Friday, October 10, 2008

the next warren buffet

I am not a stock guru like the kirchhoff but everyone says, "you need to be brave to participate in the stock market". I had this crazy idea. My thinking was that the stock market had gone down so far already, that it couldn't possibly go down any more.

This must be a good time to buy! Stocks are on sale. I decided to buy a small amount of IVV, a stock that is essentially the same thing as the S&P500.

So I tried to put the trade through online but the account was having some problems so I called Fidelity. The person who was helping me on the phone sounded downright depressed. "Oh yeah", he said, "things are taking longer given the current situation". This economic downturn is a "situation". "So, will we be buying or selling today"?, the broker asked me. "Buying," I said with confidence. "Buying?" he asked, skeptically. "Yes," I was very brave.

So, I bought my stock and the market responded buy promptly dropping almost 8%.

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