Back in January, we followed up on a Big Shot's advice about getting greedy when everyone else was frightened.
I suggested one good way to play long-term investor (figure 2013 before we can spend this money again) involved regular purchases of SPY, an exchange traded fund (ETF) that mimics a mutual fund -- the 500 biggest US stocks -- but can be bought and sold all day long. The plan of course is to do it once a month, or once a quarter, or whenever you pay your bills. Write the first check to yourself.
So far, my timing hasn't been any better than Mr. Big Shot's, the Oracle himself. But I still like the fear I see, the overwhelming opinion that nothing will work, and that no bank, or financial company, or retailer will ever make money again. The American Economy is dead.
Mr. Big Shot and I are betting not. How about you?
Check the time periods on these charts from ETrade. And read Corkface's Reasons to Be Afraid in comments. Get some perspective. Next week, maybe Corkface and I start dueling portfolios. Join us.