This time is different
Saturday 28th March, 2020 - 1 min read
I recently read William Bernstein’s “The Four Pillars of Investing”, an excellent book I’d recommend to anyone interested in investing. Looking back on my review in light of COVID-19, this paragraph on the history of market crashes stands out:
“The second chapter recounted previous market crashes, reminding us that it will always feel like a paradigm shift when the next crash comes, whether it’s market manipulation (1907s), global war (WW1), irrational optimism (1930s), or [sic] algo trading (1987) or sub-prime loans (2008). This is a great reminder to hold and stay the course when the next crash comes and we feel like things are different.”
This time is different. In the same way that every other crash was different. But as we have grouped together all previous stock market crashes, with time this 2020 COVID-19 crash will become but another line item in market history.
In times like these there’s far more to worry about than the stock market. Let’s hope that as many of us stay healthy as we can manage. And if it provides any comfort, remind ourselves that while this time feels different, we will emerge on the other side as we have done before.
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