The market isn't as bad as it seems?

[ladelfina]

more good news.. I saw a thread where a commenter reported having been contacted by Citi -an unsolicited call- with an offer to wipe out their outstanding balance for their sending in some reduced amount of cash (forget how much of a discount).

Could have been a false rumor but didn't seem like it. Can't find it now.. it was a day or two ago that I saw it. That really made me sit up & take notice, even tho' I have been very doomy&gloomy for months, as you all know (and taking no end of abuse for it here, I might add).

I'm just not a short-selling sort of person, to my financial detriment..

I haven't looked at my balances for a few weeks.. glad I did buy some GLD and upped cash and euros a bit even though the euro has fallen somewhat in the meantime.

[kumquat]

Quote:

Originally Posted by ladelfina more good news.. I saw a thread where a commenter reported having been contacted by Citi -an unsolicited call- with an offer to wipe out their outstanding balance for their sending in some reduced amount of cash (forget how much of a discount).

Might be true. Back in the early 80's, my mother had a 30 year fixed mortgage at 4%, about 12 years in. Canadian mortgage rates went above 20%. The bank sent her a letter offering to let her prepay without penalty. I suggested, mostly as a joke, that the write back and offer to pay it off at 50 cents on the dollar, she did, they accepted.

[FUEGO]

Quote:

Originally Posted by ladelfina more good news.. I saw a thread where a commenter reported having been contacted by Citi -an unsolicited call- with an offer to wipe out their outstanding balance for their sending in some reduced amount of cash (forget how much of a discount).

If this was for credit card repayment, then it is true. I participated in it on a few cards and received cash back equal to 20% of the amount of debt that I repaid, up to a certain amount. I believe I did this a few times and made a few thousand dollars.

[JohnDoe]

7300 is the bottom...perhaps tomorrow, perhaps next week. That is what my 8 ball told me.

[FUEGO]

Just an update - I took a look at where I am right now. Net worth rolled back 18 months to Mar 31, 2007 levels and the portfolio value rolled back to Sep 30, 2006 values (even though I've been pumping money into the portfolio these last two years).

But on the upside, yesterday's automated bi-monthly purchase executed for 37.8 shares of Vanguard's emerging markets index fund for $600 total. For that same amount of money, I would have only received ~18 shares about a year ago. In other words, I'm buying this fund at prices over half off what they were very recently.

In the short term this market correction is ugly on paper. In the long term this may just prove to be one of the best buying opportunities in my lifetime. Only time will tell. In the meantime, back to life - family, friends, career, intellectual pursuits, hobbies, etc - and let the portfolio do its thing! After all, the market isn't as bad as it seems.

[FIREd]

Quote:

Originally Posted by FUEGO Just an update - I took a look at where I am right now. Net worth rolled back 18 months to Mar 31, 2007 levels and the portfolio value rolled back to Sep 30, 2006 values (even though I've been pumping money into the portfolio these last two years).

My numbers are pretty close to yours. Net worth is back to Feb 2007 levels and retirement accounts are back to Sep 2006 levels.

[JohnDoe]

Quote:

Originally Posted by JohnDoe 7300 is the bottom...perhaps tomorrow, perhaps next week. That is what my 8 ball told me.

7392...close enough. The 8-ball nailed that one. That was the low.