It’s been a rocky year for the investment company that I work for. Not only has our cost of funds escalated dramatically (at least we can get funds if we need them), but more customers are defaulting. Cash cushions are dwindling to an uncomfortable level, and some of the younger finance folk are getting nervous about both the company and their personal situations. Suppressing my doubts, I reassure them that these times will pass.
If you have the funds, it’s a good time to be buying. Asset prices have plummeted in nearly all categories. But cash alone is not sufficient to be a player. You need nerves and the courage to back your judgment.
This week we plunked down some precious cash and assumed some debt to make a major investment in almost-new transportation equipment. If we return to a normal business environment in short order, this purchase will be a great performer. If not, well, I’ll send my resume to the government like the rest of the nation’s jobseekers.
So an otherwise difficult year ended on an uptick, making the holiday party at the Cosmopolitan Café unexpectedly cheerful. We washed down the pupus with champagne and marveled at the youthful appearances of the retirees. Their faces had fewer lines than on the day they left. Whether we're working toward retirement or just a bigger paycheck, for this afternoon most of us really believed that next year will be better. © 2008 Stephen Yuen
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