Deja Vu

In the summer of 1929 the surface of Wall Street was a mixture of placidity and mania – stock averages at record highs and still headed upward, the dissenters momentarily routed … Roger Babson said to an audience at a routine New England financial luncheon, ‘I repeat what I said at this time last year and the year before, that sooner or later a crash is coming.’ As Babson implied, his earlier warnings had been roundly ignored… When the crash finally came, it came with a kind of surrealistic slowness – so gradually that, on the one hand, it was possible to live through a good part of it without realizing it was happening, and, on the other hand, it was possible to believe that one had experienced and survived it when in fact it had no more than just begun.

– John Brooks, Once in Golconda, 1969

One response to “Deja Vu

  1. However, when everybody sees and says the same thing–the market is overvalued–perhaps, you and I need to think harder.

    Dear Stansberry Investor Hour Listener,
    Recently, U.S. stocks hit a new and ominous milestone…
    Worse than we saw at the 1929 peak.
    Worse than the top of the tech bubble in 2000, just before the NASDAQ’s 78% crash.
    And worse than the final moments leading up to the meltdown of 2008.
    Stocks are now more overvalued than at any point in history.
    According to John Hussman, the brilliant economist who called the dot-com crash of 2000 and the mortgage meltdown of 2008 – stocks could crash 60% from here.
    And to make matters worse, he’s predicting negative returns over the next 12 years.
    In other words, the average retirement account could get cut in half. And it could take more than a decade to get back to today’s levels.
    Of course, no one knows the precise moment stocks will collapse.
    But I believe that moment is getting closer.
    And if you don’t want to relive the events of 2008, you must prepare yourself.
    There is one step you can take right now to weather the storm… and potentially see huge gains over the next decade, even when most stocks are in free fall.
    On May 15, at 8 p.m. Eastern time, legendary investors Jim Rogers and Porter Stansberry are hosting a special online event to help you get ready for a dramatic reversal in the markets. They’ll cover…
    Why America’s next bear market will be the worst of our lifetimes
    How to protect yourself in the months ahead
    How to profit when the financial markets seem to be falling apart
    In addition, they’ll give away the name and ticker symbol of Porter’s favorite “Bear Market Stock,” which he predicts could SOAR when this bull market goes bust.
    It’s all part of a one-time Bear Market Survival Event, which is free to attend for all of my listeners. But you must reserve your spot in advance.
    I urge you to tune in on May 15 and hear what Jim and Porter have to say.
    If you wait until the S&P 500 is blood-red… and so-called “experts” are panicking on the evening news, it’ll be too late to avoid disaster.
    Simply click here to lock in your spot.
    Dan Ferris
    Host, Stansberry Investor Hour

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