At MarketVision, I write about the Minus 4.5% week and What Not To do.
(Needs registration, free. Excerpts follow)
The markets have crashed 4.5% this week, with banks battered beyond imagination, down 7.6%. All world markets have done badly: Since August 1, the KOSPI and DAX have fallen 20%, while most others – the UK FTSE, the US Dow, Japan’s Nikkei and the Indian Nifty have fallen 10% or more. The crash has happened in an event vacuum – the fear is not of something bad happening, it’s of something good not happening.
1. Don’t buy just anything because it’s cheap. It’s a bad time for all stocks. The market may rebound in one day, or take years to go back up. You can’t predict it, and neither can those suits on TV.
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The financial transactions tax is back in the news today.
The famous Shivraj Puri-Citibank Case may bring the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) together to regulate wealth management and investment advisory services by banks.
Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time…