Reply to Just surpassed $1m net worth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Me too. But I think a lot of us barely-millionaires are going to un-become millionaires in the impending market crash.

It's something while it lasts![/quote]

You know, you can take a short position if that's really what you believe...   :roll: 
[/quote]

I didn't get to a million trading puts and calls and it's not how I'm going to get the second million, either. Thanks though. :)[/quote]

You could invest in any number of things other than stocks, or just hold cash, if you are convinced an impending market crash is about to destroy your wealth but are too lazy to figure out how to profit from a downturn.[/quote]

Lazy has nothing to do with it and wealth that can be destroyed in a market crash isn't really wealth.

I'm not retiring for another 20 years and I'm informed enough to know that there is no timing the market. Good luck to you, too. [/quote]

I think the PP was just calling the doomsday guy's bluff - the person who mentioned the "impending market crash."  That's irrational.  If they are so smart that they know the market is going to crash, then they ought to be smart enough to do something about it and not just sit back and watch themselves become "un-millionaires" as they said.  The eye roll should have told you that.  [/quote]

LOL I am both the doomsday guy (/gal) and the subsequent two respondents you mention. When you make money in a booming market, it’s not because you’re “smart” or competent to use active management techniques to try to avoid risk in the inevitable down market that is coming.

To put it another way: past performance is no guarantee of future results. It IS fun while it lasts, but let’s not get too attached.[/quote]

You've represented yourself as 1- smart and competent enough to know that a crash is coming and 2- unwilling to use any of the many tools available to you to mitigate the effect of said crash.

1 and 2 cannot simultaneously be true.  [/quote]

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