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Stock Market Meltdown

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Stock Market Meltdown

Old 03-12-20, 01:33 PM
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Stock Market Meltdown

Anyone following the stock market? Haven't seen anything like this in my life, so far 1000+ movements every day of the week. My 401k is down 40% so far. Hope it gets better soon.
Old 03-12-20, 01:36 PM
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Re: Stock Market Meltdown

We were talking about it in the Trump Thread in Politics. I'm ok talking about it here as long as politics don't get pulled into it. Keep it on a financial topic only please.
Old 03-12-20, 01:37 PM
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Re: Stock Market Meltdown

Originally Posted by VinVega View Post
I'm ok talking about it here as long as politics don't get pulled into it. Keep it on a financial topic only please.


You've got the best sense of humor.
Old 03-12-20, 01:45 PM
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Re: Stock Market Meltdown

Originally Posted by General Zod View Post


You've got the best sense of humor.
I'm hopeful. If not, we can roll it into the Trump thread, or just move it to Politics.
Old 03-12-20, 01:46 PM
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Re: Stock Market Meltdown

Anyway, my 401K was down 10% before I stopped looking at it. The panic is driving it WAY below where it should be. It's going to come back. If you cash out at this point, you just locked in your losses.
Old 03-12-20, 01:48 PM
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Re: Stock Market Meltdown

I'm not a stocks guy but I own stocks in two companies.
one has dropped 50% in the last week or so.
The other is now basically a penny stock.
Damn.
Old 03-12-20, 01:49 PM
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Re: Stock Market Meltdown

Yeah, the first rule of managing investments is you have to be proactive, not reactionary. If you only react, you end up selling low and buying high, so there's not much sense in trying to do something now.

At this point, I'm just not even looking at my 401k. Either the world is going to implode or stocks will eventually rebound. Either way, one of those two things will happen well before I need to retire.
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Old 03-12-20, 01:49 PM
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Re: Stock Market Meltdown

Originally Posted by VinVega View Post
Anyway, my 401K was down 10% before I stopped looking at it. The panic is driving it WAY below where it should be. It's going to come back. If you cash out at this point, you just locked in your losses.
Yeah I did the same thing. Looked at it last week and decided I wasn't going to look again. I've got lots of other investments as well that are in stocks but my portfolios are all on the "low risk" end since I never trust the market. Having said that I'm obviously still taking a hit there but I'm only losing 1% when the market drops 5% (on average). Still.. it's hurting.
Old 03-12-20, 01:52 PM
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Re: Stock Market Meltdown

Originally Posted by General Zod View Post
Yeah I did the same thing. Looked at it last week and decided I wasn't going to look again. I've got lots of other investments as well that are in stocks but my portfolios are all on the "low risk" end since I never trust the market. Having said that I'm obviously still taking a hit there but I'm only losing 1% when the market drops 5% (on average). Still.. it's hurting.
How far are you from retirement Zod?
Old 03-12-20, 01:59 PM
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Re: Stock Market Meltdown

This is a great opportunity to put new money or convert traditional IRA money into a Roth IRA, buy cheap stocks and wait.
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Old 03-12-20, 02:00 PM
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Re: Stock Market Meltdown

Originally Posted by VinVega View Post
How far are you from retirement Zod?
Well I'm but a young pup of just 50 so I could keep going for another 10 years or so. But my wife is 8 year older than I am and she's ready to retire now. We want to travel while we still can so I was probably going to jump out in 5-6 years since we have a nice nest egg aside from the 401k but this may put a delay in some of that. Even if the market drops another 30% I'm still confident it'll recover before it would impact me too much. I hope.
Old 03-12-20, 02:02 PM
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Re: Stock Market Meltdown

Originally Posted by sinned View Post
Anyone following the stock market? Haven't seen anything like this in my life, so far 1000+ movements every day of the week. My 401k is down 40% so far. Hope it gets better soon.
Just leave it where it is. It'll rebound quickly like everything else in the last 4 years.
Old 03-12-20, 02:04 PM
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Re: Stock Market Meltdown

Originally Posted by VinVega View Post
Anyway, my 401K was down 10% before I stopped looking at it. The panic is driving it WAY below where it should be. It's going to come back. If you cash out at this point, you just locked in your losses.
I don't agree with you on virtually everything, but this, I agree 100%.
Old 03-12-20, 02:07 PM
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Re: Stock Market Meltdown

I'm still buying, because what Vin says is right - people are panic selling. Buying stocks on the day of the crash is always a good way to make money long term.

