Yes Janet I miss You.
I have been mesmerized by the markets the last 48 hours.
I rarely screen watch. I did a lifetime of screen watching before I started Wallstrip, Stocktwits and Social Leverage. Screen watching was not productive and made me miserable.
But, as Stefan put it today (his Stocktwits room is great):
Sometimes it’s good to join the madness. At least if you are aware that you are indeed joining” it.
After watching intensely for two days, I still have no idea what is happening or will happen next.
Some fear gauges are high and others seem complacent.
Maybe all the ‘passive’ investors are too busy with Christmas and will panic early January when they check their retirement statements.
Steven shared this chart that offers some context for the wreckage. Only the ‘flash crash’ and the financial crisis saw price action like this.
In the real world, shit is hitting the fan. Here is the CEO of Fedex (whose stock has lost 30 percent in the last few months):
This is very, very important, and I’ll just conclude by saying most of the issues that we’re dealing with today are induced by bad political choices, I mean, making a bad decision about a new tax, creating a tremendously difficult situation with Brexit, the immigration crisis in Germany, the mercantilism and state-owned enterprise initiatives in China, the tariffs that the United States put in unilaterally. So you just go down the list, and they’re all things that have created macroeconomic slowdowns.
Notice he is not complaining about Amazon, Uber or UPS.
I loved Josh’s post on all this calling it politely ‘unforced errors‘. I say screw polite.
No one knows how low the markets or Trump can go.
I did buy some stocks today, but I am already thinking about backpedalling.
PS – Yes Facebook is a train wreck (I bought some shares today) and I have smart friends saying it will get way worse. I say if it’s bad for Facebook it is worse for Equifax. Sure enough, Equifax is flirting with the lows of the 2017 data breach scandal it somehow survived. I can see this stock in the 50’s if all hell continues to break loose (no position, but rooting for it’s demise).
Also published on Medium.