He had been planning his retirement for years. Hall of Fame pitcher Nolan Ryan wanted to be a cowboy after hanging up his baseball uniform. But he found the transition to retirement a lot harder than he thought it would be. It wasn't the long rides or the tough work of being a rancher that were hard on Ryan, it was the loss of his past life that gave him trouble. He missed going into the ball club and being part of a team every day. In my experience with clients transitioning from work to retirement, Ryan is not unique. Many people entering retirement are greeted by mixed emotions, even … [Read more...]
You’ve Read the Last Issue of Intelligence Report Now What? Part III
In his first issue of Richard C. Young’s Intelligence Report, Dick wrote, “Hugh Johnson is known worldwide as an expert and writer on gardening and wine. In Connoisseur’s June/85 issue Michael and Ariane Batterberry wrote about Johnson’s ability to communicate to his readers saying he ‘never pontificates,’ and that Johnson feels ‘once inflamed by a subject, the wise outsider will write a book about it before he learns too much and becomes an insider, so entangled in arcana that he can no longer strike through the nub of things.” “I hope my Intelligence Report will achieve Johnson’s worthy … [Read more...]
What Will Pensions Buy in 2018?
Securities valuations are at the highest levels they've ever been. You can see on my price-to-sales ratio chart of the S&P 500 that valuations are higher today than they were during even the dotcom era. While stocks are valued at record levels, the situation in fixed income markets isn't any better. With such high valuations for stocks and bonds, there is nowhere to go for pension funds looking for bargains. Despite the expensive markets, pension funds are still buying assets. Heather Gillers reports in The Wall Street Journal: In the public pension world, the willingness to chase … [Read more...]
Is This the Best Gift You Can Get Your Kids or Grandkids?
With Christmas nearly here, many parents and grandparents are scrambling for the last minute gifts and stocking-stuffers to delight the kids in their lives. There's nothing better than seeing the wonder in children's eyes as they unwrap a present, but there's another gift you can give your children or grandchildren that will be just as powerful. Passing on wealth to your children or grandchildren for college, a down-payment on their first home, or for other reasons can be a powerful kick-start to their lives. I suggest using UGMAs to accomplish your wealth transfer. Here's what Fidelity has … [Read more...]
Crash II, Preview
Breaking news at youngsworldmoneyforecast.com will post next week! You will learn exactly why investors today are being misled by both the Dow 30 and the S&P 500. You will find out why I expect historically poor performance for most investor portfolios over the next five years. You will read the complete details of an easy-to-deploy strategy that will help you ride out the coming storm with a positive total return. You will understand exactly why I use this strategy myself and at my investment management company. You will not want to miss the boat here. Originally posted … [Read more...]
Ranching in Wyoming, Slow Money, and Finding the Key to Your Success
You know, there’s nothing wrong with making money slowly. With all the hype surrounding bitcoin and making money fast, there’s virtue in making it over time—you appreciate what you have when you finally get it. Respect for money was an important lesson I learned, of all places, as an intern at a start-up company while at Babson College. One morning in the conference room the founder told me, “Always remember, most investors don’t respect money. They don’t appreciate the hard-work it takes to earn it. They’re looking for a quick buck. We’re trying to create something. We’re builders. We … [Read more...]
Crash!
I have been investing since the spring of 1964, and I do not remember being as uncomfortable with the health of the financial markets as I am today. Given that unpleasant prelude, I also want to advise all investors that my own investing position has not changed since I began investing 53 years ago. I do not market time, i.g., moving in and out of the markets. I pay zero attention to daily, weekly or monthly price movements and have never made an earnings projection in my life. I do not keep tabs on the exact value of my own account. My assets are spread around with custodial friends … [Read more...]
You’ve Read the Last Issue of Intelligence Report: Dave Hammer on WD-40
Turns out you can survive and thrive with WD-40 in your pantry drawer and your portfolio. “During my 14-year run in the institutional research and trading business in Boston, the finest analyst with whom I worked was oil analyst Dave Hammer. Since 1990 Dave has been the managing partner of Hammer Asset Management. We stay in touch to this day,” explains Dick Young. You can see why from his interview in the September 1987 issue of Richard C. Young’s Intelligence Report (excerpt found below). (Edited for length and clarity) This Month’s Special Guest David Hammer He plays … [Read more...]
Trust in Money, Store of Value
How is the trust level in our current monetary system as a “store of value?” Not good, especially if the price of bitcoin or record art sales are any indication of investors looking for places to stash their money. Da Vinci Christ Painting Sells for $450 Million Bloomberg's Katya Kazakina writes: “Jesus Christ.” That was the reaction of mega art dealer Larry Gagosian after a rediscovered painting by Leonardo da Vinci became the most expensive work ever sold, soaring to $450.3 million at a Christie’s auction in New York on Wednesday. Alex Rotter, the auction house’s … [Read more...]
The Truth Behind the S&P 500: Part IV
This is the time of year when you need to be extra careful about what you invest in, especially when you’re buying a so-called passive index fund that tracks the S&P 500. I have many concerns about the S&P 500 index approach, as I point out here, here, and here. Add one more issue to the list: “Passive” investors paying for someone else’s actions. Recently, the PNC S&P 500 Index Fund announced it will pay out $4.19 in cap gains per share, as pointed out in by Jason Zweig in his weekly WSJ column The Intelligent Investor. “This week, the fund’s per-share value was around … [Read more...]
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