Is The Bottom Almost Here?

[Charlie]

"@dealraker i love the comments… please keep them coming. Great wisdom. As i get older i am starting to question if Buffett’s and Lynch’s wisdom - that an average person can learn to successfully invest on their own - is actually realistic/possible (for most people). I just see so few people who are actually able to figure it out over time. Worse, i know a fair number of people who have tried and failed… some miserably. None of my family members have been able to figure it out. Why not? I am wondering if the vast majority of people simply do not have the required emotional make-up to be successful self-directed investors. So few people get rich the way Warren Buffett did (financial markets) - perhaps its not as easy as it looks.

—————

By ‘successfully invest’ i mean they are able to achieve results (over decades) that are better than the relevant market benchmark. "

 

Successful investing goes against human nature.

Digital inventions like iphones etc. make people more irrational, not less.

So we value investors can all celebrate the irrationalities of our fellow human beings for decades to come. 

 

[mattee2264]

Was reading a fintwit account the other day that showed certain patterns we are seeing now also features in the 2000-2002 and 2007-2009 bear markets:

 

-Markets rallying at the end of a Fed tightening cycle

-Confidence in a soft landing from IMF/Fed/markets etc. 

 

Of course there are contrary examples where economists/markets correctly predicted a soft landing. 2018 would be an obvious example. And probably a soft landing is the most likely outcome. But it does seem to be priced in at this point and if things take a turn for the worse there is quite a lot of downside. 

 

 

[mattee2264]

Charlie: in fairness Buffett always suggests the average investor should stick to index funds. As for Lynch the concept that a lay person can beat the pros by investing in what he knows shows a lot of hindsight bias especially as most of his examples are small cap growth companies. For every Chipotle or Domino's Pizza there are plenty of similar fast food concepts that crashed and burned. 

 

Even for professionals with great track records if they are running a concentrated portfolio it only takes a few big mistakes for things to go to hell. While if you are running a very diversified portfolio you end up doing factor investing (i.e. statistical value) which may give you a slight edge over very long periods of time but can also result in very long periods of underperformance that can make you question your faith just at the time that the factor is due for a prolonged period of outperformance. 

 

And of course as many individual investors have found during a bull market it can be easy to make money especially if you take a lot of risk and start to think that you are the next Buffett. 

 

Personally I am a fan of the core and explore approach. Within your equity allocation: 70-80% index invested to minimize future regrets/unforced errors etc. and ensure you benefit from the long term upwards trend of markets. 20-30% reserved for big pitches or kept in cash if there seem to be no obvious examples of undervaluation within your circle of competence. 

 

 

[Spekulatius]

The average investor does not need to beat the market to do well. Just matching about the market and he will do just fine.

Most average investors though hugely underperform trying to time (badly) or invest in Fomo/Momo stocks at the wrong time.

My comment above regarding to own a business should not prevent anyone from trying. I just think that over time most business in tough industries (contractors , restaurants, retail) fail. Most upstarts fail. When I recall the business that I knew in the town I grew up in the 70‘s, virtually all of them are not there any more. Some of the owners just retired and sold out and did OK. Others not so much.

 

This is in a demographically challenged area. I am sure that in a growing area, the results would have been much better and there is a lesson here: Don‘t keep pissing against the wind.

 

One business though closeby was sort of crappy looking machinery business that made it huge, went into international export and got bought out by a public company. I am sure it was a hundred bagger. So, much of the returns are in the tail.

 

Again, if as in investor, you can capture the tails by indexing, even if you no nothing. As an active investor, you can try to actually get exposure to the tail by having better insight.

 

Or you can try the behavioral edge and buy when others are selling out, which may be easier.

[dealraker]

As to buy/hold investing.  I worked full time for a salary from 1978 until 1994, I've not worked for $ since.  But only towards the end of my work life did I make enough money to fund an 401K.  So I contributed a total of $30,000 over the 1988 to 1994 time frame while still in business.  I never made over $45,000 working in my entire life.

 

This isn't the money I inherited, nor does it have anything to do with our foray into the insurance business that created what is my largest personal holding the result of merging with AJ Gallagher.  This is piddley stock investing from the small contributions to the 401K.

