Bear Market: You Are Here
Mr. Market. It’s often said that I’m an escalator up, and an elevator down.
There’s truth to that. When things are good, I climb a “wall of worry,” slowly discarding each piece of bad news one by one, and getting more excited to own stocks.
When things are bad, the news comes in bunches, and I panic. And nobody panics slowly.
What do you do in these times?
First… stay alive. Know what your strategy is and stick with it. If you’re a trader, what you’re doing probably isn’t working. Liquidate. Your job is to make money, and if you’re not doing your job… stop doing it.
What if you’re an investor?
Odds are that you aren’t. Most people are too worried about short-term pain to be able to truly invest over the many years of a cycle. If you’re feeling uncomfortable about markets right now, then you’re probably not a true investor.
If you are, congrats! You get to buy stuff cheaper.
And if you’re not… that’s OK! Just remember, the most important thing in the world is to know who you are! If you think you’re something you are not, you’re gonna get chopped up. But if you know who you are, you can’t get pushed around by me, Mr. Market.
If you want to know more about where we stand in the cycle, watch this interview with Stan “The Man” Druckenmiller.
If you don’t know Druckenmiller, he is one of the greatest traders in the history of man. This famous macro investor worked for George Soros when they “broke the bank of England, earning $1 billion in a day. He then started his own shop, Duquesne Management, and had a 3-decade run without a down year before returning client money in 2010. Since then, he has managed his own enormous wealth and continued to print money.
Watch this interview. It’s sage advice - not just on where we are in the markets, but on how to handle it. How to handle your own emotions and be the best version of yourself. And when to go to the beach.
Remember, it pays to listen to Mr. Market…and it pays to listen to Stan Druckenmiller, one of the best to ever do it.
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