Feb 28 2007
The financial market just had it’s worst day since 9/11, just in time to smack everyone who topped up their retirement savings plan for tax season.
I know the market fundamentals look okay. And I know that investing for the long term, I can expect my capital to grow in spite of temporary setbacks.
But the timing on this one is awful.
The worst of it is (at least for Canadian investors) that our country, and in particular my region of the country, is doing pretty well, buoyed by high commodity prices. We may be hewers of wood and drawers of water – and drillers of oil – but right now that’s not such a terrible gig.
The mantra to diversify is backfiring big this time. We put some of our hard-won coin into foreign markets, only to see it squandered as economically retarded powerhouses, the USA and China, bring everyone down with them.