Sell

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Submitted by davelj on June 2, 2020 - 5:27pm

In my view...

You should pretty much sell every risk asset that you can - pretty much. This recent rally is a gift from the market gods to de-risk in the face of financial armageddon.

Amazingly, incredibly, beyond all reason... the S&P500 is down just 10% from it's (significantly overvalued) February all-time high. Despite what's likely to be 15%+ peak-to-trough decline in GDP, 15%+ unemployment, profit decimation, overwhelming corporate and personal bankruptcies, myriad bank failures... and no bullets left in the Fed's gun where rates are concerned... stocks levitate. I would argue that this stock market is the most overvalued US market I've ever seen - possibly including 1999/2000.

And it's all a trade - just like all of the classic sucker rallies. Only the big liquid names are moving and driving the indices higher. No one wants to actually "hold" anything. Everyone thinks they'll be the first ones out the door.

The good news is that the banks are *much* better capitalized than they were going into the Financial Crisis. The bad news is that they're going to need every dime of that capital to stave off a crushing wave of bad commercial and CRE loans. Drive down whatever street near you has a lot of strip malls. I live in Mexico now but I drove down Broadway in Chula Vista the other day and just looked on either side of the street - restaurants, nail/hair salons, small hotels, miscellaneous services and retail... at least 1/3 of these businesses will fail by year-end. They simply do not have the wherewithall to survive. And the others will limp along for years afterward. Virtually all restaurants are fvcked. Even if they can seat using social distancing guidelines, only a small percentage can break even. It could be 18 months before there's a "normal" restaurant business. Hospitality (resorts, hotels, vacation rentals)... fvcked. Total wipeout. Airlines and other human transportation... fvcked. Energy... fvcked. I could go on and on and on. And then think about the employees of all of these businesses... there could be 10 million jobs that simply don't return to the US economy for several years - even after there's a vaccine.

Yeah, there will be a bump in economic activity after we hit bottom and then followed by the vaccine (whenever that becomes available). But that bump will ultimately leave the economy (still) in a pretty big hole and, to add insult to injury, there will be a certain, albeit modest, percentage of folks whose behavior is going to semi-permanently change even after things normalize. They're going out less, traveling less, spending less, saving more. When you have a highly-leveraged tanker like the US economy that grows 2-3% in a good year and all of a sudden you have a modest percentage of folks that change behavior like that... you have a long-term disaster on your hands. As the saying goes, "everything important happens at the margin"... and at the margin, things are going to he11 in a handbasket.

Another piece of good news is that the bank regulators are trying to get ahead of things and using forebearance tools - as opposed to capital tools - to try to right the ship. I think that's smart - they should've done more of that during the Financial Crisis (as opposed to cramming capital down everyone's throat) - but... it's still going to get very, very ugly. There are so many permanently damaged businesses out there - eg, think about all of the commercial real estate and how these owners are going to deal with massive waves of bankrupt leasees. Yes, there are regulatory tools that can help but when you see these being pulled out, you'll know the Powers That Be are panicking. This freight train is going to level pretty much everything in its path - I'll be very surprised if it's not worse than the Financial Crisis.

Drive around your town or city. Look around. Think about the businesses that aren't coming back. Think about the folks whose jobs aren't coming back for a long time. Think about how behavior is going to change even after things begin to normalize. Think about the leverage and how the banks are going to cope with all of this. Think about what this means for corporate profitability - short-term and long-term and then what that means for nosebleed-level stock valuations.

Meanwhile, our fair-haired Nero fiddles while Rome burns.

Discretion is the better part of valor. Sell.

I could be wrong. But I doubt it.

Submitted by outtamojo on June 2, 2020 - 6:00pm.

Pretty much agree, but where do we hide out?

Is cash safe? Like a broken clock I myself worry about hyperinflation.

What distressed assets should we look to buy?

Submitted by scaredyclassic on June 2, 2020 - 6:19pm.

yeah, but...when?

It sure seems like whatever needs to be done to keep the charade going until the election will be done.

I do not believe that any stock price bears any relation to any economic reality.

it's more like the art market.

Submitted by Coronita on June 2, 2020 - 6:31pm.

Welcome back, old timer!

Completely unrelated to the question of the economy... I have much more important question to ask you davelj.

