Contour Enthusiasts Group Archives Forums General Common Interests Stock market

Well, I don't know about anyone else, but I've lost about 25% of my account value in the last 2 weeks. This sucks. A guy in my military unit is a financial advisor, and he keeps telling me to stick it out, that the market has never gone past X months without recovering (other than The Great Depression). Seems like all I do anymore is lose money...

The market is adjusting to the fact that institutional investors don't trust CEO's and accounting firms at the moment. It will blow over, it's a question of how fast...and that, I think, depends on what the Administration does. So far it's been just "companies have to be moral citizens" which sounds nice but doesn't fool the institutionals (pension fund managers and the like). It may take legislation to tighten controls on corporations to bring things back quickly, but that's counter to Republican philosophy of hands-off business (not a slanted political comment on my part (for a change?), but that's always been the Republican position). So see what happens.

Couple of naive comments:

1) A large hotel chain did a survey and learned that 83% of CEOs who filled it out admitted to cheating while playing golf.

2) I don't see how people even market experts can say the market is rock bottom, getting there, or rebounding, when history has shown economic cycles, but not with the additional factor of cheating execs like it has today.

Take advantage of this time while you can! These great prices for stock won't last!

You know, buy, buy, buy when the prices are low, as this will make for a good investment in the long run!

If you are a few years from retirement, then that is a different story!

Stephen

Umm...

...this market hasn't seen the bottom of the bucket, yet.

It's all Fmr12Bs fault and scum like him! :p

I sat next to some accountants once on a plane and it came up that they had just finished an audit of a companies books. When I pointed out that they were being paid by the very company they were auditing, one got defensive and the other fessed up that it probably is a conflict of interest. But what is the alternative...government funded auditing of every company's books. Talk about panic. We are just finding out now what big business has been doing for years. The stock market was overinflated beyond reason anyway. This is a good adjustment and eye opener for the average Joe that accountants and CEOs lie, and that stock broker gets a big commission by pushing that mediocre stock...and is likely to get fired if he tells the truth about stinker stocks.

I am currently working on 3 clients this week and next and reviewing there quarterly results, all will have a formal press release.

Remember us scum have done our best to keep things on the up and up, it is not AA's fault that Enron collapsed. You are only as good as the information that is supplied to you. Regarding there off balance sheet financing, the SEC had a major loophole which did not require disclosure.

We do not go in tearing through a companies books, we make sure it is materilly correct.

I wish for the day that I become a Govt. employee! No more hurried audits with deadlines so Wall Street gets there numbers, no more un paid OT. I had 357hrs last year Weekends off, all the major holidays, great benefits, and an excellent retirment plan. Bring it on and let see how unproductive I become!

I'm not scum rat bastid yes, Scum No!

The three publics I audit had a dismal day in hte market. Software company, closed at 40 cents or so. Life Science/medical tech. company closed around $1.06 and my Billion $ balance sheet network company which is profitable closed around $10.
6-months ago, $2, $5, and $35 respectively.

Too bad I'm precluded from investing in them

Hmmm, I'm a Government employee, I have deadlines up the wazoo, have extensive unpaid OT, work weekends...what am I doing wrong? Would you really choose to become "unproductive" if you had a government job?