Thursday, January 14, 2010

Stockbrokers are salespeople

I love to talk about the market and this becomes the topic of conversation with anyone I know that will talk about it. A few days ago at work a family member said he had been a broker, worked for many firms. Our conversation was very interesting, touched on many subjects, and reinforced some beliefs.

1. He had lost his tail being short in 2009 due to his belief that things would go down. Lesson: trade what is happening.
2. While he seemed to be doing okay in life as a retiree, he and his wife opined that perhaps they should have worked in the medical field for better earnings power. They live and associate with retired doctors, say they are well off.
3. Despite a lifetime in the market, he has nine rental homes. Blow me down popeye. Lesson: diversify.

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