It was years ago, in 1999, that a devout Catholic investment expert began telling his clients -- for whom he managed $100 million in equities -- to start getting out of stocks: that there would be a long-term downturn like the 1920s and 1930s.
Researching historic cycles, Peter Bruno (a multi-millionaire himself), who owns Wall Street Money Management Group in Boca Raton, Florida, saw the market topping soon -- and then plummeting.
One reason: like the 1920s, there was a boom in technology stocks (back then it was radio, agricultural inventions, canned food, household appliances, and automobiles), and like the time period, it was going to go bust, he feared -- which it did...
Shared by Sue
2 comments:
I think governments seriously have to stop the 'bust and boom' economies where one generation is prosperous and the next is perilous. Which means watching what goes on in banks and Wall Street and keeping a check on the CEO's as well as being personally responsible for what one can and cannot afford.
Perhaps this financial catostrophe will all help us realise that what is important is NOT having lots of 'things' but in loving much and feeling Blessed with our families.
Peace and love to you Esther:)
Marie xoxooxox
Very true Marie. I am trying to take that man's advice and not worry but trust in God.
Peace and Love to you.
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