Green With Envy?
June 11, 2008
Back about 10 years ago I remember stories in the Wall Street Journal about stock market veterans shaking their heads about the tech stock boom and getting out. Some classic mutual fund managers even closed their funds because the market had gone against their style of investing for so long.
The eager and smart money of the time scoffed. Then tech stocks collapsed after they peaked in March 2000 and investors lost a great deal of money that they have yet to make up.
Now financial writers are writing about 10 lost years. Anyone with a 401(k) understands.
Look at the coin and paper money markets. They are hot. The sky seems to be the limit, but is it?
Worse, I notice professionals in the business getting out as the veteran stock market veterans were doing 10 years ago.
Col. Steve Ellsworth sold his coppers in May. Sergio Sanchez Jr. has consigned his paper money to Lyn Knight at the end of the month.
These are respected names in the business. Is it their time of life or is it their experience tells them something?
I am not advocating stop-and-go collecting, but it would seem prudent not to get caught up in the current market fads. Stick to your long-terrm plan. Collect what you know. Don't overcommit.
The grass may look greener somewhere else, but it just might be that your own pasture is the best place to be in the present numismatic market.
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