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If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: ‘Hold on!’
If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son!
GPS has some good advice. Unfortunately, I think "low" is going to be a lot lower than people imagine. No poem or even the FED will save this. We've already lost 200-day support and are in the midst of a technical breakdown...on top of S&P downgrade and rumors flying that SocGen & UniCredit are on the brink of failure. One big failure like this in today's environment and you can forget it- Dow<10k instantly.
The big difference between now and '87 is that the 24 hour news cycle has brought the masses a feeding frenzy of both information and misinformation. People are hanging on every word both right and wrong and they are creating a "hysteria based fear". We are in a difficult economic time for certain, but the p/e rating of many of these companies are very solid as compared to '87.
People are reacting to news that often times they do not understand but they react to anyway out of fear which is driven by an update every ten seconds on where the market is going. The talking heads keep the "uncertainty momentum" going and people react when at times cooler heads should prevail.
IDK GPS man, if the US isn't AAA anymore, how could any US company be considered anything close to AAA?
The implications of this have yet to be factored into equities. I love AAPL, albeit it a little overdone to the upside, but I wouldn't touch it or any US company right now, despite the cash hoard.
The big difference between now and '87 is that the 24 hour news cycle has brought the masses a feeding frenzy of both information and misinformation. People are hanging on every word both right and wrong and they are creating a "hysteria based fear". We are in a difficult economic time for certain, but the p/e rating of many of these companies are very solid as compared to '87.
People are reacting to news that often times they do not understand but they react to anyway out of fear which is driven by an update every ten seconds on where the market is going. The talking heads keep the "uncertainty momentum" going and people react when at times cooler heads should prevail.
I too worked on Wall Street during that crash and the company I worked for at the time (Julian Robertson's Tiger Management), laid off a third of the employees in the aftermath. But all survived!
Was just in St. Louis, and dining there doesn't seem to be suffering - neither did the stores, including upscale stores like Saks, Williams-Sonoma, etc.
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