3 Things I’m doing while the crypto markets correct/plunge/crash
The crypto markets can be more volatile than 1 week in a three-year-old’s life. When the markets are punishing, I’m like a three-year-old on the inside. I cry, scream, throw tantrums, place blame, and I find myself calling my mom more often. One day, “It’s the whales mom…they are manipulating the prices.” The next day, “Mom, if Jerome Powell knew what he was doing we wouldn’t be in this mess. Get ready for $40 toilet paper.” The following day, “Mom, I think we're’ coming back. The markets lost $1 trillion in value in the past two months, but Bitcoin is up 5% today!” And then finally, later on, that same day, “False alarm mom. The stock market took us down.”
Of course, me mum has no idea what I’m talking about. She is more interested in hearing how the kids' gymnastics is going or telling me about the snow level at her friend Susan’s house. Did you know that Susan can see deer from her family room?
Obviously, these strategies aren’t the best for coping with SLOPV: Sudden loss of portfolio value. Even the YouTubers are struggling to build hype. When Bill Miller putting 50% of his portfolio in Bitcoin is the big news, I’m busy thinking, “Didn’t he perform with Milton Berle?” I kid. Bill Miller is a great investor and many could argue he’s the Michael Jordan of value investing.
