I admit I’m dumb. I’m a lawyer that worked did transactions in the dot.com world. I jumped out of tech stocks in 99 because I saw it was unsustainable. Well I missed the crash by two years. I did the same thing in real estate in 2002 and missed it by 4 years.
I think the problem is that by working closely with people in the industry I become “frightened” by the overexuberance and I bail out early. Is that dumb? I don’t know and I may have lost quite a bit of capital gains, but frankly I’m pretty happy with a cheap old whitewater kayak, a nice mountain bike and a very good road bike. I drive a brand new car under 22k and my old kayak carrying truck is over 12 years old. SoCal is full of folks that keep on asking me why I haven’t bought a BMWer. Easy, I’m not a materialistic fool and that’s what a see in a lot of Californians.
Am I happy that the market is resetting? If it cuts down on the number of Hummers I see out here, I’m pretty satisfied.
