Diane Garnick, investment strategist at Invesco, indentifies the five stages as they apply to investors, some of whom might be saying (or thinking) the following:
- Stage 1, Denial: "I should throw away my 401(k) statement without even opening it.
- Stage 2, Anger: "Why did this happen to me? It is unfair that Wall Street benefited at my expense." Or, "Why in the world is AIG's bailout money going to its counterparties like Goldman and Deutsche Bank?"
- Stage 3, Bargaining: "Just give me one relief rally and I can make it all back and sell."
- Stage 4, Depression: "The market stinks, no one is hiring anywhere. Why should I bother?"
- Stage 5, Acceptance: "It's bad, but these things don't last forever. I'm going to work on my career and portfolio to be prepared for the opportunities when they do come."
Here is a recent interview with her on this subject.
I can totally see this. Especially the depression part. My company fired 15% of the people and even those of us who kept our jobs are getting depressed.
ReplyDeleteI completely missed the bargaining and depression stage. There isn't much we can do. I tried to get a second job and couldn't find one. Now I'll just live my life with a little less. That isn't so bad.
ReplyDeleteBut I'll let you, her legs cheered me right up. I'd like to accept those.