For those who were around in 08, how would you compare the general "feeling" (media reporting/sentiment, conversations with coworkers/friends/family, what's going on in your head, etc.) of this crisis to that of the financial crisis?
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For the most, I think the people who I worked with in 2008 viewed the financial crisis as buying opportunity, including me. I put some cash to work and moved some money from less aggressive investments to higher risk situations. For the most part, I could say the same thing about people who I work with today, except now my views are a little different from 2008, partly due to being a little older with a shorter time horizon. It is very difficult for me to form a view and take action in the current environment because like others here, I have never experienced a pandemic of this magnitude. This environment does not feel like your typical bear market and I have concerns about whether we have the right people in place in the government to help us get through this situation.
I do not remember or care about what the media was saying about financial conditions in 2008 nor do I care much about what they are saying now.
I was a young impressionable youth during 08, but this time all my friends and family aren't crashing and burning and everyone is like "meh, whatever, it'll sort itself out eventually"
Personally, from the fundamentals only, I think we stabilize to normal by EOY, or it goes in the exact opposite direction and we consistently stay at high volatility, low consumer sentiments and investor confidence, the Corporate Credit Market implodes, etc - all signs of a long contraction period.
My whole feeling is that this was perfect for me - I now have more time to work on my businesses and can possibly tie future launches to when the economy booms again, while taking any opportunity to outperform at my normal stint.
What type of businesses do you have?
Software app (SAAS + social + curation). Have a friend trying to launch a similar idea (curation is focused differently) to see how we can strategically "compete" with each other.
Coaching business (interviews, networking, resumes etc copying alot of the methods I learned or from Ivy contacts, catered to those not in Ivy/Tier 1s). Was doing on-campus pilot classes until this COVID 19 situation hit. I have much better in-person presence than online so I'm still figuring out the approach. One-on-one activity is the main driver right now given the fear.
Also still in the very early planning phases for a foundation based on my love for spicy food --> to help fund research and cures for neurological disorders (i.e. trigeminal neuralgia) and (seasonally) fire victims.
so far, nowhere near as bad. but then again a few months into the GFC before bear went belly up people weren't all that worried.
I'll answer the question more fully in 2 years. too early to do a postmortem
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