Coronavirus Infects Stock Market: Part XXIV
Once again, you’ve been telling me all week how much you miss Richard C. Young’s Intelligence Report.
That’s OK. I’m used to it especially in times like these.
But don’t despair.
If you’ve followed Dick’s advice, through thick and thin, you’re in the catbird seat today, because one of his most enduring messages has always been to be a prudent investor and to know thyself. To know thy risk tolerance like you know your family. (Sorry about the sheltering in place!).
It takes faith to invest. It takes a little push forward to get you out of the nest.
I get it.
I was speaking this week with a prospective client who lives in California. He said, “E.J. am I crazy sending my life savings, all that I’m worth, to Newport, RI?”
I said, “No, you’ll feel right at home. The politics are about the same.”
“In reality,” I said, “you’re simply putting your money with Fidelity Investments (Why Fidelity is #1), and we’re helping quarterback the portfolio like Tom Brady.” (Now, of course, I’m not comparing us to Tom Brady. We would never leave New England.)
My prospective client said he and his wife prayed the night before with God to help them make the right decision.
I misspoke and said, “Maybe the three of you (rather than us) should speak on a conference call.”
He said, “I didn’t know you had that power.”
Remember, investing takes faith.
I u-n-d-e-r-s-t-a-n-d.
I also understand that what you should do and what you actually do are two entirely different states of mind—they’re not even in the same country.
Read my entire series, Coronavirus Infects Stock Market here.
