The note of panic and uncertainty in the editorials on big falls in world sharemarkets this morning was a stark contrast to the words of the general manager of one investment company I visited yesterday. He said simply: "It always happens, and it always will... things go in cycles".
Yet for all that, when one witnesses vast forces at work - even if it is only the massed fear of investors trying to bail out before prices fall further - one can't help get a bit excited. Whether one is a seasoned manager of a global sharebroking business, or just a journalist writing in a finance column.
There has been some genuine news. A massive rate cut by the US Federal reserve. Large falls in markets as investors re-price risk (a polite way of saying that they suddenly worry that what they are holding isn't worth as much as they thought). Even the odd bright spot.
Amusing, for those of us not in such time sensitive jobs as traders are, is the use of language by reporters. The anthropomorphising of sharemarkets must surely be unhelpful. "New Zealand fights back" shouted one Herald headline. Like some plucky little David in the face of a global goliath. Or like some patriotic call to arms.
Since when was paying too much for shares were a patriotic duty? For every seller there was a buyer in the market - should they have paid more? Maybe we should have a law requiring them to do so, otherwise they are shirking the 'fight' aren't they?
There is an economically rational theme that could be teased out - it was noted in one article that PGG Wrightson was the only share to rise over the last month (and that only modestly). Maybe there is a primary exports and commodity price underpinning which is helping NZ at present. It was missed. Like perhaps most of the lessons of recent turmoil will be.