Jon Stewart: “My mother is 75 and she bought into the idea that long-term investing is the way to go. And guess what?” Jim Cramer: “It didn’t work.”
Interview on Comedy Central’s The Daily Show Jon Stewart, March 11, 2009
October 2008 saw virtually every kind of asset collapse together, in truly unprecedented fashion. This inflicted losses on most investors around the world and showed that they need a new way to mitigate risk.
By Monday, October 6, 2008, all reason for optimism had been exhausted—there was a run on banks, governments evidently could not deal with it, and markets were wildly overvalued after decades of moral hazard and herding behavior by investors. The result was the markets’ most disastrous ...