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By Editor on Mar 30, 2006 in medialists
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On Dec 22, 2008, Sanjeev Kumar said:
All the talk about Recession and now deflation can make anyone nervous. Wall Street pros are making prediction and in doing so creating more CHAOS. So the question is what should we expect in 09? How is it going to affect average JOE on the main street well the short answer to that is things DO LOOK PRETTY BAD but this is not the end of the world as we know it. Yes there will be changes for sure. Wall Street Pros don’t have answers but best GUESS and assumptions.
The turnaround will happen only when the average folks on the main street feel that things are going to get BETTER. Unfortunately, the market has not reached BOTTOM yet because the bad news keeps coming. So don’t be surprised by the volatility. We should have a good estimate of the economy after the Q1 number for 2009 are out. It should tell us how bad the economy is and should also give us a pointer for 09. It should also tell us if the worst is over. Pros will be tempted to make predictions which will create more volatility and make the main street more nervous about the FUTURE but this should not worry the folks on the main street. Listen! Pros don’t have a crystal ball so their prediction is mostly a BEST GUESS. They made wrong calls.
We don’t know if the folks on the main street will keep away from Wall Street in 09 especially after Bernie Madoff debacle. Wall Street of 09 will definitely be different as the fear of God has been put in most heavy weight players who thought they were invincible.
So what’s the message for an average JOE on the main street? Well first and foremost Investing should be based on KEEP IT SIMPLE AND BASIC approach. Invest in what you understand and what make sense to you and not to an exec in Wall Street. Complicated products are not the answer. In all honesty no one understands them fully. This does not mean the death of INNOVATION. In fact innovation is good for the market and also for the folks on the Main Street but Innovation should bring simplicity by making things simple to understand and it does not have to be complicated. The Wall Street pros will have to be accountable and disclose their investment strategy fully. Regulators should develop a better understanding of products they are regulating.
2009 will be the year when we will start going BACK TO BASIC. The markets will come back at some point and there will be parties again on the street but the question will this happen again? I am sure it will. After all we are human beings!