrocities, global financial meltdowns, a U.S. housing collapse that rivaled the Great Depression, inflation panics, deflation panics, energy crises, sovereign debt crises, and a global pandemic.
And after all of that, here’s what the whole, long saga has taught me—often the hard way—about turmoil like this. We have had more financial chaos during my quarter-century in this business than at any time in recorded history. Sure, the 1929-32 Wall Street Crash was deeper, but we’ve had the bear market of 2000-3, when stocks effectively halved, the global financial crisis of 2008, ditto, the Covid crash of 2020, when markets cratered in a few weeks, and many more besides. When I began my career, a giant hedge fund had just imploded, sending global markets into a tailspin.
In 2011 America’s national debts were so high, and our political system so dysfunctional, that Treasury bonds were downgraded by the ratings firms for the first time ever. A few months later the United States elected a bankrupt casino operator to the presidency, and the country was allegedly doomed.During all that time? Global stocks overall, as measured by the MSCI World Index, are up 470%. The S&P 500 SPX, +0.22% is up 560%. And if you bought during the crises themselves, when prices had already fallen, you did even better.
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