Uh Oh

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Jul 30, 2008 6:25 pm

Uh Oh, despite our two day rally, it appears as though we are headed for BIG trouble...Cramer today (7/30/08) said the bear market is over and we will not re-test the lows.


Moreover, got a call from a client today who knows I hate Suze Orman, he said he heard Suze say that people need to be selling their investments and retirement funds and invest in CD's.


Geez, with this kind of free advice out there, there's definitely NO need for advisors anymore...
Jul 30, 2008 6:57 pm

Got a call today from my biggest doom and gloom client.  After his account review (down 4.1% ytd, 54 yr old, 11 year time horizon) he instructed me to sell it all.  Surely this is a sign we are close to the bottom.

Jul 30, 2008 7:01 pm

Doesn't that kind of client just exhaust you?  They sure do me...

 
I've been in your shoes and my next move after that request is to fire them as a client if they don't beat me to it.  If they won't listen to you, you don't want 'em anyway.
Jul 30, 2008 7:06 pm

Funny, I don't know who's tag line it is, "but you can't save them all" crossed my mind.

Jul 30, 2008 7:08 pm
Primo:

Got a call today from my biggest doom and gloom client.  After his account review (down 4.1% ytd, 54 yr old, 11 year time horizon) he instructed me to sell it all.  Surely this is a sign we are close to the bottom.

 
VA.
Jul 30, 2008 7:09 pm
Primo:

Got a call today from my biggest doom and gloom client.  After his account review (down 4.1% ytd, 54 yr old, 11 year time horizon) he instructed me to sell it all.  Surely this is a sign we are close to the bottom.

 
You could send me your "doom & gloom" client!
Jul 30, 2008 7:11 pm

VA- not after me they won't

 

You could send me your "doom & gloom" client!  You can have him.
Jul 30, 2008 8:19 pm

What truly pisses me off is this client has gotten stellar returns with me for years and his account has done quite well all things considered this year, but "they said on TV"....

Jul 30, 2008 8:30 pm

Investor behavior trumps all.  This is why conversations about load vs. no-load or active vs. passive or A share vs. B share vs. C share or fee vs. commissions or annuities vs. mutual funds vs. UITS, etc. really don't have much meaning. 


A client who will stay the course will get market rate returns plus or minus.  A client who gets out during bad markets and in during good markets will severely underperform.
Jul 30, 2008 8:32 pm
Primo:

Funny, I don't know who's tag line it is, "but you can't save them all" crossed my mind.





My thoughts exactly!

Jul 30, 2008 8:37 pm
PrudentBear:
Primo:

Funny, I don't know who's tag line it is, "but you can't save them all" crossed my mind.





My thoughts exactly!





Thanks!

Jul 30, 2008 8:39 pm

FYI, that was my "former" tagline, when I was Broker24. I changed it to "The Artist formerly Known..." when I screwed up my account because of my e-mail address.

Jul 30, 2008 9:24 pm
B24:

FYI, that was my "former" tagline, when I was Broker24. I changed it to "The Artist formerly Known..." when I screwed up my account because of my e-mail address.

 
Why can't you just do things right the first time?!?  You always have to go and screw things up. 
Aug 8, 2008 7:05 pm

Overheard the end of Cramer today.  He said he, "Taught the viewers how to read tops, bottoms, and even future earnings revisions".  He then told his loyal audience to, "Go out and beat Wall Street at its own game".


It's a good thing the average schmuck can now read tops and bottoms in stocks and the market.  I still haven't figured it out and don't think I ever will.  Maybe I should hire one of his "WEALTHY" viewers that has a Scottrade account.
Aug 8, 2008 7:32 pm

It is unreal that anyone listens to Cramer. I thought of starting one of his books on fire, letting it burn about halfway, but then put the fire out and keep the scorched copy on my desk as a prop to show clients what his "trading" will do to retirement savings.

Aug 8, 2008 8:20 pm
Ron 14:

It is unreal that anyone listens to Cramer. I thought of starting one of his books on fire, letting it burn about halfway, but then put the fire out and keep the scorched copy on my desk as a prop to show clients what his "trading" will do to retirement savings.

 
Right next to the Wal-Mart applications for clients that refuse the annuity...
Aug 11, 2008 1:59 pm
snaggletooth:
B24:

FYI, that was my "former" tagline, when I was Broker24. I changed it to "The Artist formerly Known..." when I screwed up my account because of my e-mail address.

 
Why can't you just do things right the first time?!?  You always have to go and screw things up. 
 
WTF??!?!?
 
Huney, is that you posting online again?  Geez, I told you I would fix it this weekend.  I'm sorry.  I mean it, I'm sorry.  Don't yell so loud, the kids can hear you.