13 May 2024 9:32 am
I read an article this morning about the explosion of "economic doomerism" on Reddit over the past two years. It hasn't happened yet, that's not to say it won't happen.LowIQTrash » 12 May 2024, 7:50 pm » wrote: ↑ This is how you know the top is in:
https://www.reddit.com/r/wallstreetbets ... rket_will/
Title:
This idiot didn't realize it took ~25 years after the peak in 1929. Do you wait to wait decades for your money to break even??
Also if you look at other indices across the world (Italy, Japan, China, France) you can see even more heinous examples of capital destruction.
Italy: Stock market peaked in 2000, has NEVER since then reached previous high (already 24+ years)
Japan: Stock market peaked in 1989, still has not reached previous high (35+ years)
China: Peaked in 2008, still has not reached previous high (16 years and ongoing)
France: 2000 high was only surpassed around 2021 (21 years)
If you go back even further, you will see that the 1700s - early 1800s was particularly brutal. It was not uncommon for stock markets (a basket of stocks as many places did not have an official "stock market") to drop 70-90% at the onset of war and turbulence and stay depressed for decades.
Just a hunch, there are plenty of people looking for a short cut to riches. Quite possible for some, unlikely for most. It could be just a bunch of people blogging (complaining) about there own financial status who have very little investments in the markets and hoping everyone else gets screwed.
Age Median Net Worth (In 2022 dollars)
Under 35 $39,04035
to 44 $135,30045
to 54 $246,70055
to 64 $364,27065
to 64 $410,000
75 and over $334,700
Data source: fool.com
These are some sad numbers.
I need a new battery for my crystal ball.