“We are plain quiet folk and have no use for adventures. Nasty disturbing uncomfortable things! Make you late for dinner!” said Bilbo Baggins to Gandalf in The Hobbit. Which leads me to “Investing Mistakes to Avoid: #9 Hobbyist or Hobbit?” This is a story about a recently retired investor. The hobbyist investor. The most dangerous one of all. You see, it’s the recently retired investor who, with a fresh outlook on life, thinks he doesn’t need “experts” to guide him. Who yearns for one more bite of the apple. Who imagines himself scoring with artificial intelligence or high-yield … [Read more...]
The Value of Being an Expert
I like this piece from Cal Newport, who emails me regularly (and will email you, too, if you're a subscriber to his emails). He writes mostly about optimal productivity, organizational behavior, unplugging your digital life, time management, etc. In this piece, he writes about the value of being an expert (or relying on one) through slow productivity to differentiate yourself from the everyday tasks everyone else you know is doing. Enjoy. I found myself recently, as one does, watching the mini-documentary featurettes included on the DVD for the popular 2014 Keanu Reeves movie, John Wick — an … [Read more...]
The Highest Duty Known to the Law?
You know from here and here that Your Survival Guy wants you working with a fiduciary, someone who serves you, not two masters. Here’s great wording by Jack Bogle: The concept of fiduciary duty has a long history, going back more or less eight centuries under English common law. Fiduciary duty is essentially a legal relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary, who justifiably reposes confidence, good faith, and reliance on his trustee. The fiduciary is expected to act at all times for the sole benefit and … [Read more...]
Serving Two Masters is No Way to Invest
Are you working with a fiduciary? What is a Fiduciary? In “The Fiduciary Principle: No Man Can Serve Two Masters,” the founder of The Vanguard Group, John (Jack) Bogle, explained the fiduciary duty as follows: “The fiduciary is expected to act at all times for the sole benefit and interests of the principal, with loyalty to those interests.” Nowhere in Bogle’s full definition (here) does he mention allowing a firm’s politics to guide it. But that’s exactly what has happened with ESG. The ESG Cartel Is Vanguard Voting Against Your Political Beliefs? Was Silicon Valley Bank a Victim … [Read more...]
Investing Mistakes to Avoid: #10 Picked Off First
Your Survival Guy has compiled a list of investing mistakes to avoid. It's a list for highly successful, fairly wealthy investors. Today's lesson is what I refer to as "Picked off first." Do not get picked off first base. When you have some money, or in my example, get a hit, you need to protect yourself. You can't afford to be picked off and sent to the dugout. But it happens with far too much frequency because investors are caught sleeping. Here's what I'm talking about. One of the first things you learn about investing in bonds is the risk-free rate of return. You can see it below. … [Read more...]
Successful Investing Is a Mindset
Dick Young wrote in the October 2015 issue of Intelligence Report: As you know, I do not check the prices of my investments daily, weekly, or even monthly. I do an annual checkup only at tax time. When I make a significant investment, I have no intention of liquidation anytime soon. I am in for the long haul. Thus, short- or even medium-term volatility is of zero concern to me, beyond keeping an eye out for a name on my watch list that may have taken a temporary beating due to no particular fault of its own. So, then, successful investing is a mindset based upon a master plan that … [Read more...]
What Is a Fiduciary Duty? Are You Working with a Fiduciary?
Are you working with a fiduciary? What is a fiduciary? If you aren't sure your advisor is a fiduciary by law, you should find out. It can make a difference in what happens in your portfolio. In his 2009 article "The Fiduciary Principle: No Man Can Serve Two Masters," the founder of The Vanguard Group, John (Jack) Bogle, explained the fiduciary duty as follows: The concept of fiduciary duty has a long history, going back more or less eight centuries under English common law. Fiduciary duty is essentially a legal relationship of confidence or trust between two or more parties, most commonly a … [Read more...]
Birth Rates in France Worst Since Post-WWII Era
You know Your Survival Guy is worried about Italy's low birth rates. But just as worrying is France, which is witnessing its lowest birthrates since just after WWII. Can you imagine? Fertility rates in France have fallen to 1.8. Hélène de Lauzun reports in The European Conservative: After Spain and Italy, it is now France’s turn to publish alarming figures on the state of its birth rate. According to the national statistics agency, INSEE, the year 2023 will be particularly “weak” for births. In the first quarter, France recorded 7% fewer births than in 2020, before the pandemic—the lowest … [Read more...]
The Wisdom of Sam Zell
Famed investor Sam Zell passed away last week. In Barron's, Oscar Schafer discusses Zell's life, writing: Sam Zell, the renowned real estate investor, died last week and, knowing we were close, the editors at Barron’s kindly asked if I would write a few words. People read Barron’s to learn about investing, and there are so many lessons one can learn from Sam. It is hard to know where to start. I could highlight his bold bets on out-of-favor industries or his creative knack for complex structures. I could mention his prescient sales at the top of the cycle or perhaps his repeated warnings … [Read more...]
Letter to the Federal Reserve Chairman from Your Survival Guy
Dear Chairman, Millionaires next door have questions—lots of them. But we’re not getting answers. Something earth-shattering is going on. And it seems no one in power is giving it much thought. Please review the chart series below. It looks like a bullwhip. A cliff. A ski slope. It’s dramatic, to say the least. How will this end? Your thoughts on the matter would be appreciated. Thank you. Warm regards, Your Survival Guy P.S. Tomorrow, read about American investors' last line of defense. Originally posted on Your Survival Guy. … [Read more...]
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