There are important lessons to be learned from the unmitigated disaster that was 2008.
Above all, investors should resolve that they never again will base their spending on rising asset values.
The old rules do still apply? Is there a futures market where I can bet against that lesson being learned?
Update: Boom, Bust, Repeat, by Daniel Gross, The New York Times, December 25, 2008, review of Panic: The Story of Modern Financial Insanity, edited by Michael Lewis
Yuppies’ Last Rites Readied, declared the headline on a New York Times article of Oct. 21, 1987, which documented how the stock market crash was causing materialist, money-soaked urban dwellers to reduce conspicuous consumption and focus more on human relationships.