Everything in our lives is based on perception. The reality that you and I see each day is based on the context of who we are individually, and the sum of the knowledge and experience that has made up our lives. I think the reality of the stock market’s valuation is built on much of that same perception, and the short term volatility we see is nothing but people seizing upon the opportunity to make more money based on fear. Fear of the present, the unknown, of losing money, of not having enough money… so many things. And yet among it all, most of us will stick with it over time, with a dogged sense of optimism and belief in the long term, with a tinge of resignation, even indignation perhaps. But our belief in the long term is also based on a context of knowledge and experience, and I think we have history on our side, as well as millions of hard-working people who make up real companies, producing real products and services.
Nothing magic, nothing unique. It’s not even greed, but simply economic self-interest as Milton Friedman might say. Which, by the way is not such a bad thing. And for all who think capitalism and corporate self-interest is a bad thing, you might look around the world a little. As the election approaches, think about who speaks for big government, and who speaks for the individual. Government is never going to solve the problems that individuals face in society. Government can help, but that line between free expression of self interest and mandated social policy is deceiving. Just ask the people of Venezuela.
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