Monday March 16. Over the weekend we wrote a post which was scheduled for this morning. Events are changing so fast that the post was deleted as it was already out of date and useless.
Markets are collapsing and panic is prevalent. Yesterday we ventured out to a normally very busy Mexican restaurant and it was almost empty. The upcoming vacation is nixed. (We dare you to try and get United on the phone.)
Today we didn’t even bother to log into our trading platform. We have no idea how much the portfolio is down. Why stare at the pain??? We have not done this since the 2008-9 collapse. We are now at the point in the financial markets where it makes sense to just sit back and watch. You can’t sell into a collapsing market, and you certainly can’t buy.
—–There are numerous talking heads and financial advisors out there that have been telling their followers to buy, buy, buy for the last few weeks……as prices plummeted. Man oh man, are they hurting or what? In contrast, shorting would have been very profitable.
—–We have been telling you to sell, sell, sell!!! In our opinion, there will be plenty of time to buy as a recovery becomes evident.
Possibly good news: It is our understanding that China and South Korea are on the rebound with very few new cases reported. It is estimated the U.S. will take another month or two.
If you staying home, or looking for diversion, there is an EXCELLENT series on Amazon Prime called Jack Ryan. This is one of the best series we have seen on Netflix or Amazon.
Author Tom Clancy introduced the character of Jack Ryan in a series of books before Ryan headed to the big screen in several films. Now the former U.S. Marine is featured in an episodic series for the first time, with John Krasinski portraying Ryan in this Amazon original thriller that centers on Ryan as an up-and-coming CIA analyst.
Optimism grows that drugs from past outbreaks may treat coronavirus
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