Death of Beta-Centric Buy & Hold Long-Only Strat
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Well this posted started months ago before the market hit rock bottom so who knows who predicted what. I do know that when the Dow was at 7000 I made a post that all new money should go 100% equities and I was abused. I also see in here that you got out at 8k and although I may have missed it, I don’t see when you got back in. I was mainly addressing Fritz because the post before me was calling him out. You and I have discussed what you do and it is apples and oranges compared to what I do.
I know what you do. We have talked about it at length. I am trying to get middle class / upper middle class people to a decent retirement, nor more no less. Having discretionary trading of options available for 50k IRA's just doesn't make sense.
[quote=Ron 14]
I know what you do. We have talked about it at length. I am trying to get middle class / upper middle class people to a decent retirement, nor more no less. Having discretionary trading of options available for 50k IRA's just doesn't make sense.
[/quote] That I agree with you 100%. That is a perfect candidate for a MF, CEF or even better a UIT. I guess one sets up a strategy that works for the kind of clients they attract. Accredited investors will usually want something very different.It has nothing to do with a strategy geared towards attracting a certain client. I have some clients with more than 500k. I don’t change my philosophy to “impress” them because they may want something different. They can buy into me and how I go about things or not. Many of my clients have 100k with me and their 401k has 500k in it at their current job. They understand the overall plan and we work together on it. You can ride on your high horse about “accredited investors” all day. I will take my 250 households with 400k ( im obviously not there yet) and manage them with very little stress.
I’m getting multi million dollar accounts referred to me due to performance and service. Again, your (general statement) strategy will get the clients it’s appropriate for.
Does the truth put me on a high horse? I want fewer larger clients. I love what I do and don't stress out about it. It's all mathematics. That's one large reason why I don't trade anything my clients trade as I don't want emotion involved.You can hide behind the emotion card all you want. If your performance is repeatable and you have confidence in it, there is no reason to have a single client besides yourself. Either way, I am sure you will do well and I am sure I will also. You don't believe a word I say anyways so its meaningless to go around in this circle again.
[quote=Ron 14]
You can hide behind the emotion card all you want. If your performance is repeatable and you have confidence in it, there is no reason to have a single client besides yourself. Either way, I am sure you will do well and I am sure I will also. You don't believe a word I say anyways so its meaningless to go around in this circle again.
[/quote] Ron ron ron ... "hide" You ever make a trade with your own money? WAIT! Let me answer CLEARLY NOT. IF you did you would understand. I have tried hypnotism, meditation, acupuncture and a few other things. I am simply incapable of removing my emotions from a trade I make with my own money that has any size to it. Guess what ... I'm human. Emotion will cloud your perceptions. I do not trade in anything I put my clients in for myself. Putting on a complex arb and DCA ing a weeks pay into a mutual fund are a million miles away from each-other Why do you think they say an attorney that defends himself has a fool for a client???? or a Dr. giving himself a proper diagnosis?In a word… Bullsh*t x 10.
Only to go knocking on doors for EDJ ???? HA! I know many pro traders. I prop traded for several years before going retail. They/I hire(d) neuro-linguistic programmers all the time for this very reason. The fact that you are oblivious to this makes the first sentence TRUE![quote=Ron 14]
I traded my own money for 7 years at the CME and CBOE.
[/quote] According to your own statement, if you were good at trading you wouldn't need clients. Can we take this admission to mean you weren't good at trading? That would explain your buy and hold mentality.[quote=Gaddock]In a word… Bullsh*t x 10.
Only to go knocking on doors for EDJ ???? HA! I know many pro traders. I prop traded for several years before going retail. They/I hire(d) neuro-linguistic programmers all the time for this very reason. The fact that you are oblivious to this makes the first sentence TRUE![/quote] I don't know how I can prove it to you, but I spent 10 years on the floor. 1 as a runner, 2 as a clerk, 7 as a trader. You don't need a series 7 to trade on the floor. Skills as a floor trader don't necessarily translate when it comes to being a financial planner and the experience doesn't count towards the CFP designation. EDJ was a place that allowed me some freedom and the ability to get sales training and my 7. It is two totally different games. The open outcry trading pits have declined dramatically, thus the combining of the CBOT and CME.[quote=Jebediah][quote=Ron 14]
I traded my own money for 7 years at the CME and CBOE.
[/quote] According to your own statement, if you were good at trading you wouldn't need clients. Can we take this admission to mean you weren't good at trading? That would explain your buy and hold mentality.[/quote] When I was trading I didn't have any clients besides backers who put up half of the money. If you don't make money you don't last to the next month on the floor. So 7 years would mean I did fairly well. That allowed me to transition to the advising business and it gave me a nest egg to draw on as I build my book.[quote=BioFreeze] [quote=Ron 14]
I traded my own money for 7 years at the CME and CBOE.
[/quote]...and now you're a baby broker in a bank branch.
[/quote] Ouch!!!!
S&P 500 <.SPX> RISES ABOVE 1,000 LEVEL; AT HIGHEST SINCE EARLY NOVEMBER, 2008 REUTERS
Please, hold your applause.