Photo: Andreas Poike (CC BY 2.0)
It seems the China Crisis that caused world stock markets to tumble on “Black Monday” appears to be over and stocks are on the rebound after their recent, disastrous fall. While this has most investors jumping for joy, it isn’t make Eric Davidson happy.
We found Davidson sitting on the steps of the one of the major bank buildings in Toronto, head in hands, sobbing. “God damn stock markets! I know the experts said not to panic, to just wait it out, the prices would come back but I thought they meant ten years from now when I would be 60! I couldn’t wait that long; I just imagined my RRSPs evaporating before my eyes.”
Davidson continued, “My stupid ass stock-broker told me to sell. HE said the experts aren’t always right and I would be better to get out while I could with at least a few bucks left. And I listened to him!! I dumped my oil stocks at $39.00 a share, 5,000 of them, 5,000 shares!! Now it’s up to $42.00.” At this point Mr. Davidson was so overcome with grief it was impossible for him to speak.
Recovering and composing himself he added, “There were so many, many more…I lost over three-quarters of my investments. My RRSPs are just about wiped-out.”
When asked what he would do now that he would have to start earning retirement income over again, Mr. Davidson stood up and started walking purposefully down the street, calling back over his shoulder, “I’m going to become a goddamn stock broker, that’s what. Screw some other poor shmuck and take HIS money. That the capitalist way, isn’t it?”