Quote:
Originally Posted by Peter_Spaeth
How bad was late 2008/early 2009? Bad, the end was near, but we're now at what 5x the low? How bad was early 2020? Bad, the end was near, people were panicking right and left, but we're now at what, 2+x the low? I think the outlook going forward, in the long run, is fine. Innovation and technology are unbelievable. Short term, sure, there could be a lot of noise.
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If we're talking Oct/Nov 2008 bad, then it seems like most everyone would modify their spending habits for a while, at least until a lot of the uncertainty was over, and the outlook was looking up, and even then probably not until things were clearly back on track. If you're lower on the income/assets distribution, you modify out of necessity. If you're higher up on the distribution, you modify because of the psychological impact.
There are always exceptions to the rule, and I'm sure plenty will respond to proclaim that they ramped up their purchases of cardboard 10-fold in December 2008, and kept buying nonstop like drunken sailors for the next decade, and they now own a world-class collection because of their willingness to be greedy when everyone else was fearful. But I really doubt that was a common response.