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So lets recap:
May 2008: Referral from a CPA sits down with me and says, "Hey 75th, I just sold a restaurant and have $3,000,000 to invest. I dont know anything about investing, but between 2003-2007 when everybody was making money, the two guys I work with at Merrill Lynch made me nothing. Take this and do whatever you want with it. Keep in mind, though, that Im 57 years old and dont want to lose too much."
Fast forward to 10 months later. The market is down 47%. This client is up....UP 6%. Not only that, but I sat down with her at least monthly through all this making sure she understood that she was doing well.
This morning's email: "75th, Ive decided to move my portfolio over to Merrill Lynch to the guys I complained about originally, even though they made me no money during the best bull market in history. Youve done great so far but Ive known them for a few years and like how they run every single change they are thinking about making by me first before they do it."
Seriously.
May 2008: Referral from a CPA sits down with me and says, "Hey 75th, I just sold a restaurant and have $3,000,000 to invest. I dont know anything about investing, but between 2003-2007 when everybody was making money, the two guys I work with at Merrill Lynch made me nothing. Take this and do whatever you want with it. Keep in mind, though, that Im 57 years old and dont want to lose too much."
Fast forward to 10 months later. The market is down 47%. This client is up....UP 6%. Not only that, but I sat down with her at least monthly through all this making sure she understood that she was doing well.
This morning's email: "75th, Ive decided to move my portfolio over to Merrill Lynch to the guys I complained about originally, even though they made me no money during the best bull market in history. Youve done great so far but Ive known them for a few years and like how they run every single change they are thinking about making by me first before they do it."
Seriously.
