I have developed a very strong partiality for the dead: they don’t talk back they don’t sue and they don’t have angry relatives.
There is a kind of fear approaching a panic that’s spreading through the Baby Boom Generation which has suddenly discovered that it will have to provide for its own retirement.
You don’t want too much fear in a market because people will be blinded to some very good buying opportunities. You don’t want too much complacency because people will be blinded to some risk.
The Great Inflation of the 1970s destroyed faith in paper assets because if you held a bond suddenly the bond was worth much less money than it was before.
The public has lost faith in the ability of Social Security and Medicare to provide for old age. They’ve lost faith in the banking system and in conventional medical insurance.