contrary to popular belief, 2008 hasnt been a good year for wealth, or health for that matter. (i am personally more convinced about the latter, seeing how my medical bills for the year are soon approaching SGD 2k.)
In any case, i believe that every market has its cycle. Sure, it takes a hell lot of courage and optimism to enter the markets when fear and panic have gripped every single broker on wall street. but 50 years down the road, will you look back and regret your inaction today? This correction, though painful, is necessary to ensure that history does not repeat itself. But as long as the deleveraging and unwinding does not end, and as long as credit spreads remain sky high, we may not not have hit the trough.
Oh, and the one thing that we should all mourn is the premature end of the glorious investment banking era. I suspect that if someone told me now that he was an ex-investment banker, i might silently mock him behind his back.