 

But in any event there were no sales of stock in this account ever and it began with a total of $30k to a 401K.  I think the return over the entire lifetime is over 13%.  I transferred it to Wells obviously in 2011.  Buy and hold doesn't have to mean boring or loser as nearly all project it to be.  13% adds up over time.

 

I am simply presenting an example.  We have those stating, actually screaming, here to their investors to buy Bitcoin and sell stocks.  My reply is, "OK...but I'm not getting poorer holding stocks either."

 

Since Performance Inception +15.27% $126,513.16 +$118,684.57 +$1,033,594.13 $1,278,791.86 YTD +6.59% $1,199,701.17 $0.00 +$79,090.69 $1,278,791.86 2022 +0.81% $1,190,031.46 $0.00 +$9,669.71 $1,199,701.17 2021 +20.59% $986,824.87 $0.00 +$203,206.59 $1,190,031.46 2020 +12.82% $874,655.60 $0.00 +$112,169.27 $986,824.87 2019 +24.56% $702,183.47 $0.00 +$172,472.13 $874,655.60 2018 -1.26% $711,136.40 $0.00 -$8,952.93 $702,183.47 2017 +12.33% $633,078.14 $0.00 +$78,058.26 $711,136.40 2016 +15.75% $546,940.28 $0.00 +$86,137.86 $633,078.14 2015 +0.15% $546,101.43 $0.00 +$838.85 $546,940.28 2014 +19.64% $456,465.26 $0.00 +$89,636.17 $546,101.43 2013 +41.70% $322,142.95 $0.00 +$134,322.31 $456,465.26 2012 +19.51% $269,559.28 $0.00 +$52,583.67 $322,142.95 2011 +16.33% $126,513.16 +$118,684.57 +$24,361.55 $269,559.28

Performance Disclosures and Definitions

 

 

[changegonnacome]

50 minutes ago, dealraker said:

As to buy/hold investing.  I worked full time for a salary from 1978 until 1994, I've not worked for $ since.  But only towards the end of my work life did I make enough money to fund an 401K.  So I contributed a total of $30,000 over the 1988 to 1994 time frame while still in business.  I never made over $45,000 working in my entire life.

 

This isn't the money I inherited, nor does it have anything to do with our foray into the insurance business that created what is my largest personal holding the result of merging with AJ Gallagher.  This is piddley stock investing from the small contributions to the 401K.

 

But in any event there were no sales of stock in this account ever and it began with a total of $30k to a 401K.  I think the return over the entire lifetime is over 13%.  I transferred it to Wells obviously in 2011.  Buy and hold doesn't have to mean boring or loser as nearly all project it to be.  13% adds up over time.

 

I am simply presenting an example.  We have those stating, actually screaming, here to their investors to buy Bitcoin and sell stocks.  My reply is, "OK...but I'm not getting poorer holding stocks either."

 

Since Performance Inception +15.27% $126,513.16 +$118,684.57 +$1,033,594.13 $1,278,791.86 YTD +6.59% $1,199,701.17 $0.00 +$79,090.69 $1,278,791.86 2022 +0.81% $1,190,031.46 $0.00 +$9,669.71 $1,199,701.17 2021 +20.59% $986,824.87 $0.00 +$203,206.59 $1,190,031.46 2020 +12.82% $874,655.60 $0.00 +$112,169.27 $986,824.87 2019 +24.56% $702,183.47 $0.00 +$172,472.13 $874,655.60 2018 -1.26% $711,136.40 $0.00 -$8,952.93 $702,183.47 2017 +12.33% $633,078.14 $0.00 +$78,058.26 $711,136.40 2016 +15.75% $546,940.28 $0.00 +$86,137.86 $633,078.14 2015 +0.15% $546,101.43 $0.00 +$838.85 $546,940.28 2014 +19.64% $456,465.26 $0.00 +$89,636.17 $546,101.43 2013 +41.70% $322,142.95 $0.00 +$134,322.31 $456,465.26 2012 +19.51% $269,559.28 $0.00 +$52,583.67 $322,142.95 2011 +16.33% $126,513.16 +$118,684.57 +$24,361.55 $269,559.28

Performance Disclosures and Definitions

 

 

 

Thats a thing of beauty! Buy and hold is the way.

 

The human need to "do something" is strong........I've tried during my investment career to temper it at all times.....sitting on your ass and doing nothing is an under-rated strategy.

