Bitcoin hit $66,000 Friday before dropping back a bit.
Here’s a question:
Which would you rather have?
A mortgage-free four-bedroom duplex with a Sub-Zero fridge, central air, hot tub and a pool — or 10 bitcoin?
I am so torn.
The Dow, meanwhile, may finally break through 36,000 this week. I’ve been waiting ever since the 1999 publication of Dow 36,000, co-authored by Kevin Hassett, who would become presidential candidate John McCain’s chief economic advisor.
From the Introduction:
[A]s the Dow rose above 11,000, Wall Street analysts and financial journalists warned that stocks were dangerously overvalued. They were wrong. Stocks were [and are] UNDERVALUED. Tomorrow, [they] could immediately double, triple, or even quadruple and still not be too expensive.
The Dow is now close enough to 36,000 to have effectively borne out the title. But it did take 22 years. And just as the Dow seemed a little toppy at 11,000 in 1999 (it would bottom out at 6,500 ten years later), so does it seem a bit toppy today.
That said, especially for people with decades ahead of them, a habit of steadily buying $200 or $2,000 of index funds each month is almost surely a habit worth keeping. Should the market tank, you’d just be getting that many more shares “on sale.”
More to say about “where to put your money now,” but the new season of “Curb Your Enthusiasm” is about to begin, so (as my mother used to say) first things first.
Have a great week.