Did you ever settle down with a woman and get married or are you still on self-pilot? Sorry if it sounds a bit rude but life is just so full of twists and turns and after decades of being MIA, I'm just curious how things are. Each of the old timer had a unique personality that I remeber and if memory serves me correctly, a long time ago, both you and NeetaT both were pretty adament about marriage... that's why I was completely floored when NeetaT showed up again after being months MIA and said "if it wasn't for my wife I would have long moved out of California" or something like that. I know, I was completely floored because this wasn't the NeetaT that I remember that posted about his Porsche 911 and women dates. I'm totally happy he found the right person and is such a keeper that he would actually remain in CA for her, clearly not the NeetaT that I remember! And if I remember, you had similar viewpoints and shared a few conversations that were interesting and amusing with a few folks. So I'm curious how you've been. I hope you are doing well, happy, and healthy.

Man, it's good to see some of you old timers coming back. I've been lonely here holding the fort. You can or believe some of the new freshman piggs. They are just nuts in what they say....

Now, if only Allan from Fallbrook would come back , I would be pretty content. If by chance you're still in touch with him , hopefully you can convince him to come back, if at most just briefly. I'm dying here.

Stay healthy and happy old friend.

Submitted by ltsddd on June 2, 2020 - 7:36pm.

outtamojo wrote:
Pretty much agree, but where do we hide out?

Is cash safe? Like a broken clock I myself worry about hyperinflation.

What distressed assets should we look to buy?

Don't overthink it. If nothing comes to mind, cash is just perfectly fine.

Submitted by an on June 2, 2020 - 7:42pm.

Cash is perfectly fine, unless we see a repeat of the late 70s stagflation again. We already put in $2T in the last sets of stimulus and the house already passed the a $3T for the next one. But right now, the Senate is holding it up. However, with everything that's going on right now, if Dems take the Senate and the presidency, I personally don't think $3T will be the end. I'm liking Bernie/Harris's $2k/person (up to 3 child) proposal.

Submitted by svelte on June 2, 2020 - 9:03pm.

Coronita wrote:

Now, if only Allan from Fallbrook would come back , I would be pretty content. If by chance you're still in touch with him , hopefully you can convince him to come back, if at most just briefly. I'm dying here.

I think if Allan from time to time, I'd like to see him show up again too!

And welcome back also, Dave!

I just took the money I'm going to need short term (less than a year) out of the market Friday. And the market went up today so I'm feeling a lil down about it, but I really do believe you're right, this is a false rally. By the time I know it's at the peak will probably be too late, so I'm still convinced I did the right thing.

Also agree with ltsddd and an, cash is a decent place to hang right now.

We went out to eat twice last weekend and there is no way the restaurants were making money off of walk-in business. No way. My only hope is they were doing enough take-out to make ends meet. And I'm deathly afraid many of our favorite haunts just aren't going to make it.

Submitted by Coronita on June 2, 2020 - 11:28pm.

Ok, back to financials.... I've been thinking about this for some time and I can't say I disagree that we are due for some correction some time in some sectors. But in every disaster, there's bound to be some winners as well.

Regarding the riot: it's my opinion that this is a short term thing that won't have a huge long term impact, except maybe in the areas were the riots are taking place. But I don't think these social unrest will continue indefinitely.

Covid: it appears there are large swarms of businesses that will be permanently affected, particularly businesses that require close contact with people. However, there's got to be some evolution to some other form. Just some examples.

Movie theaters: these were already in a death spiral even before pre-covid. However, covid accelerated the push to online content and stream services. Disney's push to monetizing their own streaming service outside of netflix or anyone else seems to suggest there's a huge money opportunity for streaming services, and we are only getting started. So while companies like AMC theaters probably will do horrible moving forward, I'm not convinced the movie industry will contract.

Work from home: there's a very large population that has been working remotely. And this probably has change the landscape of the work environment. People don't need to go into an office anymore, it's more acceptable to have remote employees. This seems to have very large implications. As my own company is experiencing this, I think this is going to seriously make some companies reconsider a need for leasing office space. If most everyone is working remotely or from home, why bother leasing a big office? Maybe moving forward, the WeWork shared office space makes more sense. Meanwhile, people who are working at home...now need a home office. I think this might make people considering upgrading their home. Working from home also opens the door to a lot of new technology that needs to be done. For example, better streaming tech, better security, more tools app for facilitating collaboration, better hardware and software. A lot of work needs to be done here. And look at how this is driving some of the things in the tech sector. Computer hardware spending is going up. Companies like Xoom and Slack are killing it. SnapChat, once thought was going to die, is not suddenly looking not so bad as a communication media. Microsoft is now pushing for their collaborative work environment. We now need higher bandwidth, and this could accelerate adoption of 5G.

