DOOM & GLOOM got you confused? Cut your mind and emotions some slack. Even though you know exactly what you should do, it’s hard to insulate your intellect from the adrenalin rush ignited by the hysteria all around you. Get away from the TV, the quote screen, even the newspaper. Just a few days of calm and the panic will subside, and calculated strategizing will emerge.
After just a couple of days golfing in the mountains (Whistler, B.C.) I can’t help but recall that back in Feb/09 our Canadian Imperial Bank of Commerce (CM on the Toronto Stock Exchange) shares settled down around $30 per share (versus over $80 back in in Oct/07). Unheard of carnage for a bank stock. All bank stocks were a disaster; after all the world was coming to an end.
Although it feels like Armageddon all over again in the city, out in the fresh mountain air I sense otherwise. I recall my good friend Stephen (rides a nice Road King) from Nova Scotia asking me in those dark days what I thought was a good idea – and I said “buy banks?”.
Scroll down and read my post: Real Reason BANK stocks are STRUGGLING! The reasons these stocks are cheap are obvious. What is obvious to me (thinking clearly) is that the governments assumed the lion’s share of their debt woes, so once the banks actually start banking again in earnest they’ll be making serious coin.
Hope these ideas just keep on coming – it might soon be time for another road trip on the Harley – I can let the loud pipes block out ALL that meaningless noise so I can make rational choices. Real opportunities present themselves when others are panic stricken.