Financial advisors telling clients to bet against recovery.
I met with my advisor a few weeks ago and he strongly urged me to take "3 percent of my portfolio" and invest in double shorting Treasury bonds. He thinks that inflation (because of Obama debt) is going to skyrocket.
So I talk to a trusted family member who invested with a completely different firm, and guess what, his people are telling him to take "3 percent of his portfolio" and invest in index options (short selling stocks because they are going to fall dramatically).
Essentially what these guys are telling their clients (us) is PANIC!
1. I met with my financial advisor yesterday. I'm recently widowed and trying
to figure out what to do with his and my IRA accounts.
She suggested getting out of most of the market "stuff" right now and sitting out the next few months or so. She thinks there's going to be a "correction" soon and she knows that this is all the money I have to live on for the rest of my life. Along with Social Security, of course which looks like it will be my lifesaver unless the right-wing has its way.
2. I'm not buying it. I think these advisors believe their own propaganda.
Regulation is BAD (nevermind what happened with zero regulation). Debt is BAD (only when Obama incurs it apparently). Taxes on the rich are BAD (nevermind Clinton's economy after raising taxes).
I handle most of the research material that come into the office and that isn't what they are saying at all. In fact this morning I saw a piece from a very reputable research firm that said the indicators are that the recovery is happening very quickly. I keep about 60 % of my personal money in US Government Securities but that is because I am close to retirement and need to minimize risk but I also have about 25% in some high risk high return mutual funds.
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