Hammer to my own head
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[quote=snaggletooth][quote=babbling looney]
BUT....what if we move out and there is a sudden rebound? We have lost the window of opportunity. [/quote]
Like what, an 800 point jump in 2 days?[/quote] Exactly! Those clients who insisted in going into MMKT can't say I didn't warn them. Actually most people that I called and that have been calling me are willing to stick it out and even a few have put more money in. One of my more agressive clients bought 1000 shares of WM at 2.10. Said so what if he loses it. He figured he would either be out the money, get shares of another bank (maybe) if they are aquired or double his money at least if the government steps in. (I bought some too after he did ) Only the very old clients (80 yrs) said they didn't care if it rebounded, they JUST wanted to not see any further loses.[quote=babbling looney][quote=snaggletooth][quote=babbling looney]
BUT....what if we move out and there is a sudden rebound? We have lost the window of opportunity. [/quote]
Like what, an 800 point jump in 2 days?[/quote] Exactly! Those clients who insisted in going into MMKT can't say I didn't warn them. Actually most people that I called and that have been calling me are willing to stick it out and even a few have put more money in. One of my more agressive clients bought 1000 shares of WM at 2.10. Said so what if he loses it. He figured he would either be out the money, get shares of another bank (maybe) if they are aquired or double his money at least if the government steps in. (I bought some too after he did ) Only the very old clients (80 yrs) said they didn't care if it rebounded, they JUST wanted to not see any further loses. [/quote] Yeah, I had a guy call me like 2 months ago and was thinking of moving some of the account to cash. I told him that we are here for the long term, we should wait it out. On Tuesday, the guy calls me and says, "I should've pressed you harder. You didn't want to move to cash. I think there is more to come. I'm going to think about it tonight and call you tomorrow".So on Wednesday, he calls and asks, "What's the market at?" I say, "Well it's down about 275 today". He says, "OK, let's move half to cash". Since he threw it in my face about having him stay invested, I wasn't arguing this time. The very next two days we go up almost 800 points. Talk about selling low.
That’s when I have the clients sign the “I told you so disclosure” When they absolutely go against what I have recommended and if I feel strongly enough about it.
"On xx date, Mr. Client and I discussed the purchase/sale of XX security. My recommendation is XX for these reasonsXXXXX Against my recommendation Mr. Client has decided to purchase/sell XX security." Client and Rep Sign and date here X_____________________________ Copy to client and original in their file.I've been known to be wrong and the client made a good decision...... but in case I'm not wrong..... this can save your butt from arbitration.
Is everyone missing the reason I started this post? I generously shared my secret to picking the bottom of a market decline. Years from now they will not be talking about Graham or Dodd or Jeremy Siegel or even Warren Buffet! It will be YTREWQ. College courses teaching my complex and highly comprehensive method of picking market bottoms. for example
I went to Hartford and got my Doctorate in “Three Guys in a Boat”. That is why you should invest with me.
Seriously, for those here that are commenting as true professionals Thank You.
Those who claim to know things before they happen please find a new career before our profession is once again considered a scam and high pressure sales.
The rest of us have worked too hard to gain respect for this profession to have a foolish few of you destroy it by claiming to know things before they happen. Oh, just for kicks, tell me what number I am thinking of and then do it again. This time before I actually think of it. Gimme a break.
Hartford=Harvard…I am sure you all knew that. Thank God it is Friday night.
babs,
I put that same letter in front of the 4th boat guy. It made him say, “hmmmm you must be serious”.
Some of us don't know when it is going to rain, but we are smart enough to recognize water falling from the sky and prepared with an umbrella nearby.Is everyone missing the reason I started this post? I generously shared my secret to picking the bottom of a market decline. Years from now they will not be talking about Graham or Dodd or Jeremy Siegel or even Warren Buffet! It will be YTREWQ. College courses teaching my complex and highly comprehensive method of picking market bottoms. for example
I went to Hartford and got my Doctorate in “Three Guys in a Boat”. That is why you should invest with me.
Seriously, for those here that are commenting as true professionals Thank You.
Those who claim to know things before they happen please find a new career before our profession is once again considered a scam and high pressure sales.
The rest of us have worked too hard to gain respect for this profession to have a foolish few of you destroy it by claiming to know things before they happen. Oh, just for kicks, tell me what number I am thinking of and then do it again. This time before I actually think of it. Gimme a break.
Hartford=Harvard…I am sure you all knew that. Thank God it is Friday night.
When you're 5 pages deep into a thread, no one cares why it was started.Is everyone missing the reason I started this post?
Some of us don't know when it is going to rain, but we are smart enough to recognize water falling from the sky and prepared with an umbrella nearby. [/quote][quote=ytrewq] Is everyone missing the reason I started this post? I generously shared my secret to picking the bottom of a market decline. Years from now they will not be talking about Graham or Dodd or Jeremy Siegel or even Warren Buffet! It will be YTREWQ. College courses teaching my complex and highly comprehensive method of picking market bottoms. for example
I went to Hartford and got my Doctorate in “Three Guys in a Boat”. That is why you should invest with me.
Seriously, for those here that are commenting as true professionals Thank You.
Those who claim to know things before they happen please find a new career before our profession is once again considered a scam and high pressure sales.
The rest of us have worked too hard to gain respect for this profession to have a foolish few of you destroy it by claiming to know things before they happen. Oh, just for kicks, tell me what number I am thinking of and then do it again. This time before I actually think of it. Gimme a break.
Hartford=Harvard…I am sure you all knew that. Thank God it is Friday night.
Water falling from the sky is rain. You probably predicted I would type that didn't you?
