MICHEL PIREU: Lessons learnt from the 2008 financial crisis are still valid today
When the going gets tough, successful people do something different: they look for the opportunities
The good thing about having been around during the 2008 financial crisis is you don’t have to come up with anything new this time around. Especially if what you wrote back then was so hellishly clever that it’s well worth repeating. So, not to be opportunistic but because, let’s face it, it’s the right thing to do, here is a rehash of some of the better advice (not that there was ever any not-so-good advice) given back in 2008.
Anxiety causes strange behaviour. Have you noticed, for instance, how everyone’s suddenly going around asking everyone else what’s going to happen to the stock market? As if anyone could possibly know. The only thing more surprising is the number of people who seem to think they do. They’ll tell you without any doubt that, “This is just the beginning.” Or that “The market will go down for another week or two and then recover.” Otherwise “The worst is already over.”