Читать книгу Unloved Bull Markets - Craig Callahan - Страница 21

Throughout this multiyear bull market we wrote papers addressing concerns such as unemployment, inflation, deflation, double-dip recession, rising interest rates and monetary policy, and so on that were keeping investors from being invested. These conditions will be addressed in more depth in later chapters. Our presentations were logical and full of data and statistics, but we suspect not successful in getting investors to overcome their fears. In 2015, we tried a different approach and poked fun at investors who were missing out on the bull market. We borrowed from David Letterman and his top-ten lists that he used on his “Late Night Show.” We could not limit the list to ten, so we called it “The Top 15 Reasons I Missed the Bull Market.” Here they are as written in 2015:

1 15. I didn't notice S&P 500 earnings have grown 107% from 2008.

2 14. After 2008, I changed my risk tolerance.

3 13. I am stuck in the 1970s and thought inflation would come back and interest rates would rise.

4 12. I was waiting for unemployment to get below 5%.

5 11. I bought gold instead of equities.

6 10. I didn't like the bailouts.

7 9. I don't understand the Federal Reserve and thought the government was “printing money.”

8 8. I forgot every economic recovery is different and I was waiting for housing to recover.

9 7. I heard Fed easing was like “pushing on a string.”

10 6. I saw a head and shoulders top-forming a few times.

11 5. I thought P/E ratios were too high.

12 4. I was told we are in a seventeen-year secular bear market.

13 3. I worried about deflation and Greek sovereign debt.

14 2. My accountant told me I didn't need huge capital gains.

And the number one reason I missed the bull market of the last six years is:

1 1. I really like earning nothing on CDs.Some of these will be addressed in later chapters. Thanks, David!