Cover art for podcast NZ Guide To Financial Freedom

NZ Guide To Financial Freedom

302 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life.


Will Sharesies And Hatch Contribute To The Next Stock Market Crash?

I'm really worried about this generation of Hatch and Sharsies investors as their behaviour is so similar to that of the stock market crash in 1987. The Crash by Liam Dann in the NZ Herald describes it well: “It all happened too quickly,” says Des Hunt, a longtime investor and founding member of the NZ Shareholders Association. “What surprised me and frightened me was that everybody thought that it was easy to make money, so they were buying shares on the assumption they’d go up automatically, with little research,” he says. “There was nothing behind the businesses in some cases. I think the banks, the brokers, everybody was pushing hard. They were just saying you can’t miss out.” “Through 1986, the share market became something of a national pastime,” says the article dated January 2, 1987. “Many average citizens flocked to the new off-course substitute TAB in the hope of catching profits before they were gone,” the article noted somewhat prophetically. By February 1987, the New Zealand Stock Exchange estimated that between 12 and 15 per cent of the population were share investors, ahead of Australia with 8 per cent. Professional director Linda Robertson had just returned from her OE in 1987 and was working in a currency dealing room at the time of the crash. “I recall coming back and everyone was talking about shares. ” “Everyone was abuzz with share trading, there were share clubs. That was all very new.” In the dealing room, she recalls the crash being triggered by news coming out of New York. For Rob Cameron — one of the architects of the current regulatory system, including our Financial Markets Authority — there is no question. “Look, the one thing I can tell you with confidence is there will be another financial crisis. It is in the nature of humans.” “We are our biases — probably a lot of them evolutionary — and they will lead to periods where we become overly optimistic about asset prices, and we’ll find ways which no-one’s ever thought of yet to come up with financial innovations that fuel it.” It’s something to consider as the nine-year bull market, both here and on Wall Street, rolls on to new record heights."

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