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why market crash is a blessing,a true blessing,not even in disgu

(2008-06-18 09:07:13) 下一个
假设你有200万的资产,100万现金,100万股票/ETF/mutual funds, etc. 如果你明天想退休的话,你是希望股市:

A.翻一倍, or
B.跌一半?

My answer is B. Warren chose B too.

Why? An analogy serves as a good explaination:

假设这个世界上没有金融市场,没有金融证券,人们唯一的投资是鸡,人们唯一的sustenance and pleasure是eat eggs. 你有10000元和100只鸡,每只鸡的市价是100块. 你是希望每只鸡: A.涨到200块,还是B.跌倒50块?

A. your asset is worth 30000, 或者是150只鸡, or 150 eggs a day。
B. 你的asset是15000,或者300只鸡, or 300 eggs a day.

去年九,十,十一月份卖掉的基金大都在银行存了保本保息半年,一年期的理财,现在已经陆续到期了. 从3000点到3600到2800一路买下来. the more it crashes, the more blessed i feel.

treat your stocks like chicken, not like numerical, fiat money.

But US stock market is another story. It is a chicken that'll never lay any eggs any more.
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