Financial advice based on age, risk tolerance, current environment, asset allocation, etc. is one thing. Saying you know what is going to happen before it does is horse poopie. BTW snags I know you are right. It was an attempt at humor. This forum is a bit of a release at the end of a hard and rewarding day of work.
I don’t make predictions as my crystal ball is in the shop. However, I can recognize a negative trend in the market. Markets tend to move in a general direction, up or down. They tend to do this for months or even years at a time. I am not a big fan of pissing in the wind because 3 out of 4 times the wind will not blow.
Primo I never was attacking you in this post. Frankly, I am not talking about anyone in particular. I agree it is smart to be aware of trends. I was really only poking fun at people, and there sure is enough of them, that confuse luck at guessing with knowledge and intelligence. We all deal with this crap daily in our jobs. Once again, there is not one single person on this forum that I am calling out. Just blowing off steam after a hard 12-15 months of work.
Some of us don't know when it is going to rain, but we are smart enough to recognize water falling from the sky and prepared with an umbrella nearby. [/quote][quote=Primo][quote=ytrewq] Is everyone missing the reason I started this post? I generously shared my secret to picking the bottom of a market decline. Years from now they will not be talking about Graham or Dodd or Jeremy Siegel or even Warren Buffet! It will be YTREWQ. College courses teaching my complex and highly comprehensive method of picking market bottoms. for example
I went to Hartford and got my Doctorate in “Three Guys in a Boat”. That is why you should invest with me.
Seriously, for those here that are commenting as true professionals Thank You.
Those who claim to know things before they happen please find a new career before our profession is once again considered a scam and high pressure sales.
The rest of us have worked too hard to gain respect for this profession to have a foolish few of you destroy it by claiming to know things before they happen. Oh, just for kicks, tell me what number I am thinking of and then do it again. This time before I actually think of it. Gimme a break.
Hartford=Harvard…I am sure you all knew that. Thank God it is Friday night.
Water falling from the sky is rain. You probably predicted I would type that didn't you?
Financial advice based on age, risk tolerance, current environment, asset allocation, etc. is one thing. Saying you know what is going to happen before it does is horse poopie. BTW snags I know you are right. It was an attempt at humor. This forum is a bit of a release at the end of a hard and rewarding day of work.
[/quote] Seems like an attack. That is ok though, I wore my big boy britches today. Keep on telling your clients about the ten best and ten worst days in the market and how 3 out of 4 years are good. I will continue to participate in good markets and protect in bad ones. Funny how the phone rings off the hook in my office when big down days happen, but nary a peep is heard on days like today. I wonder if that is because we are expected to make money and therefore get little credit for positive returns, however much blame is placed when accounts are down. Stop criticizing that which you do not understand. Have a nice day.
You couldn’t accept me saying that I was not pointing out anyone. “Stop criticizing what you don’t understand”. I have more experience, more education, more assets, more tenure, and more knowledge than you. I still tried to make it clear I was not insulting you. You are the one that made the “smart enough” comment to me for no reason. I just responded to it. You call a response an attack? 3 out of 4 years 10 worst days blah blah. Tell us all again how being a CFP actually makes you dumber. You can’t succeed starting in this business right out of college. Anyone that has a different idea from you is wrong automatically. Once again, I am not insulting anyone but I am responding to your post. Now it probably does really seem like an attack. Pffft. Timely topic ruined. Back to the hammer to my own head.
Geez, I was not attacking you, I was just responding… blah blah blah. I have more blah blah blah. You don’t on 3 of the 5, I would bet my next paycheck on it. Are you saying your a CFP, or implying I am? You can succeed at any time if willing to do the work. Many have differing ideas, am I am willing to debate my opinions, and until given a legitimate alternative, I will believe that I am right. Please Hurry.
Your clients call you B24???
My parents didn't like me.
And they were Irish Catholic (the Irish Catholics in the room might get this one).
Just talked to a client who gave me the Revelations Scripture lecture.
The bible says we’ll come to a point where we won’t be able to buy or sell anything, children will turn against their parents (one of her daughters won’t talk to her now…she’s not a fundamentalist christian, I wonder why…), and there’s no love in the world anymore.
I then proceeded to tell her the bible has spoken of every market crash for the last 200 years, but if she thinks this time is different, she’s not going to need the money for very long anyway.
I then went on to say, but you know, we realize at times like these that emotions are very strong, and often wins out in the face of all other advice.
It’s a small account that I’d be happy to give away to a bank cd…we’ll see if she calls back
If you really want to get rid of her, tell her to hang on to her bible and a match because she might need it to start a fire for warmth when everything is gone.Just talked to a client who gave me the Revelations Scripture lecture.
The bible says we’ll come to a point where we won’t be able to buy or sell anything, children will turn against their parents (one of her daughters won’t talk to her now…she’s not a fundamentalist christian, I wonder why…), and there’s no love in the world anymore.
I then proceeded to tell her the bible has spoken of every market crash for the last 200 years, but if she thinks this time is different, she’s not going to need the money for very long anyway.
I then went on to say, but you know, we realize at times like these that emotions are very strong, and often wins out in the face of all other advice.
It’s a small account that I’d be happy to give away to a bank cd…we’ll see if she calls back
I was just thinking of her when I saw the DOW: (10,365.45) -777 points.
Maybe she’s on to something.
Edit: Aw dang, was thinking 666…
Nevermind, I’m off to the casino.
BINGO!!! What do I win?[quote=iceco1d] Your clients call you B24??? [/quote]
My parents didn’t like me.
And they were Irish Catholic (the Irish Catholics in the room might get this one).