The Fear Is Gone!

I think this saying is the title of B.B. King’s song –lol-.  Anyway I was talking with my niece yesterday and we were discussing the economy.  I told her that while everyone is in a “Fear Mode”, smart people are getting richer.  Yes they are.  I saw this same panic happen back in 1987 when the stock market crashed.  I was new to the financial/banking world at the time and didn’t benefit the way I should have.
I remember getting a stock tip from my boss and mentor.  He would get dozens of dividend checks on a weekly basis and I would go down to the bank to deposit them.  I remember thinking “who would want a check for a 1.57” but the total amount of his deposit would always shock me.  Most of the time it was over $100 each deposit.

He told me to invest in Citibank stock.  At the time (1987) I hadn’t heard of Citibank. They weren’t in the West Coast at that time.  The stock price was about $5 a share and guess what?  I didn’t buy a single share.  Well, we all know who Citibank is now –right- ieeeeeeee
My point is every 15-20 years the economy does something crazy in a particular industry.  Then it was banking, now real estate.  Usually greed is the fundamental cause.  Currently, I am purchasing real estate at auctioning prices as low as $1,000.  Can you believe this? Oh well some see obstacles, while others see opportunity!