title: The Market is too high/low to invest right now. description: [AFW S.12.9] Securities Objection #9 published: true date: 2026-06-30T08:11:56.171Z tags: editor: markdown dateCreated: 2021-11-10T00:36:52.855Z
“The stock market is a giant distraction to the business of investing.” ―John Bogle
John's advice furing a crisis: “Don't do something, just stand there.” ―John Bogle
“It's never the wrong time to put some more money with the right money manager.” ―Nick Murray
“I think the worst mistake you can make in stocks is to buy or sell based on current headlines.” ―Warren Buffett
► The economy can’t be forecast. ► The market can’t be timed. ► Therefore, the correct time to buy equities for the long run is whenever you have the money. ► By the same logic, the correct time to sell equities is whenever you need the money. ► Everything else is commentary. -Nick Murray
Read Nick's This Time Isn’t Different - #22 - Part 2.4 - The Pain That Never Stops PDF
Use when the client doesn't want to invest due to some perceived condition of the economy, market or political environment. This script is based on a dialog from The Game of Numbers book on pages 193-194 by Nick Murray (hardcover).
These scripts are ways to be non-responsive to the stated questions. The discipline is to shut up once you've responded. This demonstrates your conviction and a statement of truth that is so self-evident that you clearly don't feel the need to amplify the answer. It also forces your prospect to say something else which usually illuminates that they don't know what they're talking about.
The Market is Too High¶
Read Nick Murray's Client's Corner 2014-09 - Irrational Stocks and Rational Companies PDF
Read Nick's This Time Isn’t Different - #36 - Addendum 1 - The Other Big Mistake PDF
Watch Market is too high low other to invest right now VIDEO
Prospect: The market's too high right now to invest..
Advisor If you think it's too high now, wait 'til you see it in about ten years! (Silence)
Prospect: But, but....
Advisor Now you give your little speech about where the market was ten, twenty and thirty years ago - thirty always being the magic number, because we're always dealing with roughly thirty-year two-person retirements.
The Market is Too Low¶
“When stock prices are going down, the enduring value of the underlying companies is going up.” ―Nick Murray
“The stock market is the only market where things go on sale and all the customers run out of the store.” ―Cullen Roche
“Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.” ―Warren Buffett
Read Nick's ATY 109 April 19 - The Madness of Wanting the Market to Go Up PDF
Read Nick's ATY 130 May 10 - Getting Out is Half a Strategy PDF
Read Nick's ATY 285 October 12 - When The Bear Strikes PDF
Nick's TTID Part 1.2 - The Human Nature Problem PDF
Prospect: How can you recommend investing now? The market's going down!.
Advisor Beats the heck out of buying when the market's up. (Silence)
Prospect: But, but....
Advisor Now you give your little speech about how you buy everything in your life more agreesively and happily when it's on sale, so why not investments?
Any Other Condition of the Economy, Market or Political Landscape¶
“If you mix politics with your investment decisions, you're making a big mistake.” -Warren Buffett
Prospect: The unemployment numbers just came out and they're terrible. (Or any other "issue".).
Advisor "And....?" or "Why?" or "How do you think that should bear on your thirty-year retirement income plan?" (Silence)
He''ll now have to amplify and defend his objection - which is just another variation on the fundamentally silly notion that you can't buy when the market's going down. And you'll gently ask when the heck anyone else would ever really want to buy. He won't really know why and demonstrate this as he attempts to defend his objection. Then you'll come back with your little speech about how nothing "ruins" the economy in the long run - and how every "crises" is a buying opportunity.