Just caught this:
“I think right now there are just some very powerful negative images that are alive in many people’s minds — images of the Depression, images of people selling apples. The images of the downside are just so salient in people’s minds, and nobody has presented an upside image yet,” said George Loewenstein, a behavioral economist at Carnegie Mellon University
The “apples” line made me chuckle.
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October 9th, 2008 at 9:59 pm
Those images are part of how the limbic systems works to protect its host. They are vital and critical to survival today, rather than selling apples in the not-to-distant future.
When somebody does present an “upside image”, please don’t forget to ask about his conflicts of interest and ask him to show you his portfolio and audited rate of return, not a bunch of b.s. Only then can you even think of listening to him.
After listening. Ignore and trust your gut. Its there for a reason.
October 10th, 2008 at 10:40 pm
Behavioral Economist?? Does he make money? All these academicians, they just talk and they are really good in talking and doing research, BUT NOT TO MAKE MONEY :)
This thing makes me laugh.
Just follow the trend, that’s the “behavioral economics”
October 10th, 2008 at 10:47 pm
I am happy because I legally shorted the market. I am making tonnes of money now, hee..hee
Thanks to the turtletrader.com
Finally I learn the art and science of trading.
I declare myself now a Certified Hedge Fund Trader.
The bailout money of USD700B will soon become the property of the TRENDFOLLOWERS.
October 12th, 2008 at 11:30 am
Actually in NE we’re buying apples (or selling if you own one of the local orchards). Going apple picking on a beautiful autumn Sunday afternoon later.
Funny how I’ve been watching Annie with my daughter at this time when the current media specter is the next great depression, she is in her schools production of it in January. It is quite uplifting. We well may be selling apples by January, who knows?
I would remind Lowenstein though, that the sun will come out tommorrow-and it’s only a day away.