Should You Prepare For The Next Financial Crisis?
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 12 September 2018
⏱️ 32 minutes
🧾️ Download transcript
Summary
#221 How the Great Financial Crisis changed how individuals and institutions invest, and why we shouldn't invest solely focused on the next crisis. Thanks to CNote for sponsoring today's episode.
For show notes and more information on this episode click here.
- [0:40] Overview of how the 2008 financial crisis continues to impact investing today
- [6:48] Data on current investments and the stock market
- [8:40] How you invest depends on your experience in the 2008 crisis
- [11:41] Future investing is enveloped in big questions and unknown variables
- [16:10] The great financial crisis impacted both individuals and institutions
- [19:58] Should you invest in preparation mode for the next crisis?
- [26:00] Invest smartly by separating speculations from investments
- [28:40] Consider this when investing and thinking about the future of the market
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show. It's on money. |
| 0:05.8 | How it works, how to invest it, and how to live without worrying about it. |
| 0:09.4 | I'm your host, David Stein today is episode 221. It's titled, |
| 0:14.0 | Prepare for the Next Financial Crisis. |
| 0:20.0 | This weekend is the 10th anniversary of the 2008 financial crisis, specifically the date |
| 0:29.1 | that the Investment Bank Lehman Brothers, went bankrupt. |
| 0:35.0 | I remember at the time I was in San Diego, got upgraded to the Presidential Suite. |
| 0:42.0 | The Suite had its own elevator, like completely own elevator. |
| 0:46.8 | I had to go back to the front desk to ask him, how do I get to my room? |
| 0:51.8 | It was really surreal because I'm up there. There's a grand piano, there's a huge conference table, lots of couches and chairs, looking down on the streets below and everything seems normal. |
| 1:06.0 | And yet the stock market was absolutely tanking. |
| 1:10.8 | The time Jim Dunigan, Chief Investment Officer at PNC Advisors said, |
| 1:15.0 | you have to throw out the history books because there's really nothing to compare this to. |
| 1:20.0 | Any speculation as to what inning we're in becomes difficult because each step of the way seems to bring another drop. |
| 1:28.0 | Art Hogan, Chief Markin strategist for Jeffries and Company said, |
| 1:33.4 | we've never witnesses before. |
| 1:35.6 | There's no roadmap for this. |
| 1:39.2 | It was unprecedented. |
| 1:41.7 | We didn't know how it was going to end. I felt like it was, but I didn't know. And for |
| 1:46.7 | months afterwards, it just was so surreal. I'd go to the airport and everything seemed normal, but I knew it wasn't. And I learned |
| 1:59.1 | a lot from that financial crisis. And in some ways it very much changed how I invested and how I |
| 2:11.1 | invest and I think it changed many individuals and institutions how they invest. |
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