Idiots and more Idiots

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Nov 24, 2005 11:46 am

I cant help but chime in after reading in another post brokers who knocking other brokers for managing accounts themselfs on a discretionary basis.  This is a subject near and dear to my heart since I have over 135 million that I manage myself on a discretionary basis. 


You ignorant fools.  You compare mutual funds to the service one receives from a good advisor managing money themselfs and taking all the gall darn responsiblility for doing it?   Are you stupid or are you just completely uninformed?  What in the hell is the matter with you making such posts?  One guy even talks about some Phd at American Funds.  What a foolish, stupid, uninformed comment.  So you are going to put a guy with 5 million dollars in mutual funds?  Oh yea but they'er American Funds!  What an idiot. What a great business for me to be in because this is who I have as my competition.  Uninformed fools. 


You are truly stupid human beings for not having the sense to understand what in the hell goes into an advisor managing money themselfs.  In fact you all are dummer than the guy last month on here who thought the specialists on the floor of the exchange do not manipulate the price of the stocks to better their own book.


Along those lines can anyone tell me what four stocks were responsible for keeping the market going into this Wall Street contrived rally we are having?  Maybe one of you dopes who like mutual funds so much for wealthy investors will know.   "Not likely" 

Nov 24, 2005 12:29 pm

Greenhills- Have a happy Thanksgiving!!

Nov 24, 2005 3:56 pm

I have a feeling that greenhills will be spending Thanksgiving alone in a cabin in the woods somewhere, drinking from a bottle of moonshine and being bitter at the world... But hey, at least he is the all knowing when it comes to managing discretionary money...

Nov 24, 2005 4:09 pm

umm ok I'll be glad to learn which 4?

Nov 24, 2005 8:32 pm

Remember the good old political debates, those were the days.

Nov 25, 2005 1:18 am
blarmston:

I have a feeling that greenhills will be spending Thanksgiving alone in a cabin in the woods somewhere, drinking from a bottle of moonshine and being bitter at the world... But hey, at least he is the all knowing when it comes to managing discretionary money...


Blarm-Pay attention....he may not spell so well in this post, and may come on kinda strong, but he has more wisdom about how things really are than you may realize.....



And I hope you had a good Turkey day bro.  Hit those phones tomorrow!  I likely won't be calling, but I do need to prepare and send out some transfer forms. 

Nov 25, 2005 6:22 am

I agree with you Geenguy, buy why so militant!

Nov 25, 2005 11:18 am

During critical recent days, the financial sector is what kept the market going when there was no other leadership. You need a sector to lead to get a rally going so the crooks on W.S. can get their year end bonus.  


You can thank the specialists for JPM, Merrill, Goldman and Citi for this rally because with out them artificially raising their bid prices at critical moments and keeping things up we would not have this b.s. rally we are having. Get ready to short come January.  


I got upset because it is unforgivable to be so stupid that you would compare a mutual fund to a high net worth advisor managing accounts on a discretionary basis.  I just cant believe how many uninformed people there are working in this industry.  

Nov 25, 2005 12:59 pm

Remember the .com days. Actually most years there is a rally from Nov to Dec. So in reality this is common trend, but nice when your riding the bull.

Nov 25, 2005 1:17 pm

Four stocks. Goog, JPM, MRK AAPL. Wow (TASR). Damn you guys see this. Remember early this year at 60 dollars. Now at 7 and delisting notice today. Yikkeeesss


I think jobs has like 1 billion options at $80. When the deal was set is was impossible. Now look out! Remember MSFT put a ton of money into AAPL a few years ago. Nice pay off there.

Nov 25, 2005 1:19 pm
Greenhills:

I cant help but chime in after reading in another post brokers who knocking other brokers for managing accounts themselfs on a discretionary basis.  This is a subject near and dear to my heart since I have over 135 million that I manage myself on a discretionary basis. 


You ignorant fools.  You compare mutual funds to the service one receives from a good advisor managing money themselfs and taking all the gall darn responsiblility for doing it?   Are you stupid or are you just completely uninformed?  What in the hell is the matter with you making such posts?  One guy even talks about some Phd at American Funds.  What a foolish, stupid, uninformed comment.  So you are going to put a guy with 5 million dollars in mutual funds?  Oh yea but they'er American Funds!  What an idiot. What a great business for me to be in because this is who I have as my competition.  Uninformed fools. 


You are truly stupid human beings for not having the sense to understand what in the hell goes into an advisor managing money themselfs.  In fact you all are dummer than the guy last month on here who thought the specialists on the floor of the exchange do not manipulate the price of the stocks to better their own book.


Along those lines can anyone tell me what four stocks were responsible for keeping the market going into this Wall Street contrived rally we are having?  Maybe one of you dopes who like mutual funds so much for wealthy investors will know.   "Not likely" 




So you watch tickers all day long and try to pick stocks?  Aren't you doing asset allocation?  Don't you have an equity research group full of gear heads who are paid to watch screens all day long.  That is not the way I want to live my life. 

