Author Topic: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations  (Read 2516 times)

Seattle Carter

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Ms. Okougbo, 26, a business operations manager in Tucson, has an individual retirement account set up through her company and shares she got from her parents for her birthday. In one week, the value of her investments sank 65 percent.

“I don’t think I will be buying or trading on the market again anytime soon,” she said. “I still don’t thin

Sigh.

https://www.nytimes.com/2018/02/07/business/millennial-investors-stock-market.html

Ftao93

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #1 on: February 08, 2018, 08:16:40 AM »
27 year old:  "my retirement account slumped 3%"

OH NOES!

It's awesome you have anything saved at 27.   I didn't have 2 dimes to rub together until 35.

dandarc

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #2 on: February 08, 2018, 08:23:19 AM »
Perhaps holding crypto in your retirement account isn't the best idea for someone who just started investing 1 month ago.

Actually the comments on that article are pretty good - "what on earth are you invested in?" being the prevailing question.

Travis

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #3 on: February 08, 2018, 10:19:43 AM »
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“Looks like the down payment for an apartment I’ve been eyeing will have to wait.”

Sorry, but you had that coming. You tried playing a speculative market for a short term cash need.
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iowajes

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #4 on: February 08, 2018, 10:38:47 AM »
65%!!! What is she invested in?


I learned a lesson about stock picking in high school. My Mom took my savings and my sisters savings and put them into two "amazing" stocks. One went bankrupt, the other totally tanked.  Mine was the one that tanked. (My Mom paid me back.)  Of course, it was a company stock that paid for my college, since my Dad has options.  But it took me A LONG time as an adult to be willing to invest because of that; I never went beyond the company match. I was glad to learn about indexes. But I still hold a lot of cash because I'm scared of the markets.

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Fish Sweet

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #6 on: February 09, 2018, 04:53:19 PM »
As a millenial investor, I logged into my Vanguard & stock accounts this week expecting a significant dip... and maybe a chance to pile in some of the money I've been stockpiling into buying new stocks... but I'm actually up 4k.  My stocks are down, but everything else is up, so.... SHRUG.jpg   Might wait for another, deeper dip to start sinking money back into the market.

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Lulled into confidence by the second-longest bull run in history, some had forgotten the passwords to their trading accounts and, to their panic, were locked out.

That is some of the dumbest shit I've ever heard.  The "forgot password" function exists for a reason, and why the hell would anyone dump their hard earned money into an account and NOT BOTHER remembering the password? 

Travis

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #7 on: February 09, 2018, 07:30:00 PM »
why the hell would anyone dump their hard earned money into an account and NOT BOTHER remembering the password?

"We send some money to some guy and he does something with it."

The investing strategy of much of America.  Not bothering to log in to that account in months isn't that surprising.
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brooklynmoney

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #8 on: February 09, 2018, 09:05:28 PM »
It’s good that guy doesn’t remember his password. In that family Fidelity study they found the investors with the best returns were dead or had forgotten they had an account.

marcela

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #9 on: February 12, 2018, 08:08:52 AM »
why the hell would anyone dump their hard earned money into an account and NOT BOTHER remembering the password?

"We send some money to some guy and he does something with it."

The investing strategy of much of America.  Not bothering to log in to that account in months isn't that surprising.
I never remember my password for my investment accounts. I have it all set up on an auto schedule and can view the numbers on Mint. Why would I need to log in?

Sibley

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #10 on: February 14, 2018, 02:29:40 PM »
why the hell would anyone dump their hard earned money into an account and NOT BOTHER remembering the password?

"We send some money to some guy and he does something with it."

The investing strategy of much of America.  Not bothering to log in to that account in months isn't that surprising.
I never remember my password for my investment accounts. I have it all set up on an auto schedule and can view the numbers on Mint. Why would I need to log in?

I also never remember my passwords. That why I use a password manager. This is not hard.

WhiteTrashCash

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #11 on: February 14, 2018, 03:03:59 PM »
When I was in high school, we played the Stock Market Game in Economics class. The game was all about trying to pick the best individual stocks and then see if you could make your money grow more than everyone else in class. I think the winner was a kid who put everything into Microsoft, because that was a big stock at the time.

That's what most Americans think investing is. They think it's basically the same as gambling, because they are told that you are supposed to invest in individual stocks and then hope you get lucky and make some money. The financial industry pushes this misconception, because it frightens people into thinking that the markets are magical and only special experts with lots of inside knowledge from years of training can possibly navigate it for them.

Then the stock brokers, investment experts, etc. take the investors' money and blow it all on cocaine and hookers in Vegas. At least, I'm pretty sure that's what they do with it.

scottish

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #12 on: February 14, 2018, 03:37:46 PM »
Jags and Teslas.   don't forget the luxury cars.   Financiers love luxury cars.
Actually, throughout my life, my two greatest assets have been mental stability and being, like, really smart.

NoStacheOhio

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #13 on: February 15, 2018, 07:22:04 AM »
Telling that the guy using the robo-adviser was only down 3%

This one was a bit of a head-scratcher for me. I'm 31, so "senior millennial." We're 100% equities, but haven't seen anything remotely close to the (unrealized) losses some of the people in this article are seeing.
The first step is acknowledging you have a problem, right?

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Just Joe

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #14 on: February 15, 2018, 07:52:30 AM »
When I was in high school, we played the Stock Market Game in Economics class. The game was all about trying to pick the best individual stocks and then see if you could make your money grow more than everyone else in class. I think the winner was a kid who put everything into Microsoft, because that was a big stock at the time.

That's what most Americans think investing is. They think it's basically the same as gambling, because they are told that you are supposed to invest in individual stocks and then hope you get lucky and make some money. The financial industry pushes this misconception, because it frightens people into thinking that the markets are magical and only special experts with lots of inside knowledge from years of training can possibly navigate it for them.

Then the stock brokers, investment experts, etc. take the investors' money and blow it all on cocaine and hookers in Vegas. At least, I'm pretty sure that's what they do with it.

https://en.wikipedia.org/wiki/Dirty_Money_(2018_TV_series)

Am watching episode 3 about Valeant pharmaceuticals. Interesting to hear how the various participants analyzed the business.

https://en.wikipedia.org/wiki/Valeant_Pharmaceuticals

Travis

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #15 on: February 15, 2018, 08:30:46 AM »
Telling that the guy using the robo-adviser was only down 3%

This one was a bit of a head-scratcher for me. I'm 31, so "senior millennial." We're 100% equities, but haven't seen anything remotely close to the (unrealized) losses some of the people in this article are seeing.

I expect a lot of them are invested in high-fee mutual funds and got hit harder than the index.  At least one of them said they were all-in with crypto.
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damyst

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #16 on: February 16, 2018, 02:37:26 PM »
It’s good that guy doesn’t remember his password. In that family Fidelity study they found the investors with the best returns were dead or had forgotten they had an account.

This. Unless those people were frantically trying to log into their account so that they can "buy the dip", being locked out was the best thing that could have happened to them.

frugalfoothills

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Re: NYT: For Millennial Investors, a Harsh Lesson in Market Gyrations
« Reply #17 on: February 16, 2018, 02:51:59 PM »
It’s good that guy doesn’t remember his password. In that family Fidelity study they found the investors with the best returns were dead or had forgotten they had an account.

This will now become my investment mantra.

Invest like you're dead.
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