A key psychological barrier that prevents most people from seizing the day when prices are low is the fear that the turmoil of today will continue forever. In actuality, bear markets are typically much shorter than bull markets. As the saying goes, markets take the stairs up and the elevator down:
"It is easy for the volatility of one's thinking to match the volatility of prevailing conditions. Time horizons have shortened even more than usual, to the point where the market's 4:00 p.m. close seems to many like a long-term commitment. To maintain a truly long-term view, investors must be willing to experience significant short-term losses; without the possibility of near-term pain, there can be no long-term gain."
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