The Phaserl


The Implosion of Net Worth, and Race for Capital Preservation

by Andy Hoffman,

During my 24-year financial market career, equities have received the lion’s share of headlines – as they have been more “exciting” than other asset classes, providing a better chance to “get rich.”  However, they have experienced several momentous crashes during this period; let alone, the 1987 crash that occurred just before my career started – in which the Dow declined by 22% in one day, and 36% that month.

In real terms, stocks haven’t increased all that much since I graduated college in 1992; and given the catastrophic plunges in 2000-2002 and 2008-09, I’d guess the large majority of investors sold at or near the lows – making equities a decidedly negative proposal for the past 13 years.

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