Fear vs. Opportunity: Lessons From the 2008 Crash
00:00:00.000 | I still remember I had a colleague who was older. He was in his 50s. And it looked like the world was falling apart. And we had a hedge fund manager in September tell us, listen, this is a Friday. He said, go to the ATM, take as much cash out as you can now because on Monday, you might not be able to get any cash out of the bank. It was a scary situation. And this guy in his 50s is telling me, listen, Ben, take all of your 401k contributions and put them in the stable value fund. Because this is looking really bad. And my thinking at the time, I'm reading all these Warren Buffett books about the fat pitches and being greedy or fearful.
00:00:29.980 | And I just thought to myself, the stock market is down almost 60%. I'm never in my lifetime going to be able to buy these low prices again, even if they go lower from here. And I think that's the mindset. And I do think people have learned that because there was enough people who got out of the stock market for whatever reason. Some of it was because they panicked. Some people just had to have money because they needed it for other things because they're losing their house or whatever. But I think enough people saw people panic during the Great Depression and have learned from that behavior.