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8 comments:
Two questions about the video. You made reference to a guy who does bottom up portfolio construction. I didn't completely catch that. Did you have a particular book that he wrote in mind?
Did you say that you don't have a CFA? (I couldn't tell if you said do or don't.) How were you able to build up your business?
Your video is especially timely in light of this week's Barron's survey. The premise of bigger is therefore better is almost Madoff-esque in its naivete.
I'm a sucker for a good story, too, and it usually costs me money. I find it's easier to avoid such hype with top down, but not totally. I'm still "early" with alternative energy, for instance :)
Hi Roger.
I use a financial advisor at one of the national brokerage firms (not a discount broker). She doesn't have any professed portfolio strategy. If I chose to be an active trader, that would be okay. If I chose to buy and hold, she would be fine with that too.
In that sense, she doesn't manage my money, I do. She helps guide me if I ask, but doesn't attempt to be a portfolio strategist in the sense that you describe in your video. It doesn't sound like your firm, nor some others that I read about, allow clients that kind of flexibility.
This is a dumb question, but are there categorical differences in money management firms that I should understand more fully?
Thank you for your perspective.
That's odd. I hope she's not taking a percentage of your money.
Stephen--She does. That's the firm's policy. Thanks for asking. Am I getting hosed???
anon:
My sense is that the national firms will usually discourage day trading, but will steer you toward their analysts' recommendations. There might be some philosophical differences between their brokers, but they can't be too narrow or they'd never gather enough assets. And most won't proactively call you with ideas, either. You make the decisions.
back from the worst fire training of the year--just getting talked at. cripes.
anywhoo, I do not have a CFA. there are plenty of CFA who completely screwed the pooch WRT to this and other bear markets. I don't devalue the people who have gone through the program but it is neither necessary nor sufficient for success in the stock market.
anon 10:11, when you hire someone it costs you money. the cost, regardless of how much, is either justified in your eyes or it is not. invariably the client has expectations which are either met or not. maybe something has changed since you first hired the person.
if you hire some one to manage your money then you need to know how many people are between you and the decision maker. The more people the more it will cost you as everyone along the chain must be paid. if you hire an RIA directly and the RIA manages the money themselves (this is what we do) then you would expect to pay 1-1.5% unless you have a lot of money.
Roger,
Thank you so much for your kind comments on my 'bottoms-up' investing approach. You are definitely my favorite 'top-down' investor!
It is hard to find any system that works in today's market! Good-luck.
Bob Freedland
Stock Picks Bob's Advice
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