My 401K lost nearly $350 today...after losing about $350 the day before yesterday...and not doing too well before that. Ever since the panic began, I've lost about 30-40% of January's value in my 401K.
My personal prizewinner is Wendy's (WEN), a usually consistent earner that got snapped up by the Arby's corporation...and went from the $20s to $5 or less. (sigh) It's not worth selling now...hopefully it will start to work its way back up.
And actually, 2/3 of my stocks are holding their own...Pulte Homes (PHM), for example. Or General Electric (GE). But the weiners like Wendy's are making everything else look bad.
Should I panic, and sell everything now, reasoning it's Only Going to Get Worse?
I think not.
Here's a similar take on the subject:
Simple Dollar lists several things that are different now, compared to the Depression...one of them being our much healthier unemployment rate. I also noticed that the US dollar has actually been strengthening against foreign currency. How could that be a bad thing?!?
The last time I panicked and sold really fast, I also really regretted it. This time, I'm actually going to buy more stock, while it's 'cheap.' Warren Buffett just got a boatload of GE stock...I want to buy more of that. Maybe another blue-chip type stock like Coke, too.
But I'm not going to buy something without researching it. And I am NOT going to panic. It never helps. Ever. I am grateful, though, that I'm not depending on these funds right now...
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In Phoenix this afternoon, where the temps stand at a healthy 90-plus degrees! I got to my hostess' house and asked her if she went out of her way to make me feel welcome...
two guys were re-roofing the house across the street.
(She just laughed.)
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