Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
Just a "correction" I am sure... _________________ "There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
Posted: Thu Apr 10, 2008 3:29 pm Post subject: Re: So how does your 401k statement look?
Those losses don't account for inflation either, so you can just about double them in many instances.
The American people are being robbed blind right now, and they're none the wiser. You have to credit the fed and treasury for this grand deceit as they laugh all the way to the bank (that they own).
Joined: Sep 19, 2007 Posts: 920 Location: Land of the Tongva tribe
Posted: Thu Apr 10, 2008 4:05 pm Post subject: Re: So how does your 401k statement look?
I didn't qualify for my company's 401k till Jan 2007. So I didn't have the big run-up that many people did because of the bull markets prior to this correction. Yes correction.
Therefore I haven't lost much and thankfully I pulled much of my 401k out of stocks and put into the money market before last October. Don't know why... I just felt like the economy was getting scary. Lucky guess.
My allocation now is:
65% in S&P 500 fund
25% in International fund
10% in money market fund drawing 5.25% until Jan 2009
I know most will disagree... but I think this is a great time to be putting money in the market.
joeltrout _________________ ENERGY is the basis of our industrial civilization and sustains our standard of living. It is the foundation stone of our national wealth. A nation starved of energy.....will be a nation of starving people.
Joined: Sep 19, 2007 Posts: 920 Location: Land of the Tongva tribe
Posted: Thu Apr 10, 2008 4:18 pm Post subject: Re: So how does your 401k statement look?
roccman wrote:
Just a "correction" I am sure...
Even though they have been taking loses the last 8 months...it would be nice to know how much their money has increased since they began contributing to their 401k.
I am sure they still have more money then they started with. If they have been contributing for a while they still might have 25% returns. Its just not the 55% return they had 8 months ago.
The problem most people have is they let their money sit in their 401k and never move it around. When your fund is up 40% in a few years it is time to take a little out and put it somewhere else. But most people keep it the same and then "act" shocked when they take losses like we are seeing.
joeltrout _________________ ENERGY is the basis of our industrial civilization and sustains our standard of living. It is the foundation stone of our national wealth. A nation starved of energy.....will be a nation of starving people.
Joined: Sep 14, 2004 Posts: 5817 Location: Rural Virginia
Posted: Thu Apr 10, 2008 8:42 pm Post subject: Re: So how does your 401k statement look?
joeltrout wrote:
I didn't qualify for my company's 401k till Jan 2007. So I didn't have the big run-up that many people did because of the bull markets prior to this correction. Yes correction.
Therefore I haven't lost much and thankfully I pulled much of my 401k out of stocks and put into the money market before last October. Don't know why... I just felt like the economy was getting scary. Lucky guess.
My allocation now is:
65% in S&P 500 fund
25% in International fund
10% in money market fund drawing 5.25% until Jan 2009
I know most will disagree... but I think this is a great time to be putting money in the market.
joeltrout
For more reasons than I can name, I think it is absolutely crazy to have any money in the stock market. I say this as someone with extensive past experience with the stock market.
We are in uncharted territory now, and favorable past patterns are almost certain not to be repeated.
Consider putting all of it in the money market. _________________ "Actually, humans died out long ago."
---Abused, abandoned hunting dog
"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother
Joined: Sep 25, 2004 Posts: 4249 Location: Boston, MA
Posted: Thu Apr 10, 2008 9:57 pm Post subject: Re: So how does your 401k statement look?
You know the old adage, "buy when there's blood in the streets".
The markets will eventually recover from the current downturn so assuming your horizon is long term enough, now could be a good time to buy.
Personally, I'm waiting till later this year (August/September) for the bottom but I think it's within reach.
I have a bond coming up in August and there's no way I'll be able to find an interest rate anywhere close to what that bond was paying.
I'm considering plowing that money into a mutual fund. I'm young and I can afford to look at the long term.
But if you're reaching retirement age, it makes sense to keep your investments more conservative in this time of uncertainty. _________________ "www.peakoil.com is the Myspace of the Apocalypse."
Posted: Thu Apr 10, 2008 10:58 pm Post subject: Re: So how does your 401k statement look?
Mine is up about 37% over the last 3 years. Year to date this year is about 3%. I'm still happy because it's outperforming the stockmarket by about 15%.
Of course, my PMs have a much better return. _________________ Civilization is a personal choice.
Joined: Jun 28, 2005 Posts: 326 Location: san jose CA
Posted: Fri Apr 11, 2008 12:12 am Post subject: Re: So how does your 401k statement look?
