The recent volatility has led me to ask around in my office, for some horrible experience.
Though this downturn has not completed, there are plenty of stories from the last down turn.
Mr A: had close to 2 million in his retirement account, 100% of his retirement is on his company's stock. At that point it was worth more than $900, split adjusted. He did not watch nor move his money out. Now that company's stock is at $1.50 and in his late 50's, nothing he can do.
Mr B in his 50's: again close to 2 million in his IRA, 100% on his company's account, different company from above. He saw the stock starting to collapse and called his broker to move his investment so something else. Unfortunately he need a PIN to move the investment. They sent him the PIN, it was lost in the mail. Three weeks later he called them again, they sent him again. After six weeks, his retirement account has dwindled to just barely 5 digits.
Ms C in her 40's, was once almost had an over a million account, lost it, and said it is her destiny.
At the peak of last dot com bubble, I was 95% on my company's stock, I only moved my money out after it has lost 50%. I took me 5 years to recoup my losses, I am on the better off side of the ledger already.
Stories told. But none as real as those I heard from the first persons.
So beware, no body knows the bottom. But if you don't always keep an eye on your money, they will run away.
shorts: buy and hold
longs: active management
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