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Investing Habits of the Fairly Wealthy: #8 “Safety”

October 12, 2023 By E.J. Smith - Your Survival Guy

By ligi92ungur @ Shutterstock.com

“History repeats.”

“It’s different this time.”

“Real estate always goes up.”

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“I’m a long-term investor.”

“I’m a contrarian.”

I remember “It’s different this time,” back in the late 90s when investors were partying in tech stocks like Prince’s song “1999.” Then the tech bust happened, and serious money was lost, never to be seen again.

“Real estate always goes up” was true right up until the financial crises in 2008, and once again, money was lost, never to be seen again.

I could go on. And I will.

“I’m a long-term investor,” I hear more than I care to admit. Then markets get hit, and my phone rings as my caller ID reads “long-term investor,” who says he wants to move to cash. “OK,” I say.

The problem with so many long-term investors is they then get stuck in cash and miss the boat. It’s tough to understand one’s risk intolerance when times are good. It’s often discovered after it’s too late.

The same is true for the investor who says, “I’m a contrarian.” This investor loves sales at Costco, but when bond or stock prices are down—when yields rise to levels you can sink your teeth into for years into the future, contrarians are rare as hens’ teeth. That’s human nature.

But perhaps the most relevant one for today is “History repeats.” But does it? Sure, this feels a lot like the late 60s through the early 80s. And it’s an ugly look for stocks that were as flat as a flounder skimming the bottom of the ocean.

But “If you remember Woodstock,” as the saying goes, “You weren’t there.” The key difference today vs. then is the level of U.S. debt.

Life on Main Street has never been tougher.  Which leads me to a phrase that withstands the test of time: “Margin of Safety.”  You, my fairly wealthy investor, worked too hard for your money to live any other way.

Action Line: If you need a plan, let’s talk. Until then, try to avoid the big investing mistakes. To help, click here to download my free special report on the Top 10 Investing Mistakes to Avoid.

Originally posted on Your Survival Guy. 

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

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E.J. Smith - Your Survival Guy
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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E.J. Smith - Your Survival Guy
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