TD Ameritrade commissioned the Harris Poll to understand the rise of “unretirees,” the now majority of people who plan to continue working in a paid position after reaching retirement age. This podcast (5:53) argues that financial necessity is likely to be the key reason for this unsalutary trend, and that it is connected to the way people “benchmark,” as it were, their standard of living to that enjoyed by their peers.
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A UBS survey of 3,400 clients shows the ultra-wealthy group moving into cash, with these investors “fearing” or “bracing for” a major market sell-off. But if you look behind the headlines at their actions and views, these are not fearful but rather patient investors. This podcast (5:31) argues that patience is action based on a thoughtful consideration of investment reality – the reality that the masses buy high and sell low, such that these wealthy investors are preparing to do the opposite.
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Prowling the internet for free advice is no substitute for an advisor-client relationship, since life circumstances are always changing. This podcast (4:36) argues that just as the price of liberty is eternal vigilance, so too the price of financial freedom is the sort of vigilance provided by financial advisors.
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It’s understandable why large pension funds or insurance companies would buy negative-yielding bonds, and it’s pretty clear why central banks do, but why would ordinary investors do so? This podcast (6:34) suggests that while negative-yielding bonds can pay off under certain circumstances, their zero or negative yields strengthen the case for zero- or negative yielding cash or gold which serve as effective hedges but with greater flexibility.
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A new report by the Empower Institute, called “The Over-Stated Retirement Crisis,” challenges the generally dim view of Americans’ retirement readiness, citing a massive growth in retirement assets over the past several decades. This podcast (7:12) counters that a massive increase in consumer liabilities over the same period confirms there is a crisis, but argues that advisor encouragement of asset growth can compensate for today’s excess of consumer credit.
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Protecting against the downside is the first step in investing. This podcast (4:16) argues that advisors should encourage clients to reduce risk and aspire to steady returns as the best means of attaining long-term solvency and stability in their financial lives.
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DoubleLine bond manager Jeffrey Gundlach tells Switzerland’s Finance and Economy publication that it’s time to prepare for a downturn. This podcast (4:51) credits Gundlach with some astute observations, but notes that he’s issued plenty of doomsday warnings throughout years of the market’s relentless ascent. The moral of the story is thus that we should always be prepared for a downturn – and positioned for an upturn – and not wait for portfolio-manager pronouncements.
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It takes $26 to buy what one dollar could buy in 1913. So why should retirees want dollars, which may fare even worse in the coming decades? This podcast (5:38) argues that disparaging cash as trash misses a paradox that Warren Buffett penetratingly expressed, that “in order to succeed, you must first survive.” With enough cash not just to meet their expenses but to re-risk their portfolios with new stock investments – retirees can both survive and thrive.
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ETFguide.com founder Ron DeLegge’s new book, Habits of the Investing Greats, proposes that investing success and character are intimately related. In this podcast (18:25), DeLegge makes this link explicit by suggesting how we can emulate Stanley Druckenmiller’s responsibility, Anne Scheiber’s thrift and steer clear of the disorganization that led one investor to seriously undermine his family financially. DeLegge concludes with the suggestion that advisors give their clients homework that will strengthen the traits that undergird investment success.
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A new Harvard study finds that about one-third of Americans age 65 or older are being ravished by the costs of housing. This podcast (6:45) suggests that financial advisors who focus on investment securities alone are withholding the holistic view of their clients’ finances that is increasingly needed, given the trends brought out by this academic study.
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