Today is Thanksgiving Day in Canada, and the main thing I’m thankful for is that the stock markets in Canada are closed. Unfortunately, our American friends won’t be celebrating Thanksgiving for a few more weeks and their stock markets will be open today. So, we won’t get a complete break from the barrage of panicky reports about stock prices.
Maybe we would be better off if stock markets were only open one day per week. This might reduce panic and cause more investors to take a long-term view. In his 1993 letter to shareholders, Warren Buffett said “after we buy a stock ..., we would not be disturbed if markets closed for a year or two.”
I’m not as confident an investor as Buffett, but I understand the idea. I own my current set of investments because I believe they will do well in the long term. I’m not gambling on short-term moves.