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I recently reread a paper by Professor Meir Statman called The 93.6% Question of Financial Advisorsand I encourage those that are curious to read it as well. It is an excellent article and amongst several important points he talks about the merit, value or duty of a financial advisor. He comes up with a novel way to describe advisors as either Investor Advisors or Investment Advisors. I’ve decided to adopt his terminology in my language because it is so appropriate. An Investor Advisor is one that at his core believes that people can’t outperform the markets so they focus on strategic asset allocation. They can be characterized as passive investors. An Investment Advisor is one that at his core believes they can outperform the markets so they focus on either tactical asset allocation or investment selection. They can be characterized as active investors. A Tale of Duty tries to shed light on the two types of advisors and will help you determine if you are the type of person that should invest their own money or not. If not you will now be equipped to ask your advisor if they are an Investor Advisor or an Investment Advisor.
I consider myself an Investment Advisor and everything our firm does is reflected in this belief. It is important for your advisor to know what they are.
Posted in business, economy, finance, invest, money, obama | 4 Comments »
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May 31, 2009
Finance In Bad Economy/ Carlos Sera 1
Finance In Bad Economy/ Carlos Sera 2
Finance In Bad Economy/ Carlos Sera 3
October 22, 2008
The current state of investor psychology and what investors can do today and tomorrow when managing their portfolio. Also dispels general investment rules of thumb that can get people in trouble. Specifically, dispel the notion that the Washington DC region is recession-proof.
People need to invest as a function of their stage in the wealth cycle and what I find is that individual investor behavior and how they relate to their portfolio is a major influence if not the major influence that determines portfolio returns.
Mistakes that people make with their money. Unless you are a gifted trader, which of course means your investment philosophy is trading, you must avoid the “philosophy of the day.” Listening to prognosticators such as Jim Cramer is fun but dangerous to your portfolio health. What safety is from an investment perspective.
One of my core beliefs about investing is that stocks are a tool for wealth building. The stock market has periods of fear and periods of greed which naturally leads to investors having periods of fear and greed. How you should think about these periods and what you should do.
How much money do you need to retire?
Posted in business, economy, finance | Tagged cramer, investor, portfolio, recession, Uncategorized | 2 Comments »
The purpose of this website is to educate investors about money and finance in the simplest way I know how. Every week or so I will release a tale or two from my library that seems appropriate for the time. Since many of my tales depend on lessons learned from other tales, whenever you see a reference I suggest you follow the link after you have completed the tale. If the link takes you nowhere, it’s because I haven’t released that tale yet. If you are interested in the topic you can contact me personally and I will send it to you or you can wait until it is released.
If you like a tale, pass it on to a friend or family member who can benefit from the lesson. If you like the approach and general philosophy of our firm and you are looking for individual investment advice, drop us a note at Chicago Wealth Management and we will contact you shortly.
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Posted in business, economy, finance | Tagged financial, lessons, library, tales, Uncategorized | Leave a Comment »
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