Don’t be a myopic lemming when the bears growl
From: heraldtribune.com
It is winter, but the bears are not hibernating. They are everywhere.
It is a rare day when their growls are not heard up and down Wall Street. Therefore, take heed and guard yourself against joining the lemmings as they run for the sea, panicked by the sounds of the bears.
Selling off sound stocks needlessly will only turn temporary discomfort into permanent damage. Patience has always been an important virtue when investing. Now it is more important than ever.
I raise this point because of the reckless remarks of the Royal Bank of Scotland’s credit chief, Andrew Roberts. He wrote in a note to investors, “Sell everything except for high-quality bonds.” It sounded to me like a voice-over in a trailer for a finance-themed horror film.