 

The temptation to do 'something' is always there........and the financial industry of course runs on getting people to do 'stuff'..........one thing that worked for me and I suggest it to others.......is if you feel the need to do things constantly and in a way who doesn't......take a small percentage of your portfolio (5%)....move it to another brokerage provider.....and if you feel the urge to do stuff after watching CNBC go and do it there.......it scratches the itch........and creates a wonderful A/B test on whether your doing stuff is helping or hurting!!

[Spekulatius]

1 hour ago, dealraker said:

As to buy/hold investing.  I worked full time for a salary from 1978 until 1994, I've not worked for $ since.  But only towards the end of my work life did I make enough money to fund an 401K.  So I contributed a total of $30,000 over the 1988 to 1994 time frame while still in business.  I never made over $45,000 working in my entire life.

 

This isn't the money I inherited, nor does it have anything to do with our foray into the insurance business that created what is my largest personal holding the result of merging with AJ Gallagher.  This is piddley stock investing from the small contributions to the 401K.

 

But in any event there were no sales of stock in this account ever and it began with a total of $30k to a 401K.  I think the return over the entire lifetime is over 13%.  I transferred it to Wells obviously in 2011.  Buy and hold doesn't have to mean boring or loser as nearly all project it to be.  13% adds up over time.

 

I am simply presenting an example.  We have those stating, actually screaming, here to their investors to buy Bitcoin and sell stocks.  My reply is, "OK...but I'm not getting poorer holding stocks either."

 

Since Performance Inception +15.27% $126,513.16 +$118,684.57 +$1,033,594.13 $1,278,791.86 YTD +6.59% $1,199,701.17 $0.00 +$79,090.69 $1,278,791.86 2022 +0.81% $1,190,031.46 $0.00 +$9,669.71 $1,199,701.17 2021 +20.59% $986,824.87 $0.00 +$203,206.59 $1,190,031.46 2020 +12.82% $874,655.60 $0.00 +$112,169.27 $986,824.87 2019 +24.56% $702,183.47 $0.00 +$172,472.13 $874,655.60 2018 -1.26% $711,136.40 $0.00 -$8,952.93 $702,183.47 2017 +12.33% $633,078.14 $0.00 +$78,058.26 $711,136.40 2016 +15.75% $546,940.28 $0.00 +$86,137.86 $633,078.14 2015 +0.15% $546,101.43 $0.00 +$838.85 $546,940.28 2014 +19.64% $456,465.26 $0.00 +$89,636.17 $546,101.43 2013 +41.70% $322,142.95 $0.00 +$134,322.31 $456,465.26 2012 +19.51% $269,559.28 $0.00 +$52,583.67 $322,142.95 2011 +16.33% $126,513.16 +$118,684.57 +$24,361.55 $269,559.28

Performance Disclosures and Definitions

 

 

@dealrakerThat's is some real good performance. Was this with mutual funds or ETF's or was this with individual stock picking? 13% compounded is some serious outperformance.

[Castanza]

1 hour ago, dealraker said:

I am simply presenting an example.  We have those stating, actually screaming, here to their investors to buy Bitcoin and sell stocks.  My reply is, "OK...but I'm not getting poorer holding stocks either."

 

I am very skeptical of BTC and have low confidence that it will be able to stand if government forces in the US deem it unsavory. However, it's the best financial tool that exists outside of the "system" and I think that will/could have some utility in the future. Take a look across the pond and the CBDC that is being proposed. Expiration dates on savings, push a button limitations on what you can buy and when you can buy for people the government decides needs those restrictions (kids and mentally unstable....and?). 

 

Nobody is saying sell stocks to buy BTC. At least not on here. A 1% position is prudent imo. 

 

Still 90% stocks and plan on being that way for as long as I can see.

[Jaygo]

I think i need to cancel my self directed accounts. Maybe a phone call to a broker would be a pain in the ass enough to stop trading in and out. Kind of like a alcoholic pouring all the booze down the drain.

 

I want to use my investing prowess (if it exists) but remove the emotion.

 

The worst is Apple. I held 200 shares at the time of Job's death, I was in the pyrenes hiking when i saw the headline on EL Pais, immediately went to a internet café and sold.

 

I am my own worst enemy, I will never do the calculation on the missed money since i know it would be too much to have any self respect left investing wise. 

