One of the more annoying things that investors do when they have been in the game for a really long time is to pooh-pooh market skirmishes.
“You think this is bad? Pah! You should have seen Black Monday/Soros taking down sterling/the dotcom crash,” etc. If this happens to you, my advice is to change the subject at precisely this point, before the segue into how much more fun markets were “back in my day” and how young people nowadays “know nothing”.
The veterans do have a point: a generation of traders and fund managers have never seen full-blown inflation and are accustomed to the mantra that stocks only go up (or to central banks saving the day if they stumble). But even the old-timers accept that right now we are at a historic juncture.
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