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Chapter 15. Abstention to Follow Addiction: When Disenchantment with Low Ret...

Chapter 15. Abstention to Follow Addiction: When Disenchantment with Low Returns Hits Home

“We live in a new age. Performance is not enough. When a trillion or so in New Economy market cap goes up in smoke. When advisers rate a stock a ’buy’ and it goes bankrupt a couple of weeks later. When the system designed to provide confidence in the numbers falls apart. It changes things.”

—General Electric Co. Chairman and CEO Jeffrey Immelt at the company’s annual meeting on April 24, 2002

The generation that got used to the bull market of the 1990s and saw every drop in the market as an opportunity to buy stocks at lower prices is finding it hard to cope with the hangover it is suffering today.


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