Economics is not science, more so the economics that exists in the context of human behavior. So while I admit that I have zero knowledge about the things you have said, except for a vague, broad, basic understanding, I am of the opinion that the world we live in is not the world of 1982. Reagan’s era is gone, even Obama’s is gone.
I have no crystal ball to make any kind of forecast, I am of the opinion that what has happened, has happened in a different world, in a different society. India was Roti, Kapda, Makaan then, not anymore, we have Unicorns. We are consumers, be it content to the mind or an experience of a lifetime. So I think, to this extent, things may have changed.
While greed and ignorance will always exist in any century, some level of understanding is also happening, not a match to blind greed but some educated people are taking informed decisions, although these are less in number. So while doubling money in 6 months has vanished, 20% CAGR is gone, I think the participation to some extent is likely to continue.
Also, investors are from different age groups, an retired person who is drawing a pension has a different outlook compared to a young man who is in the stage of accumulation, so to this extent, I guess even market is subjective.
I for one have no rigid framework per se, so I also incorporate market’s movement in my decisions.
Just my thoughts.
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