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Nice post, Auren. Of all the fine points, those that may be easiest to overlook because they're so massive and not, apparently, reflected upon nearly enough: --the artificially low interest rates have kept stocks and real estate artificially high. There will be a reset. --stock market valuations are affected, inter alia, by mass psychology, which is greatly underestimated, and, of course, not measured meaningfully. --many people who made money on the momentum of the historic boom have erred in attributing overmuch of their success to their own efforts. --people entering the stock market today should likely regard themselves as traders, with all the connotations therein, rather than investors. That suggests, among other things, a degree of engagement that many are not prepared to dedicate. There is also risk in other financial instruments, including from the scourge of inflation, which may well be brought back our way by unscrupulous politicians seeking a way out of our unfathomable public debts. Helping everyone be a bit more objective about stocks (and real estate, which is also pushed like a drug through our media and culture)is a good service. Thanks Auren.
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Mar 26, 2012