The S&P 500 closed down 3.9 percent today, which is not great. But there seems to be a lot of very cheery news coverage of it? “Three cheers, ” says Felix Salmon. “A feature not a bug, ” says Tadas Viskanta. Bloomberg is “Finding the Silver Lining in This Stock Selloff.” Maybe crashes are good? I have to say that the people now celebrating the crash are mostly not the people complaining about rising stock prices a week ago, but I guess the latter group of people are celebrating too, in their way.
Anyway I figured a soothing thing would be to list some positive aspects of today’s crash, so here they are.[…]
1. You can buy stocks cheap
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2. You can buy stocks cheap
3. You can stop worrying about quarterly capitalism.
4. You can stop worrying about bond market liquidity.
5. Hedge funds are great.
6. TD Ameritrade are heroes.
7. The Fed.
8. It’s solved inequality.
9. Epistemic humility.
10. The baristas are nicer.