Monday, July 13, 2020 10:10:44 AM
Market was approaching 650 to 700 on the DJIA. Year was 1976. My Lady, a very nice person who ran a wonderful local business called. Sell my entire account.
I machine gunned off similar historical events. San Fran Earthquake, Roosevelt election disaster, Pearl Harbor, Battle of the Coral Seas, Midway, Stalingrad, Kursk, Normandy, US Steel and Kennedy. All huge market movers. Everyone, a chance to make a huge mistake. All you needed to do was hold your stock. Don't over think the situation.
Lady insisted on selling. Mind you, I was a commission broker. That's good for me, right? No, it's terrible. Lady is committing financial suicide.
She insisted. What did I do? I refused. Explained I did not want the commissions. In those days we were forced by the NYSE to charge set commissions.
Lady was shocked. You don't want the commission? No. You want to sell transfer the account out to E. F. Nuttin or Merrill in a Pinch.
Lady said OK, I will stick with you.
7 years pass. Her account is up 100 fold, I quit and suggest a future broker for her, that broker, my last surviving oldest living Pal.
Needless to say, emotions are killers. CYDY investors need nerves of steel. You need a Big Picture.
If anyone insists on selling I suggest they keep a undetermined % of the original CYDY position and let it run for 10 years.
In 10 years reassess it for 10 more years.
This is how successful investments are made. Stop being influenced by short term market swings. It leads to disasters.
This is a short term set back.
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