Stock Market Nightmare
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DarkAngel

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I am just appalled at the destruction of wealth in our stock markets, although mainstreet seems OK for now, many people including myself have lost massive amounts of money (several 100K!) investing in what was previously belived to be relatively safe Nasdaq 100 bluechip mutual funds that hold stocks like:
cisco
microsoft
intel
applied materials
oracle
siebel
emc
These are not fly by night internet companies with no earnings, but some of the biggest companies in the world a couple years ago. My 401k now looks like a 101k..........so much for the buy and hold dollar cost averaging method of investing, this bear market is extremely destructive and punishing to anyone investing in this countries technology sector. It was fun on the way up, wish I would have diversified more now, but who could have predicted the collapse of the entire USA technology sector.
(Nasdaq average down a stunning 75% from its 4/00 high) It will take many, many years to ever get back to the market levels set in April 2000.

Anyone else feel my pain....................
 
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discoman

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Yes, indeed. I am with you, my friend. I feel your pain.


I try to be a responsible young adult, save up my money on blue chips.

Most of my money are gone. I hope I was a day-trader instead.
 
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jopi

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On the upside, if you think the Nasdaq was a good investment at 5000, it's a hell of a deal at 1300.

I'm 33 and a long term investor. I know that by the time I need my money the Dow will be above 100,000 and the more it falls now the more stocks I'll get for my money.
 
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JMT

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Quote:

My 401k now looks like a 101k..........


Man I can relate to that!! Each time I look at my statement I see retirement getting further and futher away.
 
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andrzejpw

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Quote:

On the upside, if you think the Nasdaq was a good investment at 5000, it's a hell of a deal at 1300.


you know, that's what they keep saying about the dow. It just dropped 400 points! Where is this "bottom" that everyone says we've "just" reached?
 
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aeberbach

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I bought a new car in mid-2000. When I moved cross-country I sold it and lost plenty.

It was the best investment I made :frowning2:
 
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jopi

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Quote:

Originally posted by andrzejpw


you know, that's what they keep saying about the dow. It just dropped 400 points! Where is this "bottom" that everyone says we've "just" reached?


I don't care since it's going to be above 100,000 when I retire.
Look at it this way: A 400 point day drop is quite significant in today's terms (about 5%). In thirty years and the Dow at around 100,000 the headlines would say: It was a boring day today at Wall Street and the Dow practically left unchanged with 400 points down (0.4%).

I think I'm pretty firm with investments. I've started dabbling with stocks when I was a teenager and I've got an MBA where they teach you all the junk about markets, stocks, options, discounted cash flows, P/E ratios and whatever else there is.
I'm also participating in an Investment Club and I've got a couple of friends who are full time professionals investors with big investment and insurance firms in the stock and bond market.

The most important thing I know about investing is, that nobody --- and I mean nobody --- can predict or time the market short term. The professional investors don't, the analysts don't, the president doesn't, Greenspan doesn't and I for sure don't have a clue either.

The second most important thing I know about investing is, that the stock market has outperformed in the long term any other type of investment in the history of mankind.

Conclusion for me: Don't give a damn about what the market may do today, tomorrow, next week or next month. Invest rather sooner than later, because the market goes up long-term and you may miss the boat, if you try to time it.
 
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gloco

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Even though i'm not an investor, i'm a consultant with american express, and yeah it worries the **** out of me.

It only gives more reason to see more layoffs and i just started working again this past May. A lot more people out there are going to be standing on the unemployment lines soon. Plus, the unemployment rate in NYC is 8% and thats horrible, very scary stuff going on.

I feel terrible you guys are getting battered with your 401k's...

Hey JMT, now might be the time to go inc. and start mass producing altoids and cmoy's for public sales


Lastly, jopi is right, i dont think you guys should worry too much, the stock market will rebound, if ya want, i can take a walk down to the NYSE and yell at everyone to stop farting around.
 
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Audio Redneck

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I feel it too. I'm heavy in two of the ones you've mentioned above and believe me it hurts.

But I'm with Jopi - I'm sure not going to sell them at this point unless I get some humongus capital gain I need to off set. I don't think any of the ones listed is in danger of pulling a WorldcomEnron. Most of them have just been dragged down by the reset of the market is my personal belief.

I don't think the economy is all that great, or has been all that great for a while (even back in 2000), but I think that there are still several companies that will continue to turn a profit and have long term potental. To me its bargin hunting time.

But then again, I know this doesn't make the guys that were planning on retiring next week feel any better.
 
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andrzejpw

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Sure, this may be "short term." But think of dow, 1999 and 2000, and dow NOW. Sure, it couldn't have lasted. But still. . .
 
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I share in all your agony...my Fidelity investments are looking mightily low-fi now...

And somewhere out there the folks who instigated this calamity are sitting in their Jacuzzis sipping martinis...
 
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Nick Dangerous

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AAAAGH!!!

I can't even LOG IN to Fidelity. They SERIOUSLY need more high availability servers.

I switched to govt. bonds early enough to avoid the carnage in my 401K, but my ROTH IRA is bleeding cash by comparison. I'm in value and small cap stocks so at least I won't be expecting any nasty federal accounting investigations...

Rich white men in suits. Fear them. Don't give them your money.
 
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Just to cheer you guys up a little, this quote on CNN about the stock market today cracked me up:

"The 53-year-old crooner -- who late last month checked out of a substance abuse and psychiatric hospital after a 10-day stay -- said he does not have that much exposure to stocks in his own portfolio and said he is generally distrustful of large corporations." (CNN speaking of Billy Joel)
 
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acidtripwow

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I know what you mean JMT. I just got my 401K statement and I lost another $200.
 
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kwkarth

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Quote:

Originally posted by JMT

Man I can relate to that!! Each time I look at my statement I see retirement getting further and futher away.


Ditto! I lost a megabuck+ on paper. Oh well, easy come, easy go!
 
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