Madoff keeping Baby Boomers out of the stock market? At least that’s what this Market Watch story suggested.
I cracked my ASSets off when I read that. Was Madoff really the culprit in the desire of Boomers to shun equities? Common! Get real!
It is true that what this Jewish con man and ex-Nasdaq Chairman did does not really inspire confidence in traditional stock investors; milking many wealthy and non-wealthy alike dry without placing even a single trade in his alleged “investment fund.” Nevertheless, this is far from being the main reason.
The fact of the matter is that excess greed and rampant speculation have truly brought the astronomical risks of the stock market to light – and investors [Boomers and non-Boomers alike] have lost over half their wealth in stocks; bleeding trillions and trillions of dollars in losses.
How’s that for discouraging?
The key going forward will be whether or not investors will stand firm, stay positive amidst a negative global environment, and – most importantly – look for DIFFERENT ways to invest their hard-earned money.
Like Einstein once said, “The definition of insanity is doing the same thing over and over again and expecting different results.” Investors who personify this definition will continue falling prey to the stock market machine.
