You may have noticed stocks are acting a little funny lately. Whether it’s scary October, midterms, or earnings, there’s always something to worry about. I’ll tell you, the phones have been pretty quiet from clients. Many are packing up for Florida, travelling in Paris, or enjoying the outdoors.
For example, I received a picture emailed from my client at his fishing cabin in Alaska enjoying some freshly caught crabs, writing: “All retirement benefits are not in dollars. Thanks for the help making this happen. I’m the one holding the pot.” He’s retired. Stays off the grid three weeks at a time-with no regrets. We’ve been investing together for over fifteen years now.
Another client emailed yesterday a picture with an elk he shot, writing from his home in Wyoming, “I shot this elk on Monday at 10:30 am while hunting with my son. Retirement does not suck!” Mind you this was after NASDAQ had its worst day since 2011 dropping 4.43%. His email had zero to do with the market. That’s pretty special.
What’s nice about my relationship with clients is that when they call, we talk. And there is always important insight gathered—things that might be missed by a robo-advisor—like the emotion or tone of their voice. My clients talk to me. It’s just the way it is at our boutique, family-oriented investment firm.
There’s not an army of phone reps here. We’re not appealing to the masses. It’s hard to do that when you have strong opinions on important matters—areas we care about. They tend to be centered on supporting the small town, Main Street appeal that has made America great.
My favorite three letters are: Y.O.U. And the virtue of dividend paying stocks, as I’ve written to you. Too many investors believe owning stocks is an I.O.U. That’s just foolish.
So, when NADAQ takes a hit, like it did yesterday, imagine my comfort and peace of mind when areas we eschew took it in the neck while areas that tend to pay dividends did not, as you can see here in a display of market performance at 4:20pm:
Three weeks from today it will be November, midterms will be a recent memory, and earnings will have been reported. My client, upon his return home from his fishing cabin, may never know what all the fuss was about.
All retirement benefits are not in dollars.