I am 25+ years to retirement. I am not worried about what is happening today.
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Old 03-12-20, 02:10 PM
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Re: Stock Market Meltdown

Originally Posted by General Zod View Post
Well I'm but a young pup of just 50 so I could keep going for another 10 years or so. But my wife is 8 year older than I am and she's ready to retire now. We want to travel while we still can so I was probably going to jump out in 5-6 years since we have a nice nest egg aside from the 401k but this may put a delay in some of that. Even if the market drops another 30% I'm still confident it'll recover before it would impact me too much. I hope.
Yeah, that's a pretty tight window. Makes sense that you're more conservative. I can't see myself retiring before 65, so that means 20 more years for me in the market. At least I'm buying cheap stocks right now. I might up my contribution level if nothing else. Probably take a double check on my ratio of stocks to safer investments once things stabilize.
Old 03-12-20, 02:30 PM
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Re: Stock Market Meltdown

I am down equal to my contributions for the last 8 years. While that initially sounds terrible, I am not counting my employer's matching or any gains. Just a quick calculation of what is lost divided by approximately what I annually contributed.
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Old 03-12-20, 02:36 PM
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Re: Stock Market Meltdown

Originally Posted by DVD Josh View Post
I'm still buying, because what Vin says is right - people are panic selling. Buying stocks on the day of the crash is always a good way to make money long term.

I am 25+ years to retirement. I am not worried about what is happening today.
Yeah, what's gonna happen is the portfolio managers will be buying those dumped stocks which will later, maybe in as little as 6 months, increase in value several times over. I'd even say by the end of this year, you won't even notice a loss, and will probably make another 10% on top of it.

Also, the stock market and futures have another issue. Russia and OPEC. They're currently fighting over oil which is also making anything related to oil (like plastics, like China!), getting hit as these guys battle it out and see who blinks first.
Old 03-12-20, 02:39 PM
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Re: Stock Market Meltdown

It's times like these that test your nerve as an investor. We're not day traders for the most part, we're in for the long haul. Times like these require courage. I know it sounds hokey, but it's true. Look at this thing over the last 100 years, it will eventually come back.
Old 03-12-20, 02:47 PM
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Re: Stock Market Meltdown

I just wish I had a nice wad of cash for some bargain shopping. Oh well, I'll just ride it out like I did in 2008-10.
Old 03-12-20, 02:52 PM
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Re: Stock Market Meltdown

Originally Posted by DVD Josh View Post
I'm still buying, because what Vin says is right - people are panic selling. Buying stocks on the day of the crash is always a good way to make money long term.

I am 25+ years to retirement. I am not worried about what is happening today.
This is my exact philosophy.
Old 03-12-20, 02:52 PM
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Re: Stock Market Meltdown

I am a day trader (or at least that's my side profession) and that's what I'm least worry about. If you exercise patience as a trader then you can make big money on these massive moves even when the market is getting crushed. I've made a profit the last two weeks.

My regular portfolio is taking a massive beating though. Down over $200k since the top of the market just a few weeks ago. Zero panic for me though. If you're in it for the long haul then you're in it for the long haul.

If we're able to figure this all out and contain the virus, then I expect a big turnaround come next earning season where it'll show that this was a big overreaction by the market.

If we're not able to figure it out and people start dying at an alarming rate in the US then... hold on to your butts. This will last years.

Last edited by Goat3001; 03-12-20 at 02:57 PM.
Old 03-12-20, 03:02 PM
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Re: Stock Market Meltdown

As I said elsewhere, I sold my entire RRSP (401k) on Feb 27th, a couple hours before orange dufus gave his 1st corona virus press conf. And every morning since, I've been patting myself on the back. I'm 60, retired, and I have no company pension. I lose that money, I have to find a job, at least part time, again. I haven't touched the 1/3 of my investments outside my RRSP, but I've managed to protect the other 2/3 of my capital. At my age, that's more important than possible future gains.
Old 03-12-20, 03:02 PM
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Re: Stock Market Meltdown

Originally Posted by kefrank View Post
At this point, I'm just not even looking at my 401k. Either the world is going to implode or stocks will eventually rebound. Either way, one of those two things will happen well before I need to retire.
That's the way I'm thinking about it. It will either be ok by the time I retire in around 20 years, or the house of cards will all come crashing down, in which case we're screwed anyway. With my luck, it will recover and then a year before I retire something similarly bad will happen and I'll lose a ton.
Old 03-12-20, 03:05 PM
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Re: Stock Market Meltdown

I started accumulating cash in 2017 in expectation of this day. But the second half of 2019 was expensive, and I spent it.

Old 03-12-20, 03:07 PM
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Re: Stock Market Meltdown

You young whippersnappers have plenty of time to recover.

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