I am down a little over 4% this year, however its the money my employer contributed and none of it was mine. I am seriously considering cashing it out (around 3 grand) paying my penalties and buying some gold. Or hell maybe an HDTV or put the money into my car lol. Why not enjoy it while i still can right? Aside from my 401k I have some stocks of my own, my oil service sector stocks are both up 10-15% since I bought them last summer so I guess I'm not doing to bad (aside from dollar devaluation) My biodiesel stock has gotten hammered and is down hard though, but its a speculative buy that I am in for the long haul on, given diesel is over 4 bucks a gallon things look good for them.
Joined: Sep 14, 2004 Posts: 5817 Location: Rural Virginia
Posted: Fri Apr 11, 2008 8:21 am Post subject: Re: So how does your 401k statement look?
The stock market has so far largely escaped the impact of the economic downturn. Just how long this can continue is a matter of conjecture.
Since we are in the early transition stage from a long era of economic growth to a long era of economic contraction, stocks are not where you want to be. It's really that simple.
There may be a few individual winners along the way, but you'll have to be very lucky to be in one of them at the right time. As for mutual funds, they'll get creamed.
Notions like "stocks always rise over the long term" and "home values always rise over the long term" are deeply imbedded in our psyches, especially among those of us who have come of age during the long economic boom. So, many of us will have to learn that it ain't necessarily so, the hard way. _________________ "Actually, humans died out long ago."
---Abused, abandoned hunting dog
"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother
Joined: Sep 16, 2004 Posts: 4169 Location: Southwest WI
Posted: Fri Apr 11, 2008 8:41 am Post subject: Re: So how does your 401k statement look?
Don't have one cent in the market. Have thought about moving money out of a couple of money market accounts, for fear they close up shop.
If what has happened even since Jan 1 08 is any indication, then can you imagine what its going to look like Jan 1 12 or Jan 1 2020? I just don't see a anything positive to look forward too. As long as the population continues to grow and the rich keep getting richer, we are Fark.
Good investment would have been buying a couple thousand gallons of unleaded at $2 in Feb 07... or buying diesel. 50% return! _________________ "Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07
Joined: May 18, 2006 Posts: 3485 Location: Minneapolis, MN
Posted: Fri Apr 11, 2008 9:04 am Post subject: Re: So how does your 401k statement look?
frankthetank wrote:
Don't have one cent in the market. Have thought about moving money out of a couple of money market accounts, for fear they close up shop.
If what has happened even since Jan 1 08 is any indication, then can you imagine what its going to look like Jan 1 12 or Jan 1 2020? I just don't see a anything positive to look forward too. As long as the population continues to grow and the rich keep getting richer, we are Fark.
Good investment would have been buying a couple thousand gallons of unleaded at $2 in Feb 07... or buying diesel. 50% return!
If'n I was a young man "now", I'd invest in LAND. Screw the market.
Joined: Sep 03, 2007 Posts: 562 Location: Sunny Virginia, USA
Posted: Fri Apr 11, 2008 9:27 am Post subject: Re: So how does your 401k statement look?
vision-master wrote:
Stockbroker's creed: A man is a client until proven broke.
That's why they are called "brokers"
Actually, my 401k is an insurance policy that eats up 6% of my gross income.
That insurance policy is in case there ISN'T a difficult post peak oil world. What if, next year, some genius figures out a way to cheaply turn salt water into fresh water and with the profits of that venture creates the Mr Fusion for the home and the Mr Fusion Jr for our cars?
The market would spiral past 30,000 and my 401k would allow me to retire in 20 years.
Again, it's a cheap insurance policy and, more importantly, I PRAY IT PAYS OFF! _________________ When somebody makes a statement you don't understand, don't tell him he's crazy. Ask him what he means. -- Otto Harkaman, Space Viking
Joined: May 18, 2006 Posts: 3485 Location: Minneapolis, MN
Posted: Fri Apr 11, 2008 9:39 am Post subject: Re: So how does your 401k statement look?
jlw61 wrote:
vision-master wrote:
Stockbroker's creed: A man is a client until proven broke.
That's why they are called "brokers"
Actually, my 401k is an insurance policy that eats up 6% of my gross income.
That insurance policy is in case there ISN'T a difficult post peak oil world. What if, next year, some genius figures out a way to cheaply turn salt water into fresh water and with the profits of that venture creates the Mr Fusion for the home and the Mr Fusion Jr for our cars?
The market would spiral past 30,000 and my 401k would allow me to retire in 20 years.
Again, it's a cheap insurance policy and, more importantly, I PRAY IT PAYS OFF!
Here's a little story for ya. My Mothers "lifetime" annuity just stopped. She never got a statement ever. My father collected from this annuity from 1977 till 1995. After he died, "they" sent a lump sum to my Mother. She sent it back. NOW, "they" say she re-invested in a 401k and the money is GONE. Thing is, she never signed any paper work, Me thinks, she being 89, "they" figured "they would Fark her over. We will see, time for an attorney, eh.
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