"Staying the Course"

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shawcroft
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"Staying the Course"

Post by shawcroft » Sat Apr 06, 2013 10:39 pm

The March 24th issue of the Sunday New York Times magazine had a BNY Mellon "Wealth Management" ad which stated: "The only investors staying the course are those with a broken compass".
I laughed so hard when I saw it (in the library) that folks nearby were stared at me. Anyone else see it?
Looks like the sage advice of Jack Bogle ( and Warren Buffet, Rick Ferri, Allan Roth, Bill Bernstein, and a lot of other folks) are getting under the skin of some "wealth management" (actually wealth transfer) folks.........
Based on my limited nautical experience, it seems to me that you cannot stay the course with a broken compass...you can't stay ANY course because a broken compass cannot find magnetic North.
Shawcroft

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steve roy
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Re: "Staying the Course"

Post by steve roy » Sun Apr 07, 2013 12:45 am

I gave up the broker/financial advisor thingamabob in the nineties.

Twenty years of high fees and under-performance was MORE than enough to convince me that there was a better way. I'm now fine with the advice of Larimore, Swedroe, Swenson, Bernstein et al. Absolutely no regrets.

And it's nice not to be paying a guy in a fancy office overlooking the Blue Pacific 2% off the top.

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stemikger
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Re: "Staying the Course"

Post by stemikger » Sun Apr 07, 2013 7:37 am

steve roy wrote:I gave up the broker/financial advisor thingamabob in the nineties.

Twenty years of high fees and under-performance was MORE than enough to convince me that there was a better way. I'm now fine with the advice of Larimore, Swedroe, Swenson, Bernstein et al. Absolutely no regrets.

And it's nice not to be paying a guy in a fancy office overlooking the Blue Pacific 2% off the top.
You left out Bogle. After all it's his name the site is named after.

P.S. No disrespect to the others you mentioned they are all great mentors.
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

Ed 2
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Re: "Staying the Course"

Post by Ed 2 » Sun Apr 07, 2013 8:05 am

I'd like to be with broken compass vs paying fee and following to all this Schuesters .. :happy
"The fund industry doesn't have a lot of heroes, but he (Bogle) is one of them," Russ Kinnel

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pennstater2005
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Re: "Staying the Course"

Post by pennstater2005 » Sun Apr 07, 2013 8:49 am

What's the saying about if someone's financial well being depends on it...........
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

sschullo
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Re: "Staying the Course"

Post by sschullo » Sun Apr 07, 2013 9:04 am

steve roy wrote:
I gave up the broker/financial advisor thingamabob in the nineties.
+1
It's not just "stay the course" that are always ridiculed, it's the "buy and hold" and "bond allocation about equal to your age" as well! The financial world is different "out there."
Public School K-12 Educators: "Ask NOT what your annuity sales person can do for you, ask what you can do to be a Do-It-Yourselfer (DIY)."

crowd79
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Re: "Staying the Course"

Post by crowd79 » Sun Apr 07, 2013 9:11 am

sschullo wrote:
steve roy wrote:
I gave up the broker/financial advisor thingamabob in the nineties.
+1
It's not just "stay the course" that are always ridiculed, it's the "buy and hold" and "bond allocation about equal to your age" as well! The financial world is different "out there."
Bonds=to Age is too conservative. So someone like me that is 33 yo should only be in 67% stocks? That seems a bit too conservative for me when I'm 25-30 years away from retirement.

montanagirl
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Re: "Staying the Course"

Post by montanagirl » Sun Apr 07, 2013 9:57 am

I assume this is yet more hype for the bull market? the media is falling all over itself trying to gin up a stampede...I heard some talking head say last week, he's never seen a bull so "disrespected." :P

Grt2bOutdoors
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Re: "Staying the Course"

Post by Grt2bOutdoors » Sun Apr 07, 2013 10:46 am

Call the number on the ad - ask them if they've ever been on a boat, much less sailed on one. :oops: Most of these professionals couldn't find their way out of a dark building, let alone a ship, a mountainous region or a city without a GPS.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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matjen
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Re: "Staying the Course"

Post by matjen » Sun Apr 07, 2013 10:50 am

A man is rich in proportion to the number of things he can afford to let alone.

shawcroft
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Re: "Staying the Course"

Post by shawcroft » Sun Apr 07, 2013 2:25 pm

Grt2bOutdoors wrote:Call the number on the ad - ask them if they've ever been on a boat, much less sailed on one. :oops: Most of these professionals couldn't find their way out of a dark building, let alone a ship, a mountainous region or a city without a GPS.
Grt2bOutdoors:
You are being too kind!
I mentioned this ad to some of my Navy friends who were amused as well. They doubt the marketing genius who wrote the ad had ever been on a boat.
Shawcroft

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mickeyd
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Re: "Staying the Course"

Post by mickeyd » Sun Apr 07, 2013 2:45 pm

"The only investors staying the course are those with a broken compass".
That's a clever Madison Ave play on words. That reminds me, the Mad Men new season begins tonight.
Part-Owner of Texas | | “The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle

pingo
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Re: "Staying the Course"

Post by pingo » Sun Apr 07, 2013 5:49 pm

shawcroft wrote:"The only investors staying the course are those with a broken compass".
Didn't BNY Mellon manage the "Asset Allocation" fund that was once a component of Vanguard's LifeStrategy series? BNYM's non-course-staying contribution was hurting LS fund performance and screwing up the LS series' risk profile like a rum-drenched, storm-bound sea cap'n with a broken compass.

It would seem that Vanguard found its compass (and its wits) and took the above advice by cutting and running from BYNM.

I think that is, how you say, ironic?

Now, if there be any sea-goers or non-dummies who find my comments to be backward or mis-directed, perhaps you could point this silly land-lubber to the hiring desk of BNYM's marketing office? Even better, to the helm of one of its funds!

:beer

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