Nov 25, 2005 2:02 pm
maybeeeeeeee:
Greenhills:

I cant help but chime in after reading in another post brokers who knocking other brokers for managing accounts themselfs on a discretionary basis.  This is a subject near and dear to my heart since I have over 135 million that I manage myself on a discretionary basis. 


You ignorant fools.  You compare mutual funds to the service one receives from a good advisor managing money themselfs and taking all the gall darn responsiblility for doing it?   Are you stupid or are you just completely uninformed?  What in the hell is the matter with you making such posts?  One guy even talks about some Phd at American Funds.  What a foolish, stupid, uninformed comment.  So you are going to put a guy with 5 million dollars in mutual funds?  Oh yea but they'er American Funds!  What an idiot. What a great business for me to be in because this is who I have as my competition.  Uninformed fools. 


You are truly stupid human beings for not having the sense to understand what in the hell goes into an advisor managing money themselfs.  In fact you all are dummer than the guy last month on here who thought the specialists on the floor of the exchange do not manipulate the price of the stocks to better their own book.


Along those lines can anyone tell me what four stocks were responsible for keeping the market going into this Wall Street contrived rally we are having?  Maybe one of you dopes who like mutual funds so much for wealthy investors will know.   "Not likely" 




So you watch tickers all day long and try to pick stocks?  Aren't you doing asset allocation?  Don't you have an equity research group full of gear heads who are paid to watch screens all day long.  That is not the way I want to live my life. 



If you have a discipline and are systematic, you don't have to spend all day watching tickers.


If the gear heads were so damn smart, they would be money managers themselves.  Just follow the money.....


As for not being the way you want to live your life, as BigPayDay sez, one great thing about this business is that there are so many ways to skin a cat in this biz!

Nov 26, 2005 8:01 am

I used to detest stock pickers.  I thought they were just full of
air and luck, and many still are.  I do have alot of respect for
following a system or method, more quant than qual, with entry and exit
points.  Knowing when to sell, use puts and stop losses and
such.  If you do this with a portion of your book, and are good at
it, you can run with the funds and managers and usually do better
because you do not have flows and cash levels to be concerned with,
along with you do not need to hold 100 positions.  You cannot,
hoever, do this efficiently without being discretionary. 



At ML, you get approved for your system, you get a portfolio manager
title, and you get excellent performance measurement reports for you
and your clients quarterly, you affect all desired accounts via 1
trade...efficiency!   It is awsome!

Nov 26, 2005 10:33 am

And you never have the time to take vacation or a minute off because you're managing individual stocks. No thanks. Not the way I want my practice to develop over the next five years. I'm in this business to enjoy life, not be tied down to a computer or TV all day trying to keep up with my client's ports.

Nov 26, 2005 1:47 pm

Wow.. Tracking sectors or stocks daily is not for me. I did that as a day trader in the late 90's and nearly went insane. Different strokes for different folks.

Nov 26, 2005 5:09 pm

If watching the ticker all day isnt your ideal way to spend the day, find someone in your branch who excels and enjoys those activities. Partner with them to manage a clients account (s), negotiate a split, and manage the relationship, not just the account.. I have aclient who has the majority of his 'serious' money with me in IRA's, etc. He also wanted us to trade equities with about 260K of his money. I told him that wasnt my specialty but that there was an FA who engaged in those behaviors. So my buddy manages the discretionary account and I focus on the retirement and lifestyle accounts. The beauty is we can do whatever we enjoy and outsource the rest.

Nov 26, 2005 5:13 pm

Greenhills tone was indeed harsh especially at Thanksgiving, but I couldn't

agree more with him. Over the years, I have developed a disciplined method

to stock selection and position management which serves me (I eat my own

cooking) and my clients well.



I do spend a lot of time in front of a screen, but to me, its not a chore. But

boy when those statements go out and clients express appreciation, makes

it the most satisfying part of the job.   



Also, knowing that they can't go across the street and get what I have to

offer, is icing on the cake.

Nov 27, 2005 2:11 am

Well said Skee....and all true!


If you have a discipline, too, you can even get away from the screen now and then!


And if you do it well...they can't get that from many other folks.


So exec jock....now you tell us you were a daytrader too?  What happened to that career?  Was fish brokering just too lucrative to turn away from?

Nov 28, 2005 9:54 am

I hate to burst anyones bubble.........but there are no exclusive platforms, products or processes. No...foolproof method. I have been doing this long enough to see guys like Greenhills, pound there chests one day, then completely blow up there clients the next. If I have learned anything in my career, it is to have humility. There are a lot of ways to make money for our clients....Funds, managed money and individual stock selection are all parts of the recipe.

Nov 28, 2005 7:16 pm

JoeD not everyone can be as successful as you. One good story. During spring break I bought 100 shares of DCLK. Stock went up 20 dollars a day for a week. So during spring break I make 10,000 bucks on paper. That was fun, but its easy to get caught up. Joe, I was a part time day trader.