Source: news.com.au photo: Cathryn Tremain
Well, haven’t the world markets been brave? Just after we experienced the fourth largest crash in history, the markets rallied to give us back a little of our declining wealth. I could almost hear a collective sigh of relief throughout Australia as the market made modest gains.
As the whole debacle carried on around us I was scrounging around trying to find some cash to buy up big. I was involved in some intense discussions with some of my financial guru friends. Indeed my colleagues from ABC Business Coaching weighed in with their learned opinions. Mike Norton advised that the market would rally and decline again and that would be the time to buy.
Some of my other friends were carrying on like “chalkies” of old, each one with a “hot tip”. Alas, I couldn’t find the “folding stuff” as I continue to live low risk but heavily geared.
What did you do? It certainly has simialarities to the crash of ’87 although I really can’t comment as I hadn’t dabbled yet.
Was the crash a clean out? Terry McCrann certainly thinks so. His commentary is very interesting…
This is the great cyclical cleansing.