This Market
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[quote=NASD Newbie]
I asked the other day if any of you had your clients in gold and one guy said he thought there were gold stocks.
I don't have them in gold, I have them in managed futures. I mentioned gold since so many of you older than dirt guys swear by it, even after a 25 yr decline in value.
By the way, gold can go down in value too--it was once $800 per ounce.
Obviously is can go down. The point was your "EVERYTHING" went down claim was in error.
I will never admit that more than 10% of those who have been registered less than twenty years have a clue to what they're doing--
Fine, just never trot out some silliness about "the good old days" when brokers didn give OR track gain/loss info, or care about taxes or didn't get paid for anything beside selling or buying...
90% of you are pretending to be financial advisors--but what you do is immediately turn the money over to somebody else.
What a silly idea, handling the day to day running of money to people better able to do it after you put together an AA that considers a client's goals and willingness/need to take risks. Clearly it was better when every guy who was only paid to buy and sell considered himself a "money manager" (even though he never defined his investment style or provided audited returns).
This very forum is a place to brag about how uneducated you are, and how this seems like a good gig until you get your garage band's first CD out, or until you can get on the skate board tour.
Am I the only one who could only get "STAY OFF OF MY LAWN" out of that?
[/quote]Anybody who would watch Jim Cramer, much less use something he said as a signature is too immature to make it in the long run.
[quote=NASD Newbie]Anybody who would watch Jim Cramer, much less use something he said as a signature is too immature to make it in the long run.[/quote]
Wow, who would have guessed that you couldn’t discern the sarcasm directed that the value of Cramer’s “advice”? Call me crazy, but I think it’s wise to be informed on the financial pornography our clients and prospects are exposed to.
Now, imho, anyone unable to back up their “good old days/you guys suck” mantra with anything better than a misdirected personal attack is about as useful a guide in this industry as someone possessing minimal time in production/maximum time watching others do it well.
Like I said, that Finance branch Colonel is in his cups, lecturing Infantry Majors on tactics again…..
[quote=mikebutler222][quote=NASD Newbie]
I asked the other day if any of you had your clients in gold and one guy said he thought there were gold stocks.
I don't have them in gold, I have them in managed futures. I mentioned gold since so many of you older than dirt guys swear by it, even after a 25 yr decline in value.
By the way, gold can go down in value too--it was once $800 per ounce.
Obviously is can go down. The point was your "EVERYTHING" went down claim was in error.
I will never admit that more than 10% of those who have been registered less than twenty years have a clue to what they're doing--
Fine, just never trot out some silliness about "the good old days" when brokers didn give OR track gain/loss info, or care about taxes or didn't get paid for anything beside selling or buying...
90% of you are pretending to be financial advisors--but what you do is immediately turn the money over to somebody else.
What a silly idea, handling the day to day running of money to people better able to do it after you put together an AA that considers a client's goals and willingness/need to take risks. Clearly it was better when every guy who was only paid to buy and sell considered himself a "money manager" (even though he never defined his investment style or provided audited returns).
This very forum is a place to brag about how uneducated you are, and how this seems like a good gig until you get your garage band's first CD out, or until you can get on the skate board tour.
Am I the only one who could only get "STAY OFF OF MY LAWN" out of that?
[/quote] [/quote]Stay off my lawn?
Not an entirely bad exchange so far, but I'm still waiting for Greenhills to enlighten us.
A comment like "For those who have brains however and who have the skills..." is either designed to incite readers or (unintentionally) highlight the original poster's general lack of knowledge and manners. Of course there is a third possibility, which is that he really does have some helpful insight.
So let's hear it.
Manners?
Why do so many of you have chips as big as Dallas on your shoulders?
Are you incapable of hearing truths? Do you really get all pissy just because somebody makes fun of the fact that you appear to be a moron?
One of the joys of message boards is the ability to say things that are true, but not necessarily polite. If you can't deal with that reality perhaps you should just sit in the corner and mutter "My my, but that was rude" to yourself.
[quote=joedabrkr] Stay off my lawn?
[/quote]
Yeah, it's the stereotypical mindless thing that some geezers say to people that they hate for little reason other than their age
[quote=NASD Newbie] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Manners?
You’re someone to lecture on manners? What’s next, Hannibal Lecter on table etiquette?
Why do so many of you have chips as big as <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Dallas on your shoulders?
I wonder that about 65% of the time as I read one of your posts...
Are you incapable of hearing truths? Do you really get all pissy just because somebody makes fun of the fact that you appear to be a moron?
