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I’m going to talk briefly about what’s going on in the stock market right now. It appears that there is a tremendous amount of speculation going on at this time. If you only watch the financial news networks, you are flooded with stories about crypto currencies swinging wildly in price, SPACs and NFTs catching big bids and then catching no bids. Some individual headline making meme stocks going up and down 50% in a day. Exciting right?
I don’t know but it does give people something to talk about. While this enthusiasm is indeed happening, it is a relatively small corner of the financial markets. And while some people are making a lot of money, there are other people who aren’t as fortunate. But that’s the market and when you speculate you take your chances. At Albitz/Miloe, we prefer the investment side of the equation but sometimes that might be boring…generally effective, but yes, it can be dull.
The major indexes have been calm and strong this year. The year isn’t over yet but if they just maintain a modicum amount of the calmness we’ve seen, then this will end up being a pretty good year. I am reminded though of the old adage: “Don’t say it has been a good day until nighttime.” Anyway, back to the speculation theme. We have clients who at times like to speculate. That is not a problem as long as they understand the risks. Those of you who know us, know that we do our best to make the risk/reward equation clearly understandable.
Over the years, I’ve learned that most people say they understand risk. But when I’m sure a client truly understands risk is after risk hits and I see how they react to it. At that point, it is clear to everybody.
I’m going to close this video out with a comment I heard and want to pass on to you. It goes like this: If asked how to get rich quickly: “I can’t tell you how to get rich quickly. But I can tell you how to get poor quickly, and that’s by trying to get rich quickly.” I like that sentiment because it is so true. That’s a good one to remember and if you have kids, remind them of that.
Anyway, until next time I’m Phil Albitz. Thanks for watching.