04-08-2021, 07:14 PM | #6359 | |
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04-08-2021, 07:35 PM | #6360 | ||
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1) covid did happen 2) the market was overvalued as is, and even in absence of covid, a hard pullback was going to happen During the period leading up to there were a lot of yellow flags that were showing up, Unemplyment was very low almost numerically full-employment, but people were often under employed (uber drivers with college degrees etc), wage growth was slow, it was a period of upward steady slide, and periods of low volatility are often followed by periods of high volatility ie a surge or a sink. My money was on a sink |
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04-08-2021, 08:56 PM | #6361 | |
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The market is pretty nuts and has been since July. I really don't get it, but my portfolio has increased substantially so I'm not complaining. I work in mergers and acquisitions and have some sense of where things might be going. The sense I get from my clients (many private equity) is things are going to explode (positively) this year from a financial perspective. Many of my clients have been sitting on large sums of money waiting to pounce and that time seems to be now.
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04-08-2021, 09:52 PM | #6362 | ||
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04-09-2021, 02:11 PM | #6363 |
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I've learned a couple of things: A: hire an adviser to manage your wealth; 1% a year is absolutely worth it. And B: ride out the dip; never panic-sell. I was actually going to pull out right after Covid collapse in 2020 but my adviser talked me out of it. He told me one of his clients pulled out and missed he comeback, not to mention he also lost his job during the pandemic. Talk about double whammy...
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04-09-2021, 03:59 PM | #6364 | |
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I had a financial advisor at Morgan Stanley from 2003-2013. He was my parent's advisor as well. He charged a 1% fee, but when I did all the math and considered things like trades, sells, movement of money into various funds, it actually amounted to more like 1.5% to 1.65% annually with everything considered. That's a significant chunk of your portfolio that could working for you. My advisor was a very nice guy. My parent's love him. He would do everything I asked him to and would give me advice anytime I asked. I went with his recommendation for investments (high fee stuff, yeah I was a dumb sucker) and stuck with it for 10 years because I didn't know better and figured it was way too complicated for me to understand. My accounts simply didn't perform much less match the S&P 500 performance. All I got from him we excuses, some of which seemed manufactured. After doing all the math myself, looking deeper into Warren Buffett's 2 minute retirement plan, and reading the The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, I fired my advisor and moved everything to Vanguard so that I could manage everything myself. The performance of my Vanguard account from 2013 to present compared to what I did with Morgan Stanley is hilarious. I'm shocked every time I look at it. I really wasn't mad at my advisor, but rather myself from not researching things earlier. My 78 y/o mom (father is passed) thinks I'm nuts for investing myself and she swears I'm doing things wrong and there's no way my Vanguard account could have increased so much over the years compared to the performance she's seen at Morgan Stanley. I often think about is how much more I could have if I would had managed everything myself from the start! I'm certain my portfolio's value would be 25-30% higher.
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04-09-2021, 04:24 PM | #6365 | |
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04-09-2021, 06:53 PM | #6366 | |
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maybe you are a financial wiz or maybe you just benefited from one of the longest bull market runs in history it is easy to make money as long as you have half a brain and picked decent stocks (and didn't throw money at OTM options like me trying to hit a homerun every time) I agree with you about not hiring a "financial advisor" who is really just a glorified salesperson selling you investments that earn him/her a fat commission
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04-09-2021, 07:42 PM | #6367 | ||
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04-09-2021, 11:46 PM | #6368 | |
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plan on having a meeting with one of them soon so i can do some investment planning and best ways to get some tax savings through my business and work
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04-10-2021, 09:20 AM | #6369 | |
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04-10-2021, 11:40 AM | #6370 |
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I don't believe dollar amount should be the only criteria for seeking assistance from a financial advisor. Your age, goals, etc come into play. For example if your goal is to spend less time monitoring your investments they can obviously help with that. If your goal is to optimize gains, the fees and risk profile that they offer may run counter to that, but of course it depends on how good/confident you have become at the time you are considering this change and how close you are to needing the money.
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04-10-2021, 04:15 PM | #6371 |
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Throwing a hard stop at self-directed investments like the $2MM in investable assets as stated above is completely arbitrary. Far too often people get swallowed into the idea that financial planing is black and white when in reality every individual has different requirements. I personally work in finance, albeit not in wealth management, but there are a plethora of benefits that come with a good (emphasis on this word) advisor if your circumstances allow you to use their offerings to your advantage.
If your portfolio consists of a few retirement and taxable brokerage accounts for long term growth, with the wealth of information out there today there is absolutely no need for a financial advisor. Now, begin to mix in more complicated topics such as tax and estate planning, generational wealth, family support, real estate, alternative investments etc. and a good (again, emphasis on this word) financial advisor instantly becomes a lot more valuable. Yes, you can absolutely manage these things yourself, but sometimes at this level the fees are well worth the knowledge, support, and most importantly accessibility that these providers offer. Every situation is different and there is certainly no hard number that makes you need to sign up for a financial advisor to reap greater benefit. I've personally seen clients with six figure AUM getting a greater benefit from their advisor than another client with seven figure AUM. |
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04-12-2021, 04:47 PM | #6372 | |||
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I'm assuming most in this thread are the typical American investor that is going for safe, long-term growth and have a 401K or similar through work, maybe a Roth IRA and/or brokerage account, and 3 to 12 months net salary in cash as an emergency fund. If this is you, investing and managing things yourself is freaking easy. As for estate planning, keep your will updated and make your beneficiaries are correct on all your accounts. Easy. Want to beat 90+% of the investors/fund managers out there? 80-90% in S&P 500 index funds and 10-20% in bond funds. Simple as that.
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04-17-2021, 07:54 AM | #6373 |
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Roaring kitty exercises option to purchase Gamestop shares Friday (doubling down). Now hodls 30 mil worth at $160/share and another 3.5 mil in cash
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04-17-2021, 03:23 PM | #6375 | |
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04-17-2021, 04:00 PM | #6376 | |
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Probably worth it to buy some options that expire in a week or two as a lotto ticket just in case it spikes again. |
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04-17-2021, 08:09 PM | #6377 | ||
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04-26-2021, 01:23 PM | #6378 |
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who messes with the SPACs?
I'm keeping an eye on a few of them i want to throw some money at IPOE and PSTH
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04-27-2021, 12:11 AM | #6379 |
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everyone go buy LAZR!
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