Boomers and Gloomers! They seem to be everywhere in the property investment world these days.
By the way, my question is not totally fair. After all, you may be neither a Boomer or a Gloomer.
But, let me explain what I mean by Boomer and Gloomer …
Boomers
Boomers proclaim the market is great. Great time to buy. Great time to start or add to your property portfolio. Great days ahead.
For me, these Boomer statements are going to require a lot of explaining. My first question would be, “How do you know?”
Gloomers
Gloomers, on the other hand, proclaim … well, GLOOM! (and DOOM; the two words go together don’t they?) Gloomers say the market is headed for a big correction. Whatever you do, don’t buy property now … they seem to say. Market is way overpriced.
And, guess what? I’m listening!
I find it difficult not to listen to the Gloomers. Not that I agree with them. It’s just that bad news seems to travel better than good news. And, being human, I’m susceptible to this “bad” news.
Why is that bad news seems to have better traction than good news? Why is it that folks seem to take on bad news like it’s derived from some holy book; requiring hardly any proof? I have no idea. But, hit people with good news, and they want proof; lots of it. Why is that?
Well, sticking to my guns, I’d have to ask the Gloomers the same basic question, “How do you know?”
Same Question; Same Answer
So, I ask the same question of both the Boomers and the Gloomers, “How do you know?”
And, when the smoke clears, when the dust storm of dialog is over, when all the noisy conversation has ended, when everything’s said and done … the answer is the same.
Both the Boomers and the Gloomers come up with the same answer. And, I knew the answer before I asked the question.
And the answer is … Drum roll please ….
“We Don’t Know!”
So, if no-one really knows, then why all the chatter about what’s going to happen?
I guess it’s human nature to try and predict the future. Just like it’s seems to be human nature to accept bad new more readily than good news. Just my observations.
I’d just like to leave you with a few quotes from Warren Buffet.
The most important thing I’ve learned is he doesn’t “contract out” his thinking. He does his own. I’ve been guilty of letting others do my thinking and it’s lead to some disastrous business and investment results. I wouldn’t recommend it.
Warren Buffet is a man who does his own thinking. He doesn’t go around asking the committee of “they” for opinions. Do you think he cares what the Boomers or Gloomers think? What the so-called experts say? I doubt it.
Here are some Warren Buffett insights to consider next time you meet up with a Boomer or a Gloomer!
- Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
- Risk comes from not knowing what you’re doing.
- A public-opinion poll is no substitute for thought.
- You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in – in 2007, we just didn’t know it was uncertain. It was – uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn’t know it.
Source: http://www.brainyquote.com/quotes/authors/w/warren_buffett.html