Digger Odell PublicationsI'm not a rich man, but I do have a small exposure in the stock market. Yesterday I watched the value of my investment drop faster than skydiver whose chute failed to open. In the blink of an eye, Americans lost $1.2 trillion dollars $1200000000.00 -part of which was mine. It seems the money had simply evaporated. Now when a bottle falls off my shelf and shatters into 1000 pieces, what happened to its value is clearly spelled out by the mosaic of shards scattered across the floor. What about my investment money? Where are the shards?
I find some small comfort that the antique bottles sitting on my shelf have never suffered an eight percent drop in value in one day. Sure some of them have suffered hundred percent drops in one day, like the time the cat knocked my favorite peppersauce off the shelf, or when I broke a bottle cleaning it. But just sitting there on the shelf, none of them have lost that kind of value. Of course that bottle that I bought 30 years ago for a dollar is still worth a dollar, but a dollar is not worth a dollar anymore. So what happened to my money? If the bottle was stolen there wouldn't be any shards to be seen and I might have some recourse. Its more like my money in the stock market was stolen.
Yesterday, I got an email from a collector who wanted to know how to sell a collection of “average priced” fruit jars. He did not high prices for them just “fair prices.” Unfortunately, there is a parallel between his selling his collection and the banks selling the glut of foreclosed homes on the market. What’s a fellow to do? Truthfully, thinking about all this makes my head hurt so I think I’ll just go digging.