When I ask you, “How did you save so much money?” your answer tells me a lot about you. Because, when you respond, “I really don’t know, to tell you the truth, just hard work and saving like crazy,” I know it’s not what you did to save money, but what you didn’t do. Yes, you had to work. How else were you going to put food on the table? And yes, it would have been easier to do nothing. But that’s not how you roll. Yes, winning the lottery would have made things easier for sure. But, most of you made your money slowly, year after year, and it never got easy. After a while, you realized … [Read more...]
Crushing Words to Avoid: “We’re Disappointed in You”
It’s breathtaking looking at prices today and thinking about what things are really worth. I know, I know, worth is whatever someone else is willing to pay. What a bore. But, what if you’re not in this to be a seller? What if your interest is the wellbeing of your family, and selling isn’t your end game? Where, instead, you’re caring for your investments, like your love for a child, in perpetuity. Would you ever sell your child? Most of the time, the answer is no. Thanks for the memories! When you’re working in a family business, as I do, you understand the fear of disappointment real … [Read more...]
Fidelity Investments #1: Hires 4,000 Focuses on YOU
The financial services business is booming. The keyword being “services.” Because as millions of existing and new retirees look for help, the demand for service is stretching some firms’ capacity to help them. Not Fidelity’s, because, as you know, Fidelity is #1. With all the talk about robo-advisers, one fact remains with automated services; nothing can replace a live conversation with a financial adviser. I know my customers. I know when their emotions are high, and that’s something I don’t see a robot catching. Service is a huge part of getting your finances right. I know you don’t … [Read more...]
You’re Telling Me Friends Ask You This Question
You’re telling me what friends are asking you the most. But first, let’s take a step back. You’ve been through a lot over the last year. Most of you stuck with me as we watched the world turn upside down. We lived to fight another day. Hey, I’m Your Survival Guy, not your "hope we make it" guy; what did you expect? You didn’t think I’d leave you behind, did you? You didn’t panic (maybe a little), you didn’t drop to your knees and raise your hands to the sky in despair (it’s OK, no one saw that), and you stuck to your plan (too scary not too). You made it through in your own way in one of the … [Read more...]
My Key West Garden Office
Hard to believe it has been nearly 30 years since I walked away from dealing with investing clients, prospects, or the financial media. I also stopped speaking at capacity-filled investment conferences around the world from New Orleans to Switzerland to Hong Kong. About that same time, Debbie and I bought two Harley-Davidson motorcycles along with a little pink Conch cottage in Key West, Florida. In the following decades, we racked-up 125,000 miles on the bikes with not a single mishap (or road beer) along the way. Today, dodging road obstacles and traffic or riding through passing … [Read more...]
Can You Even Afford To Retire in Biden’s America?
You have seen already, in slightly less than two months, Joe Biden and the Democratic Congress have put America on track for higher inflation. With trillions of dollars in stimulus, and new announcements of higher taxes on the horizon, and a push for a higher minimum wage, inflation expectations have soared. Expectations for inflation have increased 40% in the last five months, to 2.3% from 1.6% over the next ten years. As Brett Arends writes at MarketWatch, it may not seem like a lot, but if you're retiring it could make the difference between relaxing on the beach or going back to work. … [Read more...]
Fidelity’s 26 Million Retail Accounts in 2020, Up 17%
Yours truly can attest to Fidelity’s banner year, as business is booming in my neck of the woods. Never before have I opened more accounts for existing and new customers. Who would have thought this would EVER happen in a pandemic year? I certainly did NOT. But as I’ve written to you before, when it comes to investing, you don’t want to be in the PREDICTION business. It never hurts to have a front-row seat, though. “Fidelity’s Retail Investor Accounts Rise 17% to 26 million” reports the WSJ here: Fidelity Investments capped 2020 with record annual operating profit, lifted by strong … [Read more...]
Teaching A Family Investment: Warren Buffett’s Annual Letter and You
It’s nice to have some traditions you can count on. One of those is Warren Buffett’s annual letter to shareholders of Berkshire Hathaway, released over the weekend. With all the chaos in the world, it’s nice to have stability when you can find it. I read the report Sunday morning before Becky and I met my parents for lunch at a favorite spot in Tiverton, RI. My Mom and I ordered the fresh cod with littlenecks and linguica. My Dad commented that he had the same dish Friday with his friend at another restaurant in New Bedford. If you’ve ever read the history of how Berkshire Hathaway got … [Read more...]
You’re Worried About Money, Not Just Losing It
I had a conversation with a prospective client yesterday telling me he wants preservation of principal with growth. And on top of that, he told me what stocks he wanted to own. (You know the names, I won’t bore you.) “Because I don’t like to lose money,” he said. In my over 25-years working in the investment business, I have yet to meet someone who “likes” losing money. It’s not a “well he can afford to lose some money” thing either. Losing money is losing money. No one likes to be a loser. Period. On a separate note, I had a real nice conversation with another prospective client earlier … [Read more...]
Jim Simons’s Renaissance Technologies vs. Internet Forum Traders
This story is a familiar one if you have been active in the markets for a few decades. It starts with the WSJ reporting on Jim Simons's decision to step down as Chairman of his firm, Renaissance Technologies. As the Wall Street Journal so kindly points out in this morning’s article, Renaissance Technologies public funds had a real ugly year in 2020. They were down 20-30%. Simons is one of the most successful hedge fund managers on Wall Street—ever! Nothing like a parting gut-punch from the most widely read financial newspaper in the U.S after an otherwise brilliant career. Classy … [Read more...]
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