My company is in the middle of trying to figure out how to allow some customers open early, and how to implement effective contact tracing without stepping over people's privacy and violating Hippa. This shit is hard. And there's no way we are going to be able to solve these problems to allow people to open safely overnight. It's going to take months/years, and it will continue to evolve.

People think Covid is going to accelerate a recession. I'm not so sure. Maybe manual skill labor job people will be highly affected. But I'm thinking covid is going to force people to spend money to rethink reinvent a lot of way we do business and enjoy our leisure activities in order to survive. Covid was such a sudden and unexpected jolt, no one was really prepared to handle it correctly. So that no money or resources were spent to prepare for it. That money is now being spent, and it's partly being subsidized by governments because the hit was so large, government intervention was needed. Now, there's a lot of flurry of activity to see how we can adapt to covid. Some of this will be successful, some wont be. And some new things will come out of this

On the other hand, if covid did not happen, perhaps a natural recession might have taken place, because the economy would have grown stale from lack of growth and lack of new opportunities that covid that has now opened the doors to.

Take biotech/pharma for instance. Covid is driving more research for a vaccine and for early detection. This is a lot of jobs and a lot of money exchanging hands that wasn't happening pre-covid.

Also, if we continue along with a economic cold war with china, which at this point is probably very likely, we will be preoccupied "arming" this country. We're already seeing this, by bringing a lot of the work here.

Submitted by FlyerInHi on June 2, 2020 - 11:35pm.

Corona, no anti sky-is-falling miserable loser rant today? I thought you didn’t like any negative prediction.

Submitted by Coronita on June 3, 2020 - 12:56am.

FlyerInHi wrote:
Corona, no anti sky-is-falling miserable loser rant today? I thought you didn’t like any negative prediction.

Brian,
Once again , you keep lobbying these personal attacks whenever you get a chance. I have simply stopped responding to any sort of personal attacks as suggested by several of people just so everyone else can see who is the one that instigated these. Clearly it is you.

I don't know what you mean by loser rant. Im actually pretty happy and was just pointing out MY opinions as everyone else is able to.. I guess it doesnt jive with your thinking, which then triggers you to go low with the personal attacks. You, for the past few weeks seem to have an ax to grind.

I was happy to see OP post because he's an old timer and some of us have been trying to get some of the old timers to come back. So I just thought pigg was starting to get better again because some of the real old timers were starting to come back... That's just too bad that you would start pissing all over this thread too...

Sorry if the current environment is impacting you more so than others. I hope it gets better for you Brian...

Submitted by ltsddd on June 3, 2020 - 6:45am.

scaredyclassic wrote:
yeah, but...when?

The signs are there, no one knows for sure when, though.
However, there's a thing called sleep quotient for stock owners. If the amount of $$ you have invested in stocks causes you to lose sleep then that's an indicator that you need to reduce your positions.

Submitted by The-Shoveler on June 3, 2020 - 7:39am.

IMO either it eventually crashes or we become the worlds most generous socialist country that will last maybe a few years before we turn into Venezuela or Argentina.

Submitted by Coronita on June 3, 2020 - 8:19am.

people seem to be still itchy to spend. Looking at some of the bar and restaurants that just opened , seems kinda full. at least in the places I'm going to in north county. Don't know about places like Chula Vista or near the border. When I did drive to Imperial and ChulaV on Monday, it did look kinda dead.

BTW, if you are in the mood for pretty good Vietnamese sandwiches and smoothies/boba, visit these guys a visit in Mira Mesa.

Cali Baguette Express
www.calibaguette.com
9225 Mira Mesa Blvd,
San Diego, CA 92126

Really nice family run business. I know the owner. I've been ordering from them everyey so often when I come back from a run around Lake Miramar

They are off Mira Mesa Blvd close to a Wells Fargo.

I like there #6 sandwich and the watermelon smoothie with half sugar, no bobba and their fried banana chips in the bag.

Submitted by zk on June 3, 2020 - 8:56am.

Coronita wrote:

Cali Baguette Express
www.calibaguette.com
9225 Mira Mesa Blvd,
San Diego, CA 92126

...
They are off Mira Mesa Blvd close to a Wells Fargo.

