Stock Market Madness
The market has been doing well lately, but even I am surprised.
Back in March 2009 when things were looking their bleakest, I scratched together less-than-my-usual-amount of cash and bought shares in a market index. On that occasion, QQQQ (Nasdaq 100) at $28.17/share. Today I noticed that, at $57, that stock has more than doubled in value since I bought it.
Three things come to mind.
1) Yay me! (Though, I have seen plenty of my money evaporate in stocks, so I won’t get too smug.)
2) Warren Buffet’s advice, to “be greedy when others are scared, and scared when others are greedy.” Since people are getting greedy, I shouldn’t feel too bad selling stock at this height to cover wedding expenses.
3) My perpetual ambivalence about the stock market as a gambling parlor that doesn’t reflect true economic value, but is really a bunch of rascals trying to trick each other. The real value in our economy is in the workers and the planet, and the stock market on a good day is an ethically blind attempt to influence the direction in which the workers will direct their work.
