Steven ”the Rocketship” Voong

Feels like we’re in the first innings of what could be a brutal bear market. Hope I’m wrong, but markets have been running hot for way too long and I’ve got a seriously ominous feeling about what’s coming, especially in tech. Protect your capital. That $100K you have sitting in cash today might buy you a fuckload more a year from now. One of the biggest problems I see right now is how emotionally attached people have become to their positions and their biases. They’re so convinced they’re right that they refuse to even entertain opposing opinions, even when the facts are staring them in the face. And look, I’m not gonna stand here and pretend I was screaming from the rooftops for everyone to sell a few months ago. I wasn’t. I got absolutely fucking smoked too. Lost a disgusting amount of money. But I’ve accepted that I was wrong about certain things, cut my losses and moved on. As bad as it was, it could’ve been a hell of a lot worse. One of the most expensive lessons you can learn in the market is that being wrong isn’t necessarily what destroys you. It’s refusing to accept that you’re wrong. Being wrong can cost you a lot of money. Being stubborn about being wrong can cost you everything. I also think a lot of people have gotten way too comfortable with the idea that every dip is a buying opportunity. We’ve been conditioned to believe that every selloff is temporary and that stocks will inevitably be making new highs a few weeks later. Sometimes the dip just keeps fucking dipping. The S&P 500 has had an incredible run over the last couple of decades, but markets don’t go up in a straight line forever. A major correction wouldn’t necessarily be the end of the world. In fact, a proper reset could be exactly what the market needs to build a healthier foundation for the next leg higher. Maybe I’m completely wrong and we rip to new highs next month. Wouldn’t be the first time. But right now I’d rather be sitting on cash and risk missing some upside than spend the next year watching my portfolio get taken behind the woodshed. There will always be another opportunity to make money in the market. Just make sure you still have some left when it comes. Retardedinvestor, out.