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Enjoy the market ride. But make no mistake the next downturn will come. It is not a matter of if but when. And when it does, expect all these things to happen…How this blogger keep coming up with this stuff is, well…some people have talent! And I like to bring you quality stuff around here. Say no to moronic content designed to sell you in every post found in so many other blogs!
…someone will become a hero. A pundit, portfolio manager or resident doomsayer will “call” the crash and nail the timing. It will be mostly luck but will likely lead to a number of TV appearances, speaking gigs, and maybe a book deal or two.
…your favorite pundit won’t be able to save you from making irrational decisions.
…there will be bargains in the market but it will never feel like the right time to pull the trigger and buy.
…it will feel like the selling is never going to come to an end.
…you’ll be kicking yourself for not holding more cash or bonds.
…some asset class or strategy will perform really well and many investors will pile into those funds (after the fact, of course).
….everyone will start paying attention to the markets again.
…no one will be able to tell you whether it will be a short downturn with a quick snapback rally or a long drawn-out process that turns painful.
…investors will make short-term decisions with long-term capital at stake.
…financial advisors will use the Mike Tyson “everyone has a plan until they get punched in the face” line on multiple occasions.
…money managers will be obsessively quoting Warren Buffett in their quarterly letters.
…you’ll trick yourself into believing you should have seen the downdraft coming.
…people will start researching black swan funds.
…you’ll be convinced that a 20% loss will turn into a 30% loss, a 30% loss will turn into a 40% loss and a 40% loss will turn into the Great Depression.
…investors will feel dumber than they really are (just as right now we feel smarter than we really are in a bull market).
…people won’t need investment advice — they’ll need a psychologist.
…some people will definitely panic.
Thanks to the few media souls for investigating the tough subjects and bringing us real news. This is gut wrenching. We took away this guy’s family in the name of the world on terror. It appears many more innocent have been sacrificed. Look, I get it. There is a war going on and the opposing side are phucking cold blood killer psychos. Mistakes happen.
But it appears a lot more than just isolated mistakes in this case. And that is super sad. But the main point I wanted to make was that if we had not gone in there in the first place looking for “weapons of mass destruction” (remember that pathetic joke of an excuse?) a lot of this shit we unleashed may have never happened…I better stop. Just a great piece of investigative journalism, read it with an open mind and make your own judgment.
The author was tormented by the class bully as a kid. Only to track him down years later and discover he had become a gentle soul devoted to Buddhism. What an amazing and touching story this is!
I had a run in with the class bully as a kid. Fourth grade I snapped and beat the crap out of him, he never did any more bully crap, I became a hero. But my fingers in my right hand hurt like hell for days and I kept silent to show I was tough. Anyways, I never fought anyone else after that one time. So I am 1-0 in my career. Or, to make a bit more fun out of this, I became a lover and not a fighter woohoo!
Yes you can change. For the better. We all can…
It is an 8.01 minute clip. Dim the lights, have your favorite drink, put up your feet on your desk, and push play…
You are welcome.
If you are going to read one thing about AI, make it this one! I guarantee that you will thank me.
To make use of the new opportunities, people will need radical, lifelong retraining. The AI revolution won’t be a single event after which the job market and the educational system will settle into a new equilibrium. Rather, it will be a cascade of ever-bigger disruptions. Even today, few employees expect to work in the same job for their entire life (see go.nature.com/2ymdvjs). By 2050, not just the idea of ‘a job for life’, but even the idea of ‘a profession for life’ might seem antediluvian. It will become increasingly difficult to know what to teach schoolchildren and university students.
Human psychology, too, might turn out to be a key hurdle. Change is always stressful. Already we face an epidemic of stress and anxiety (see go.nature.com/2z96s57). As the volatility of the job market and of individual careers increases, we may wonder whether everyone will have the emotional stamina necessary for a life of constant flux. We may need more-effective stress-reduction techniques — ranging from drugs through neurofeedback to meditation — to cope.
Creating new jobs might prove easier than retraining people to fill them. A huge useless class might appear, owing to both an absolute lack of jobs and a lack of relevant education and mental flexibility.
The challenges posed in the twenty-first century by the merger of infotech and biotech are arguably bigger than those thrown up by steam engines, railways, electricity and fossil fuels. Given the immense destructive power of our modern civilization, we cannot afford more failed models, world wars and bloody revolutions. We have to do better this time.
And I leave you with this…Dogs snap toooooo!
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