 

The same thing that brought me to apple and all the other stuff is peter lynch style owning what you know. Perhaps this combined with some rules for self control would be a wonderful combination for the small guy like myself.

[rkbabang]

2 hours ago, Spekulatius said:

The average investor does not need to beat the market to do well. Just matching about the market and he will do just fine.

 

This is true and if you invest a substantial amount for 40-50 years you will do just fine even if you underperform the market a little bit.  The problem is that I think even investors who invest in index funds usually vastly underperform the market. They start putting money in close to the top after hearing everyone talking about stocks and then get scared and pull everything out after each crash.  The only way to make market returns with an index fund is to keep your money in there and to dollar cost average new money in consistently.  That itself takes discipline that most don't have.

[Spekulatius]

24 minutes ago, Jaygo said:

I think i need to cancel my self directed accounts. Maybe a phone call to a broker would be a pain in the ass enough to stop trading in and out. Kind of like a alcoholic pouring all the booze down the drain.

 

I want to use my investing prowess (if it exists) but remove the emotion.

 

The worst is Apple. I held 200 shares at the time of Job's death, I was in the pyrenes hiking when i saw the headline on EL Pais, immediately went to a internet café and sold.

 

I am my own worst enemy, I will never do the calculation on the missed money since i know it would be too much to have any self respect left investing wise. 

 

The same thing that brought me to apple and all the other stuff is peter lynch style owning what you know. Perhaps this combined with some rules for self control would be a wonderful combination for the small guy like myself.

I think this is a bit nonsense. Your decision may have been a reasonable one, if you assume that Steve jobs was necessary for Apple to succeed. However, once you sold your shares, the mistake may have been that you did not continue to track the company. Apple shares trade every day and you could have bought back the shares, if you came to the conclusion that Tim Cook is a great CEO 5 minutes later, 5 days later, 5 month later or 5 years later.

 

A buy or sell decision is easily reversible (yes sometimes there are tax consequences).

Edited February 8, 2023 by Spekulatius

[dealraker]

44 minutes ago, Spekulatius said:

@dealrakerThat's is some real good performance. Was this with mutual funds or ETF's or was this with individual stock picking? 13% compounded is some serious outperformance.

Individual stocks.  It is likely slightly below 13%, maybe closer to 12.5 or so.  I have now way of knowing now short of going back to plugging in the contributions that began with $50 a month and then went up towards the 1994 end.   I show this to my great neices and nephews.  They buy crypto and tell me how "out of it" I am.  Think I'm kidding?  LOL, they'll learn.  They too quote past returns as proof stocks are inferior.

[Castanza]

3 minutes ago, Spekulatius said:

I think this is a bit nonsense. Your decision may have been a reasonable one, if you assume that Steve jobs was necessary for Apple to succeed. However, once you sold your shares, the mistake may have been that you did not continue to track the company. Apple shares trade every day and you could have bought back the shares, if you came to the conclusion that Tim Cook is a great CEO 5 minutes later, 5 days later, 5 month later or 5 years later.

 

A buy or sell decision is easily reversible (yes sometimes there are tax consequences).

 

Agreed...beating yourself up over past decisions is a good way to negatively influence future decisions as well. Instead you should analyze why you made that decision and if you still agree with the reasoning then move on. If you don't then adapt and carry on. 

 

Just getting started with investing I bought NVDA 50 shares at $30.xx and 100 shares of AMD for $8.xx....I sold Both about a year later for $68 and $21 thinking I've made out like a bandit. Which I did! But also missed a Hell of a lot more growth on those tiny positions. 

 

So from then on I mostly just buy and hold. I do sell here and there but I'd almost rather take the risk of a company going to zero than missing out on upside 5,10, 15 years down the road. Exactly how I view my small positions in INTC and TSN currently. 

 

In my generation I think too many people use money they need to live to invest and this greatly impacts their decision making. I see a lot of people prioritizing investing over paying off student debt, having an emergency fund etc. Couple that with their subscription based lifestyle that has to constantly be fed and there isn't much "I don't need it" money left over to invest. It's more, I don't need it today but I might next month; so at the first sign of trouble they hit that sell button. 

[StevieV]

11 hours ago, Jaygo said:

Stevie find something that you are good at, enjoy somewhat and the market readily pays for.