And the "truth" in your "in the old, great days of the biz, giant brokers roamed the Earth" is just what, exactly? We're not talking about some exchange where a kid with clearly no business looking into this industry is asking, in broken English, just how he can bail out for free if the job requires more than minimal effort. This thread has been about real life FAs not being up to the challenge of a bear market and the evilllssss of being an “asset gatherer” and how that doesn’t stack up to the standards set by the brokers of yore.
One of the joys of message boards is the ability to say things that are true, but not necessarily polite. If you can't deal with that reality perhaps you should just sit in the corner and mutter "My my, but that was rude" to yourself.
While there’s little doubt you have the “rude” part down (not that anyone cares). We’re still waiting on the “true” part, and it would seem as soon as you were challenged on that you scampered back to some childish taunt involving the wisdom of not knowing about what clients and prospects are seeing nightly on the TV screens…
[/quote]
[quote=Proton]
Not an entirely bad exchange so far, but I'm still waiting for Greenhills to enlighten us.
A comment like "For those who have brains however and who have the skills..." is either designed to incite readers or (unintentionally) highlight the original poster's general lack of knowledge and manners. Of course there is a third possibility, which is that he really does have some helpful insight.
So let's hear it.
[/quote]
I agree, let's hear it. And since Put picked up his banner, how about he tries to get back to the subject at hand?
To get back on track here. Once the market dropped 5%, which I think was sometime around May 19th, I notified all my clients.
First I said that they all have choice.
They can keep money invested according to model portfolio and not worry, this could be nothing and we go back up testing old highs.
They could reduce risk by reducing equity exposure.
They could exit out of the market completley though this migh be extreme.
I went on to say that I am most concerned about those that are retired or with oin 5 yrs of retirement. Those people need to think about cutting there equity in half. Anyone 5 to 10 years out needs to consider reducing some and under weighting there normal equity exposure. Anyone longer than 10 years out should consider staying the course but I will discuss all alternatives.
I will never let these large investment companies continue to lie to me and my clients with all their fake research showing how staying in the market is the only acceptable action.
To the point, most of my clients are defensive right now. This means that I took it in the pants with trading costs and putting my clients to cash. Sure I raised some bonds but overall the remedy for the time being is cash, commodities and short term bonds.
I think I am worth the fee I am charging annually.
Ohio- Good post. I too have been raising cash for clients who are up (approx.) 30% in the past two years. Got lucky with the timing. Nothing wrong with taking profits and parking them into a 5% T-bill.
That is (in large part) our job. Good for you for being proactive.
You think your helping by reducing equity exposure during these rough times, but your clients are going to miss the big gains when they come and they are coming.
As far as the lies go I think you have watched CNBC to much lately, why does XYZ mutual fund care if you’re in bonds or equities they still get paid either way.
When you call your clients and tell them they have all these choices they are probably thinking what do you suggest, then you turn the decision back to them, then they say why am I paying this guy fees? Then they come see me and I transfer their account because I am confident with my portfolio management style.
Why do you consider this "rough times"? The market is up handsomely again this year, and has held on to all of the big gains of 2003-2005.
OhioAdvisor, that's smart....
Make sure to pull out of equities after the market goes down. Make sure to go back in after the market goes up.
Selling low and buying high should really help your clients.
Also, never forget that Earnings Always Go Up, therefore stock prices will always go up too.
Stocks and bonds never move in the same direction, so when the market is high sell your stocks and buy bonds. Then after stocks have dropped and bonds have risen do the reverse.
People do not worry if their 401(k) loses 50% of its value because all they have to do is wait for it to come back up again.
We are in a "New Economy." Companies like e-Bay are worth more than Wal*Mart and if you don't agree you just don't get it.
The Middle East is essentially irrelevant because the availability of oil is not that important.
If a company misses its earnings forecasts by a penney or two a share it is doubtful that the shares will fall victim to a sell-off of any magnitude.
That's okay there are many ways too skin a cat. The only thing I believe in is making decent gains in good times and preserving principle in bad times. If my clients miss a few percentage points on the way back up so be it. Typically my clients don't need to knock the ball off the cover to reach their goals anyways. There is no right or wrong here just different styles. I just feel my way leads to more consistency, less volatility and possibly under-performance at the beginning of bull markets. In the end I educate the clients and let them decide.
[quote=OhioAdvisor]
That's okay there are many ways too skin a cat. The only thing I believe in is making decent gains in good times and preserving principle in bad times. If my clients miss a few percentage points on the way back up so be it. Typically my clients don't need to knock the ball off the cover to reach their goals anyways. There is no right or wrong here just different styles. I just feel my way leads to more consistency, less volatility and possibly under-performance at the beginning of bull markets. In the end I educate the clients and let them decide.
[/quote]
Amen!