Payne's Perspective: August 24, 2020: We Are All Trying Harder
In like a grizzly bear and out like a teddy bear, the shortest bear market in history was a ferocious beast that had everyone heading for the hills with many predictions of perpetual doom and a nuclear winter for stocks that would last years.
Even as the rebound gathered steam, and economic data were coming in better than expected, there was extreme pessimism on Wall Street. Meanwhile, something different was occurring on Main Street.
Regular folks sensed an opportunity. It’s not just millennial traders populating Robinhood. We just learned that Fidelity added 1.2 million new accounts, lifting their assets under management, north of three trillion. As the market rebound gained momentum, the economic data continued to foil the experts and the Street took aim at individual investors.
This is where many experts made their fatal flaw. By loudly predicting individual investors would lose everything, as the rebound would "not end well," they boxed themselves out of the rebound.
Well, now the rebound is a rally for those that get paid to make people money, rather than dissing the inevitable doom of novice investors.
The experts must get in the mix and do their jobs.
To read the full report, contact your account representative or email Research@wstreet.com
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