I like there #6 sandwich and the watermelon smoothie with half sugar, no bobba and their fried banana chips in the bag.

Yes, excellent stuff.

I also suggest supporting Chez Nous at 9821 Carroll Canyon just off the 15.

Try the Spicy Chicken sandwich. Best sandwich I've ever had. Or the Special Salad. Incredibly tasty. Cash only. They close at 2pm now and they're closed on Saturday and Sunday. But truly great sandwiches and soups and salads.

Submitted by svelte on June 3, 2020 - 8:50am.

ltsddd wrote:
scaredyclassic wrote:
yeah, but...when?

The signs are there, no one knows for sure when, though.
.

Unless something happens earlier to make folks flee, I think it will happen at the end of June, +/- 2 weeks.

Once people see how bad earnings are in a number of industries from the quarterly numbers and starting thinking through that even though we are slowly getting moving again, there will be many companies that don't make - a minor panic will set in and people will sell. In other words, if you want to beat the rush, you should pull your money out in the next 13 days.

I certainly could be wrong, but that sounds like what is about to happen to me.

Submitted by zk on June 3, 2020 - 8:54am.

Davelj, your take is (I think) similar to my OP on the
thread

https://www.piggington.com/coronavirusec...

(except yours is more informed and better stated).

I would be very interested in your ideas on Rich's take on the situation:

Rich Toscano wrote:
when you buy stocks, you are buying a VERY long-term stream of earnings. Like, decades. This recession looks to be very severe, but it is short term by its very nature (at some point we contain the virus, or everyone has gotten it... this can't go on for all that long).

So as bad as this recession may be, it's hard to see it moving the dial all that much on the DECADES worth of earnings that determine what stocks are actually worth.

I should note here that I think the US stock market started out very overvalued, which complicates things. But assuming stocks were starting out reasonably valued (as many international stock markets were, imo) -- then I think a 30%+ decline is a huge overreaction.

Whether the stock downturn gets worse before it gets better, I have no idea. But I think there's a good chance that several years hence, people will look back at this as having been a good time to be investing in what everyone else was panicking out of. (Again, assuming it hadn't started out very overvalued to being with).

Here is a very good (though pretty finance-y) piece examining the potential impact on long-term value of stock markets: https://www.gmo.com/americas/research-library/asset-allocation-covid-19-update

Submitted by The-Shoveler on June 3, 2020 - 9:18am.

IMO I think Rich is assuming it will not take "years" to get back to full employment and GDP.

BTW I hope he is correct, I could live with everything just taking off like a rocket.

Submitted by The-Shoveler on June 3, 2020 - 9:18am.

Duplicate

Submitted by FlyerInHi on June 3, 2020 - 9:54am.

Coronita wrote:
FlyerInHi wrote:
Corona, no anti sky-is-falling miserable loser rant today? I thought you didn’t like any negative prediction.

Brian,
Once again , you keep lobbying these personal attacks whenever you get a chance. I have simply stopped responding to any sort of personal attacks as suggested by several of people just so everyone else can see who is the one that instigated these. Clearly it is you.

I don't know what you mean by loser rant. Im actually pretty happy and was just pointing out MY opinions as everyone else is able to.. I guess it doesnt jive with your thinking, which then triggers you to go low with the personal attacks. You, for the past few weeks seem to have an ax to grind.

I was happy to see OP post because he's an old timer and some of us have been trying to get some of the old timers to come back. So I just thought pigg was starting to get better again because some of the real old timers were starting to come back... That's just too bad that you would start pissing all over this thread too...

Sorry if the current environment is impacting you more so than others. I hope it gets better for you Brian...

Corona, there are many examples of you calling people miserable losers (i paraphrase) for even suggesting negative outcomes. This sell-everything thread is as negative as gets, so I’m surprised you didn’t go down the usual path.

It’s funny that in attempting to take the high road on “personal attacks”, you make several right here in your reply. You seem unable to discuss ideas and events without resorting to inferences to character and assignments to personal circumstances. And that’s not a personal attack; it’s an accurate observation.

Submitted by Coronita on June 3, 2020 - 9:53am.

Given that we really don't know for sure how this will shake out, I'm proceeding with a sort of half foot in the door and half foot outside, depending on when I might need the buckets of money.

