There's a famous story about how Joe Kennedy (John F.’s father, who was ruthless and manipulative as he was wealthy) avoided the 1929 stock market crash. He said that when his shoeshine boy gave him some stock tips, he knew it was time to get out. I believe Joe had a bit more inside knowledge that instigated his timely exit before the greatest meltdown in stock market history. So, a question before us is, should we pay attention to what ‘certain’ investors or institutions do with their money? I will argue yes, but let’s come back to this in a bit.
I’m typing this blog after the market close on Friday with the Dow and S&P up fractionally and the NASDAQ off slightly. Wall Street not only had the entire day to chew on Hurricane Harvey news, but I will tell you that they had information much sooner than what you’ve been witnessing on the television Friday afternoon... and it didn’t spin the market into a sell-off. Why? We’ll get to that in a second, but let’s focus on Harvey for a moment.
Sorry, that decison has already been made for you.
I ended the last blog with the question: “Should you take a bite of Bitcoin?” To answer that, I believe it will be helpful to provide some context in several areas: Expensiveness, Long-term Viability and Better Mouse Trap.