 

I should clarify - I'm not asking for myself.  I'm just curious if there are career paths people have taken that they'd recommend.  The most common refrain from people seems to be: "don't become a ________".  I'd love to hear opposite examples.

[Castanza]

10 minutes ago, dealraker said:

Individual stocks.  It is likely slightly below 13%, maybe closer to 12.5 or so.  I have now way of knowing now short of going back to plugging in the contributions that began with $50 a month and then went up towards the 1994 end.   I show this to my great neices and nephews.  They buy crypto and tell me how "out of it" I am.  Think I'm kidding?  LOL, they'll learn.  They too quote past returns as proof stocks are inferior.

 

I wonder what older generations said when they saw their children and younger generations telling them to invest in the stock market? They too probably thought it was foolish and better to save your money in your mattress. 

 

"A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it.”

 

This applies to more than just science 

[John Hjorth]

16 minutes ago, Jaygo said:

... The same thing that brought me to apple and all the other stuff is peter lynch style owning what you know. Perhaps this combined with some rules for self control would be a wonderful combination for the small guy like myself. ...

 

@Jaygo,

 

Please forget the past for triggering grievance and annoyance. It's counterproductive activity [except for non-emotional educational purposes], because none of us - including you - can't change the past.

 

If you really feel a bit lost in your investing endeavour as of now, make the decision to look at it from here forward bound.

 

I also think the various concepts covered in the following book could be tremendous help and support for you going forward: Morgan Housel : The Psychology of Money . [Many of the concepts covered in the book are embedded and ingrained in @dealrakers varius posts here on CoBF, as I see things.]

 

 

[dealraker]

2 minutes ago, StevieV said:

 

I should clarify - I'm not asking for myself.  I'm just curious if there are career paths people have taken that they'd recommend.  The most common refrain from people seems to be: "don't become a ________".  I'd love to hear opposite examples.

Stevie I am posting too much today but read Greg's post again.  I am an all 'rounder type, not special at anything.  Stuck my nose into seemingly everything, made it unorthodox like.  I did obsess over older men and their models (of success), my deceased dad's crowd.  I became "them", precisely them.  My great nieces and nephews do not want to become their parents, uncles, etc.....as of yet.  My guess?  That will change.

[changegonnacome]

"https://www.bls.gov/news.release/realer.nr0.htm#:~:text=From December 2021 to December 2022%2C real average hourly earnings,weekly earnings over this period.

 

From December 2021 to December 2022, real average hourly earnings decreased 1.1 percent, seasonally adjusted. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 2.0-percent decrease in real average weekly earnings over this period.

 

What a great economy? One where your salary buys less this year than it did last year. For the well schooled and well heeled the cost of living background noise feels over done....you notice your Wholefoods receipt is a little high.......for some folks I know personally.....its very real.

 

People wonder what's the problem with this "strong" economy and great unemployment numbers and why does the Fed need to "wreck it" to fix inflation...............well look at the above.........purchasing power is going backwards.......3.4% unemployment sounds great as a statistic..............but as I said many pages back......an inflationary economy is one where EVERYBODY is losing their job.......just very slowly........and disproportionally the stealth job losses are heaped on the poorest.

 

The second point and back to the E getting whacked question we have going on here on the "bottom" and whether it was October or not......but lets just call it SPY earnings forecasts.......is how to do you fix the US employee/consumer's purchasing power and get them back to good health such that their purchasing power is increasing again?

 

Answer>

Nominal wage increases need to exceed nominal price increases? Such that real wages & purchasing power is growing again.

Whats that got to do with earnings? > 

Well last time I checked in business if your prices are rising more slowly than your costs......your facing margin & earnings headwinds.

 

Thats exactly where companies are right now........pushing price on a weakening consumer doesn't work...........and at the same time your employees are seeking pay increases.

 

In some ways its so simple........the corporate sector is going to have give up some of its margin/earnings and transfer them to employees/consumers to restore their purchasing power. This situation gets fixed once that happens......there are no free lunches in economics only trade off's........and earnings clearly have to give here.....such that consumers/employees can get back on track. 

 

Then we can all get back to the real game of progress which isn't printing funny money, fiscal transfers & QE/QT - its increasing the aggregate amount of real goods and services produced in the economy.

