Discussion in 'Off Topic' started by Stonewall, 24th Sep, 2007.
What was it again?
Todays high so far has been 6446.5
Isn't it amazing how quickly it bounces back?
I remember when it was in the 5,800s...
Not quick enough IMHO
I remember lots of people selling, and I was saying how they were foolish as that was the time to buy!
We had a client who wanted to switch all of his funds into cash.
I was thinking, well it's a bit late now, should've done it last week! lol
I told him that it's a short term hiccup and in a few months it'll be back to where it was. Didn't even take more than 2! lol
Did you manage to talk them out of it or did some actually foolishly switch?
I had a mate of mine who sold out at bottom the previous correction.. he was spewing a few weeks later!
Fortunately I managed to talk him out of it.
I guess the issue is that the hiccups are the best time to buy but it's also when people aren't usually feeling positive about the markets.
Though to be able to invest you need to get your hands on some money (whether it be cash or borrowed).
I guess if you stick to dollar cost averaging when the markets are taking a hammering (apart from being a very brave soul) you'll clean up in the end.
The above is not advice! Speak to your FPA registered Financial Planner, Accountant or Tax Adviser before making an investment decision.
It seems to me that you forgot what happened to blue chip companies such as: HIH, Bond, Quintex, Enron etc.. and all those who bought Telstra around $7- $8 - more than 6 years ago....
Dollar cost averaging = Recipe for disaster.
Nick Leeson thought (like you) he could average a loss and he manage to destroy the bank in the end...hahahaaa....
try dollar cost averaging at a casino lol
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