Nick Perry argues recessions don't destroy wealth, they redistribute it from panicked sellers to cash-rich buyers waiting for the bottom. The biggest net-worth gains happen when others are panicking, not when the market is excited.
The biggest lie about recessions is that they destroy wealth. Because when you see the taxi line at the airport go from 60 cabs to 5, it looks like the money just vanished. But money doesn't vanish in a recession because it moves from the people who panic and sell at the bottom to the people sitting on cash waiting for the bottom. Which is why the people who get crushed are always the ones who never learned the game. So be afraid of what everyone's excited about and and excited about what everyone's running from. You know, that's where the biggest jumps in your net worth happen, when everybody else is panicking. If you found this helpful, or if you want to learn more, give me a follow.
