'What we buy and sell every day has everything to do with how we feel,' writes Peter W. Atwater
for “Am I fat?” “Am I ugly,” and “Am I stupid?” also rise. Our self-critical, mean voice naturally comes out to play when we feel stressed.
Behind every investment decision we make is a story—not just about a business or an industry but about the future. We won’t willingly buy shares in a company if we imagine trouble ahead. And by imagine, I mean it in its most creative sense of the word. While our decisions may be grounded in projections and forecasts of revenues, earnings, and other objective financial measures, any time we talk about the future, we must imagine it.
At the other end of the sentiment spectrum, in early 2021, we saw the reverse. With a mass vaccination effort underway and consumers flush with cash from Washington D.C., there was renewed excitement about innovation and the economic growth it would bring. Not a year from the pandemic outbreak, investors stampeded into cryptocurrencies, SPACs, meme stocks, and other highly speculative, abstract investments certain that their future would be blisteringly bright.
At lows, the stories we tell ourselves—and that are often being repeated by the financial media more broadly often in “Markets in Turmoil” specials—caution that “things will only get worse.” We extrapolate the intense uncertainty we feel far into the future and race to sell. With that, we demand what we feel is most concrete: cash. Conversely, at peaks, we do the reverse. Feeling invincible, we see an “unstoppable” bright future ahead and dive in. We crave abstract possibility.
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