I'm Losing Money ! I Want Out!
For those who were around during the downturn in 2000, I’m interested in hearing rebuttles to those clients who freaked out and wanted to move thier money to more “safe” investments. Or those clients who wanted to close-out thier accounts with you. If clients didn’t panic, what did you tell them during annual portfolio reviews?
That was easy. I said, “Gee…Aren’t you glad we put those stop-loss orders in?”
I resorted to a little Broadway, "The sun will come out tomorrow..."
Also, "Vinnie and me was talkin and he thinks youse got to double down during an opportunity like dis one."
I also told them, "In four years from now when John Kerry is President, everything will be better." Of course, I said it in the manner of Genghis Khan.
My favorite was, "what are you? Some kind of limp-wristed pussy. Buck it up. If our country would have relied on people like you, we'd all still be living east of the Alleghenies. What's a few arrows, typhoid, cholera, floods and famine to the long-term pioneer."
Lastly, "I'm sorry to see you go, please don't sue me."
“Investments are the only thing that people don’t buy when they go on sale. If everything costs half as much then you should buy twice as much. This is the perfect time to ‘buy low’.”
"When is the best time to buy winter sweaters?... At the spring clearance sales?... We all know that winter will be back next yr, right?...
Or run a hypo and compare what “doubling down” on a fund when it was at its low would have grown to, compared to just riding it out.
If the market was a bargain at 1500, isn't it a screaming bargain at 800???