Thanks to Greek pensioners, the slow-motion train wreck that Greece has been for almost five years is finally coming to a head . . . for awhile.  This is not surprising.  The only real surprise would be if they didn’t “kick the can down the road.”  That could have theoretical implications for other weak European colonies, like Italy and Spain.

More important to the U.S. investor might be that the American Greece or Puerto Rico, which is also approaching a crisis point, but it is not yet as critical as Greece.  Would a bankruptcy in Puerto Rico destroy the American economy?  Of course not!  Would a bankruptcy in Greece destroy the European economy?  Of course not!

Nonetheless, the stock market will resemble a roller-coaster for awhile.  I’m glad — let’s get this drama behind us!

The global financial crisis of  20008/9 was a terrifying experience for many people.  Much has been written about its impact on Millennials.  They are less inclined to take on debt, even mortgage debt.  They are more inclined to start their business than any other generation, reflecting their deep distrust of the corporations that fired their parents.  They have been traumatized.  Less discussed, however, millions of investors during 2008/9 were also terrified and fled the market.  Since then, they have watched the stock market make a massive bull run and missed it.  With this major swoon in stock markets worldwide, it is an opportunity for former investors to get back into the market.  I hope they will take it.

For those who got back into the stock market, this would be a crazy time to sell.  It would be a much  better time to go to the beach instead!

This too will pass!