IRA/401k. Since I can't access this for another 20 years when I turn 65, I'm pretty much leaving this on autopilot and every so slightly rebalancing between the funds. Leaving things in a mix of stock, international stock, some short term bonds, with a heavier concentration in domestic/international stock

529k/UTMA account. Money from this buck is needed sooner, in about 5 years when my kid goes to college. I contribute $2000/month to it, and to reach my end goal in 5 years, I only need the existing balance to earn 3% annually for the next 5 years. So this pool is allocated in 10% stock and the rest in moneymarket/treasuries/short term bonds. No additional risk needed above 3% return.

For last pool, after tax my speculation pool, for practical purposes I treat this as daily liquidable. This is where I do my more frequent buying/selling and and contains my after tax index ETFs instead of (moved index mutual funds into their ETF equivalents).

Submitted by Rich Toscano on June 3, 2020 - 10:46am.

Brian, take it to another thread. Nobody cares.

Submitted by Rich Toscano on June 3, 2020 - 11:09am.

zk wrote:
Davelj, your take is (I think) similar to my OP on the
thread

https://www.piggington.com/coronavirusec...

(except yours is more informed and better stated).

I would be very interested in your ideas on Rich's take on the situation:

Rich Toscano wrote:
when you buy stocks, you are buying a VERY long-term stream of earnings. Like, decades. This recession looks to be very severe, but it is short term by its very nature (at some point we contain the virus, or everyone has gotten it... this can't go on for all that long).

So as bad as this recession may be, it's hard to see it moving the dial all that much on the DECADES worth of earnings that determine what stocks are actually worth.

I should note here that I think the US stock market started out very overvalued, which complicates things. But assuming stocks were starting out reasonably valued (as many international stock markets were, imo) -- then I think a 30%+ decline is a huge overreaction.

Whether the stock downturn gets worse before it gets better, I have no idea. But I think there's a good chance that several years hence, people will look back at this as having been a good time to be investing in what everyone else was panicking out of. (Again, assuming it hadn't started out very overvalued to being with).

Here is a very good (though pretty finance-y) piece examining the potential impact on long-term value of stock markets: https://www.gmo.com/americas/research-library/asset-allocation-covid-19-update

Whoa, hold on. Since I wrote that passage, markets (both US and intl) are up 36%. That changes the situation considerably in terms of what the market is pricing in, and in terms of prospective returns.

To put it in perspective, if we use the historical return of global stocks (5.2% real) -- we just got over 6 years' worth of return in less than 2 months. If you assume, as I do, that markets mean revert over time to deliver something close to the historical average return over the long haul, then the prospects for future returns just got a whole lot worse.

So, my opinion on the markets now is not the same as it was then... I would love to hear Dave's take on my take, of course, but it's important to adjust for the fact that my take was written 36% ago. (And for the record, I know and like Dave and he's a great investor, so I always like hearing his take!).

A second thing I want to note is that Dave is really focused here on the S&P500. There I agree completely. In my view, it came into this very overvalued to begin with, and it is pricing in virtually no uncertainty about the cv19 outcome. I am completely on board with his assessment of the S&P500.

Where we might part ways is in other risk assets. There are areas of the global stock market that -- even after this huge rally -- are still priced for positive long-term returns. In specific, developed intl value stocks are priced for returns that are slightly under the average stock returns -- not great but ok. Emerging value stocks are priced for substantially higher than normal returns.

I know it makes things more complex but I think it's important not to lump all stocks together. At times, you can, but this is not one of those times. The valuation spread between the S&P500 and value anywhere (including US), and between the S&P500 and international, has literally never been higher. So the prospective returns of those things are very different.

One last note. In the other thread, zk made a very good point, which I will paraphrase here: "ok maybe the underlying value of that long term income stream has not changed, but still, in recessions and other crises, markets tend to drop." That's a great point and I totally agree. The thing is, though... you are now in the realm of market timing. When will it drop? How much? When will it stop dropping? When do you buy back in? I don't know. I don't think anyone does, really, and I know for sure I don't. This past 2+ months should show how hard that is... who was expecting a 36% rally from the day I posted that last thing? Not me, that's for sure.

So I largely focus on fair value and the assumption that markets will get back there at some point. Because that's what I think I have a handle on, and I have absolutely no handle on timing. (Subnote: with that said, I do think it's fair to adjust for very heightened medium-term uncertainty as we have now. But the valuation/expected return thing is the main thing for me, and that's what I have been addressing).

