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Jul 27, 2007 5:46 pm

How low can it go?

Jul 27, 2007 7:38 pm

The real important question is, "What kind of expectations did you give your client, when they first invested with you?". That will determine how long before your client bolts for someone else promising "the moon".


Jul 27, 2007 8:31 pm
doberman:

The real important question is, "What kind of expectations did you give your client, when they first invested with you?". That will determine how long before your client bolts for someone else promising "the moon".




A week and half ago I told all my clients, "With this market, I absolutely gaurantee we're doubling the accounts in a year and all of us will be buying bigger houses and cooler cars.  Hell, if you have money earmarked for a home purchase, let's just put it in the market.  No downside at all.  I'm telling you Mr. Client, we're going straight to 18,000 on the Dow!!!!"




I'm just kidding by the way.

Jul 27, 2007 10:08 pm
Ashland:

How low can it go?


No lower than zero.

Jul 28, 2007 7:45 pm
snaggletooth:

  Hell, if you have money earmarked for a home purchase, let's just put it in the market.  No downside at all. 



If the market only drops 30%, but home prices drop 50%; they've still got it made in the shade!... You're right, no downside!

Jul 28, 2007 9:35 pm

For me the hardest part of this job is managing expectations.  For the last 4 years clients have seen the market go straight up  and we can preach to them all we want about  tempering their expectations  but they still think 20%  and positive returns every month on their statements are god given......right up there with "life, liberty, and the pursuit of happiness."


Two weeks from now, when clients get their statements it will be soooooo much fun.


Pinn

Aug 21, 2007 1:46 pm

expectations and management.  I moved some to cash when the dow hit 14k, i would have moved more.. hindsight 20/20.  looking at moving averages from Sept 06- feb -07 foretold of a correction.  the question now is how long before we see 14k again, months or years.  

Aug 21, 2007 1:52 pm

end of the year

Aug 21, 2007 1:53 pm
PinBroker:

For me the hardest part of this job is managing expectations.  For the last 4 years clients have seen the market go straight up  and we can preach to them all we want about  tempering their expectations  but they still think 20%  and positive returns every month on their statements are god given......right up there with "life, liberty, and the pursuit of happiness."


Two weeks from now, when clients get their statements it will be soooooo much fun.


Pinn



Don't wait until your clients get their statements.  You should be calling everyone and going over the market, their accounts, calming their fears and making adjustments in the portfolios if needed.  You can run but you can't hide.  If your clients think you have your head in the sand, they will leave you in droves.


Aug 22, 2007 10:01 am

At last, a good thread.  Not yet corrupted by the trolls.


Mr. client, this is a part of the market.  I have no idea what the market will do in the short run.  We have good asset allocation and we need to ride this bump out and stick with out plan.


Hand holding time.


Hopefully, you all call your clients in good times and bad.

Aug 22, 2007 10:02 am
Ashland:

How low can it go?


Just as I was leaving I saw your quote from Steve Prefontaine.  He was the stuff.  They were playing that movie a week ago and the whole family was glued to the set.


Can't believe his coach blew the Olympics for him.

Aug 22, 2007 10:03 am
vbrainy:

At last, a good thread.  Not yet corrupted by the trolls.


Mr. client, this is a part of the market.  I have no idea what the market will do in the short run.  We have good asset allocation and we need to ride this bump out and stick with out plan.


Hand holding time.


Hopefully, you all call your clients in good times and bad.



If I am paying you to manage my money why did you not take me out of the market at 14,000 and buy in again at 13,000?

Aug 22, 2007 10:05 am
Aug 22, 2007 10:18 am
DATwo:
vbrainy:

At last, a good thread.  Not yet corrupted by the trolls.


Mr. client, this is a part of the market.  I have no idea what the market will do in the short run.  We have good asset allocation and we need to ride this bump out and stick with out plan.


Hand holding time.


Hopefully, you all call your clients in good times and bad.



If I am paying you to manage my money why did you not take me out of the market at 14,000 and buy in again at 13,000?




Did Bernstein do that?  I doubt it.

Aug 22, 2007 10:30 am
Tarheels:
DATwo:
vbrainy:

At last, a good thread.  Not yet corrupted by the trolls.


Mr. client, this is a part of the market.  I have no idea what the market will do in the short run.  We have good asset allocation and we need to ride this bump out and stick with out plan.


Hand holding time.


Hopefully, you all call your clients in good times and bad.



If I am paying you to manage my money why did you not take me out of the market at 14,000 and buy in again at 13,000?



Did Bernstein do that?  I doubt it.



What difference does that make?  Are you not better than Bernstein?

Aug 22, 2007 12:16 pm

My accounts are down too.


I don't have a crystal ball, but I will work hard to do the very best for you.  The stock market is a long term investment.  Our plan will get us where you want to be in the long run.

Aug 22, 2007 12:50 pm

I don't have a crystal ball, but I will work hard to do the very best for you


As an aside.   I have one of those Magic 8 Balls on my desk; one of those things you turn over and get an answer to a question.  Many of my clients who are of "a certain age" remember playing with this in their youth.   It's a great ice breaker when I get asked "What is the market going to do?"   I make a joke about my crystal ball being just a bit cloudy as I reach for the 8 ball.  Usually gets a laugh and then we can discuss the market and their accounts in a serious manner.

Aug 22, 2007 1:02 pm

Keep on timin' it DAtoo- eventually you'll lose it all and have to sell your computer to buy cat food and we won't have to hear all of your dribbling drivel.


Didn't you say it was going to 11k? 

Aug 22, 2007 3:52 pm

Pulling up before the end of the year?

Aug 22, 2007 4:17 pm
Ferris Bueller:

I think the 11K number was how much he has in his retirement account.