In the November issue of Intelligence Report, Dick Young advised investors that his primary motivation is keeping them out of trouble. My focus, first and foremost, is on keeping you out of trouble. I do not write to needy investors—those who require the financial markets to make something happen to save their bacon—nor to novice investors or rank speculators. If you have been with me over the decades, you know that my primary concern is your comfort and security in your retirement years, whether today or in the future. In other words, my aim is to help you protect and preserve the capital … [Read more...]
Investing Lessons From my Father’s Father
Do you remember your first job? I forget what my father’s first job was, but I know he started working at a very young age scooping ice cream, pumping gas, and later selling Fuller Brushes. In addition to that, he was responsible for collecting rent from a number of his father’s rental properties in New Bedford, MA—where my dad was taught the most important lesson of all about money: compound interest. The rental properties, according to my dad, were not in the best neighborhoods and sometimes he was knocking on doors to collect late rent. My dad was instructed by his father to never knock … [Read more...]
The Next 5,000 Points for Stocks
I have no idea if the next 5,000 points for stocks will be up or down. But I do know your ability to stick with your plan will be tested in a 5,000 point drop. Don’t forget how easy it is to lose money. It may have been a while since some of you have worked, but remember how hard it was to save your money. Next, think about how you felt the last time the stock market took a big hit. Were you able to stick to your plan? Remember, you can’t control the market. But, you can control how you deal with it. In my experience investors discover they can’t tolerate losing money until after … [Read more...]
Successful Investing Is a Mindset
In the October issue of Richard C. Young's Intelligence Report, Dick Young wrote about the mindset of a successful investor. A successful investor must have "a master plan that allows [him or her] to find comfort through thick or thin." Success isn't a stroke of luck, it's the result of exceptional planning and hard work. Dick writes: Je Me Sens Bien As you read this month's strategy report, Debbie and I will be in Paris. Practicing her French yesterday, Debbie asked me if I knew the meaning of je me sens bien, with James Brown as a clue. Well, not knowing for certain, I guessed, "I feel … [Read more...]
Retirement: A Magical Find
One of the best things about retirement is being able to do the things you want to do. One of my clients spends his time seeking ancient treasures. Here’s a recent email string from him: Interesting week. We had one search for a family of four who had managed to lose the route and ended up in an adjacent canyon. We used a night plane flight to locate the couple and their daughters (their flashlights) and evacuated them the following morning using a chopper out of Moab. Below is a ruin I stumbled on while on a canyon patrol. It held a magical find - a completely intact ceremonial kiva. … [Read more...]
The 4 Most Dangerous Words in Investing
This time is different or so says Adam Parker, Morgan Stanley’s Chief U.S. Equity Strategist in missive earlier this week. What is different? Here is Mr. Parker in his own words. “People have been saying corporate margins are too high for years. Our judgment is that most of these metrics are irrelevant for making any market-based assessment in time frames less than a decade, if at all." Think again about Black Friday being smaller than Amazon Prime Day. This is a great example of how the new economy is taking over the old and how historical relationships between economic factors and … [Read more...]
VIDEO: Federal Reserve is Hostage to Markets: UBS
Buying on Margin
Margin calls can ruin a portfolio when the bills come due. This from WSJ Wealth Advisor: Loans backed by investment portfolios have become a booming business for Wall Street brokerages. Now the bill is coming due–for both the banks and their clients. Some lenders, including Bank of America Corp., are issuing margin calls to clients after the global market drubbing of the past week, forcing investors to choose between either putting up more money or selling some of the securities underlying the loans, writes Wealth Adviser at WSJ.com. Banks, meanwhile, are likely to take a hit to a key profit … [Read more...]
Pensions Headed for Trouble
Pensions are headed for trouble with their still-unrealistic expectations. More than two-thirds of state retirement systems have trimmed assumptions since 2008 as the financial crisis and an uneven U.S. recovery knocked many below their long-term goals, according to an analysis of 126 plans provided by the National Association of State Retirement Administrators. The average target of 7.68% is the lowest since at least 1989. The peak was 8.1% in 2001. On Friday, the New York State Common Retirement Fund, the third-largest public pension by assets, said it plans to drop its assumed returns … [Read more...]
VIDEO: There Is No Safe Asset Anymore
Bloomberg: Gloom, Boom & Doom Report Editor Marc Faber discusses market volatility and his investment ideas. He speaks on "Market Makers." … [Read more...]
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