Submitted by ucodegen on June 3, 2020 - 11:22am.

Coronita wrote:
IRA/401k. Since I can't access this for another 20 years when I turn 65,

Withdraws from IRAs/401ks are penalty free after 59.5.

Submitted by Coronita on June 3, 2020 - 11:41am.

ucodegen wrote:
Coronita wrote:
IRA/401k. Since I can't access this for another 20 years when I turn 65,

Withdraws from IRAs/401ks are penalty free after 59.5.

I don't think I will need to withdraw until I am 65. But yes, thanks for the reminder of the early withdraw

Submitted by zk on June 3, 2020 - 12:08pm.

Rich Toscano wrote:

Whoa, hold on. Since I wrote that passage, markets (both US and intl) are up 36%. That changes the situation considerably in terms of what the market is pricing in, and in terms of prospective returns.

Sorry, I was trusting readers (and Dave) to factor that in. I should know better than that. Obviously you, Rich, could factor in the change and read your previous comments in the light of the 36% surge and extrapolate them. But I shouldn't expect everybody to. I'm not even sure I could do that accurately. My bad.

Submitted by Rich Toscano on June 3, 2020 - 12:12pm.

zk wrote:
Rich Toscano wrote:

Whoa, hold on. Since I wrote that passage, markets (both US and intl) are up 36%. That changes the situation considerably in terms of what the market is pricing in, and in terms of prospective returns.

Sorry, I was trusting readers (and Dave) to factor that in. I should know better than that. Obviously you, Rich, could factor in the change and read your previous comments in the light of the 36% surge and extrapolate them. But I shouldn't expect everybody to. I'm not even sure I could do that accurately. My bad.

No worries... just wanted to make sure the timeline was clear to everyone, especially if they didn't know the context of the last thread.

Submitted by gzz on June 3, 2020 - 3:18pm.

AN, spot on. I don't personally think we will have substantial inflation. The fed print, while large, is not large enough to make up for the decline in income and demand.

However, my confidence in saying there won't be high inflation is weak. We've simply never had a peacetime deficit anywhere close to this large. And there isn't much sign of it letting up: Dems want to spend, and Trump and the Senate GOP don't want a depression as they run for reelection.

Keeping your assets as money could mean both a 5% a year loss because of inflation AND missing out in an inflation-fueled asset bubble. All the while making 1% interest and being taxed on the 1% as ordinary income!

Where to hide out? Real estate! It will benefit from both asset inflation, fed-fueled low rates, and rent inflation. Also, defensive stocks like utilities. My 2nd largest recent buy has been Hanes, HBI. Good economy or bad, people will continue to buy socks, underwear, t-shirts, and athletic wear. I did a deep dive into their financials, and they are pretty strong, and they are not exposed to China as they manufacture mostly in S and SE Asia and Latin America.

Submitted by gzz on June 3, 2020 - 3:43pm.

Expanding on Rich's point about long-term value, if we use a 3% nominal discount rate, earnings going to zero in 2020 then recovering fully mean only a 3% decline in a stock's NPV. Less than 3% if we assume there's a long term upward trend in earnings, which is reasonable.

While this exercise I think is useful, the market is now heavily fueled by a tech bubble that is more extreme than 1999-2000. And there's not much sign of it crashing, since there isn't much leverage involved in terms of debt financing, and the large owners of these stocks are true believers and also have no need to ever sell. To the extent they need cash, they can get margin loans, but they need little cash compared to their holdings.

Submitted by Coronita on June 4, 2020 - 7:51am.

It feels like 1999 all over again. Bad news? Doesn't matter. People can't go to Vegas? No problem. Stay at home and day trade. lol

Submitted by The-Shoveler on June 4, 2020 - 7:52am.

Millennials opening trading accounts like crazy during the covid-19 lock-down.

Most boomers are on sidelines at this point.

Submitted by Coronita on June 4, 2020 - 8:06am.

The-Shoveler wrote:
Millennials opening trading accounts like crazy during the covid-19 lock-down.

Most boomers are on sidelines at this point.

Just curious, is there data on this? That would be interesting.

Maybe also all the people using their supplemental unemployment benefits from the federal government to gamble on the markets instead of going to a casino. Easy come, easy go. Lol
Just kidding ... sort of

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