Comments on: No easy way to say it: Aussie market tanking

By: Perry Gretton

Perry Gretton — Thu, 01 Jan 1970 10:00:00 +0000

I drew my super out four years ago and put it into a cash account, convinced even then that the market was overblown and about to fall. I missed out on the following huge increase in share values but eventually the market went south as expected and I was vindicated. I’ve never used financial advisers.

Needless to say, I have no sympathy for those who’ve been burned through speculation. I reserve that for those poor buggers who were locked into a superfund, about to retire, and caught by the sudden collapse. They must be wondering what’s hit them.

By: marty

marty — Thu, 01 Jan 1970 10:00:00 +0000

if anyone would like a refreshing perspective on the financial meltdown folow the below link to a free documentary called “The Money Masters”, its from the US - however as we have seen this hardly renders it irrelevant

http://video.google.com.au/videoplay?docid=-515319560256183936&ei=cfvxSO3xGafYqAOntdD4Dw&q=money+masters&hl=en

By: Andrew

Andrew — Thu, 01 Jan 1970 10:00:00 +0000

I have actually been offline for the past few days, so its a bit of a shock re-emerging from my monkish isolation to find the world in big greenback smelling flames. I actually saw none of this coming, except as a general outcome of all bubbles, but I did sell all but one of my shares in December because it seemed that risk premium had just dissappeared. Once you could get 7 ish percent for cash, could it make a lot of sense to buy something offering a 2-4% return unless you thought it was also going to increase in value forever? So risk averse person that I am, I lemminged all by myself. I have no idea whether my rationale was economically sound, but it seems to have saved me from losing a lot of money when out of contact for the wrong few days.

By: Claret

Claret — Thu, 01 Jan 1970 10:00:00 +0000

What gets me in all this is why we pay enormous fees to financial advisors and super fund managers. I am an ordinary employee, with no financial background, but moved all of my super into cash just over a year ago based on the ‘greed theory’ or ‘what goes up must come down’. That is, after a few years of double digit returns from property and the markets, the greedy would take more and more risks to make even more money. The ‘experts’ always say to leave it in the market when it’s rising and leave it there when it’s falling on the grounds that it will eventually recover. In other words do nothing. I don’t need to shell out thousands of dollars to hear that! People need to take charge of their own situation and stop being so greedy - 6% interest (cash rate) for a few years isn’t so bad for security and peace of mind.

By: Lilian

Lilian — Thu, 01 Jan 1970 10:00:00 +0000

Pleas don’t do that to me again, Glenn ! ,I am old & have just spent 15 mins on Wiki, trying to find out what a AMRKET is !!!!!!! Take care or I will come & pull your nsoe XX

By: xazron

xazron — Thu, 01 Jan 1970 10:00:00 +0000

Like Claret, I took my Super out last Jan, on my 55th birthing day. I could smell the greed of those seeking my money..I had a little 6 month os tour on a little of it and left the rest in my ‘Bankwest” account. Now I’m waiting for ‘them’ to come and raid that and take the interst down to 0%. what a revolution of greed chasing the workers hard earnt savings. We’ll see eh!!

By: Three Mile Island

Three Mile Island — Thu, 01 Jan 1970 10:00:00 +0000

This meltdown of the core of the world’s financial systems feels like a nuclear reactor with the China Syndrome.