Edited February 8, 2023 by changegonnacome

[changegonnacome]

Surprise Used-Car Price Jump Adds to Fed’s Inflation Worries

https://www.bloomberg.com/news/articles/2023-02-08/surprise-used-car-price-jump-adds-to-fed-s-worries-on-inflation?srnd=premium&sref=7zqHEcxJ

 

I expect lots of inflation surprises like this in the data in the coming months..........inflation doesn't roll off in a straight line .....it meanders and plateaus and sometimes will likely even go back up like above.

 

If, like the market, your extrapolating the journey from 9% inflation to 5%.....and overlaying it on the journey from 5% to 2%........your very wrong IMO.

[Gregmal]

Another one of the pillars of rounding out your investment strategy/acumen is realizing that when you do buy and sell you don’t need to obsessively fret over hitting tops or bottoms. 

[Gregmal]

3 minutes ago, changegonnacome said:

Surprise Used-Car Price Jump Adds to Fed’s Inflation Worries

https://www.bloomberg.com/news/articles/2023-02-08/surprise-used-car-price-jump-adds-to-fed-s-worries-on-inflation?srnd=premium&sref=7zqHEcxJ

 

I expect lots of inflation surprises like this in the data in the coming months..........inflation doesn't roll off in a straight line .....it meanders and plateaus and sometimes will likely even go back up like above.

 

If, like the market, your extrapolating the journey from 9% inflation to 5%.....and overlaying it on the journey from 5% to 2%........your very wrong IMO.

Of course, they’re trying very hard to create “gasp”, “oh no it’s back” moments. As with every ride, there’s gonna be fluctuations but the overall direction is what clearly matters and that’s down.

 

Which if you understand the “ups and downs” part, consistent even with random walk stuff..it’s not surprising at all. Nor nothing to fret. Most of these day in the life fluctuations have occurred for decades, only now have we been trained to scrupulously pick them apart.

[Blugolds]

@changegonnacomewhat your describing has been happening to the middle class for decades, its just sped up a little. 

 

https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/

 

And it will continue. Earnings don’t have to decrease, a little creative finance and marketing…smaller portions in the same packaging, taller/thinner packaging to hide the smaller portions but appear the same..maintains margins. Thinner rolls, smaller cans, lighter bags. 

 

https://www.washingtonpost.com/business/2021/06/01/package-sizes-shrink-inflation/

 

https://www.latimes.com/business/story/2022-06-08/shrinkflation-companies-shrink-package-sizes-inflation-ploy

 

For items that packaging cant be manipulated by, vehicles, electronics etc. Especially those that are financed, they extend the note and close them on payments, what’s that? You want to be below $XXX/mo, no problem we can do that, for <$XXX/mo….for 124 mo you’ll be enjoying your new XYZ as soon as we finish the paperwork. 

 

The avg consumer doesn’t care about inflation…they say it hurts, and they feel it, but look at the consumer debt, they’re putting significant amounts of monthly expenses on credit cards, thats how they are making it, because they haven’t got a “Real” raise in decades..make the minimum payment on the collection of cards in your wallet and kick the can down the road. If they want a bag of Doritos, they’re gonna buy it even if it’s now $8. They might complain, but they still buy it, and they still have all the other stuff, the memberships, the subscriptions, the snacks, the clothes, vehicles etc. Charge it.

 

 

 

[Gregmal]

It’s like everytime the market has had a few up weeks or makes a 5-10% move back up the past 6 months there’s a whole crowd of people who are aghast and screaming about retail mania and bubbles again and it’s just like “wtf are we doing”?

[Masterofnone]

Stevie, you have started a fine discussion, even though it is only tangential to the thread topic.

 

I have found it helpful to have a much smaller "funny money" account to satisfy the need to do something. Playing the Parsad/ Schloss game is fun, though I have found that I don't particularly excel at it. Selling at the "right time" is really difficult.

 

Spek is correct that going into business for yourself is usually just making up your own job to do. This can be wonderful though, if you love the work. It is great to be your own boss if you largely enjoy each day and a great way to control the work/life balance.

[Gregmal]

3 minutes ago, Blugolds11 said:

 

@changegonnacomewhat your describing has been happening to the middle class for decades, its just sped up a little. 

 

Yup. Except now we ve been conditioned to see them as signs of the coming apocalypse. They’re not