Don’t risk your money with your broker, decide for yourself!
By Daniel at 6 September, 2009, 10:02 am
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
It’s sad and stunning to realize how many people are blind to what’s happening right in front of their eyes. People are so desperate to have things continue to be as they have always been that they will believe anything that they’re told if it hints that things are returning to ‘normal’. Even otherwise smart people will fall under the spell of these growth & recovery lies.
I called our broker on Friday morning and asked him to sell our last remaining corporate stock and put the proceeds into a commodity ETF (SLV). This leaves our retirement accounts at roughly 20% cash, 40% bond funds and 40% commodity ETFs (gold, silver, oil). After agreeing to execute this trade, he said to me “you know, we really should sit down and make a plan to get you back into some stocks now that the recession is over.” I asked rhetorically “the recession is over?” to which he began telling me that they (Smith Barney) see at least two more years of DJI increases with some really good growth opportunities. He’s a nice enough guy, a family friend in fact, but I wondered how many client’s 401K’s he’s trashing with his optimistic denial.
OpenEyes
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.