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When “Mr. Smart Guy” Talks ChatGPT

April 5, 2023 By E.J. Smith - Your Survival Guy

With tax bills due and family gathering for Easter, it’s money talk that’s on the table. Unexpected tax bills from mutual funds that lost money are never fun. Headline statements about the banking disaster are going to come up. But is anyone paying attention to how this could lead to digital currencies?

It’s easy to shrug off the subject of money. But sometimes some honest advice is what’s needed. When “Mr. Smart Guy” starts talking about ChatGPT, you don’t have to go along for the ride. Be nice, of course. But it might be worthwhile noting stocks have already been down 20% four times this century. And that’s not even getting into the areas that got destroyed.

 

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A point worth making is that most of the worst investing disasters are man-made. Yes, I’m talking about too big to fail, monetary excess, zero percent rates, etc. But I’m also talking about the individual investor who learns he’s the black swan’s prey far too late. It happens over and over again. If the investor was simply focused on keeping what he made, he’d avoid a lot of heartache.

But being a Prudent Investor sounds boring, especially around the dinner table. But it’s not boring when you become a fairly rich man. When you have some money to do what you want to do. Then it can be fun.

Action Line: Most investors realize their risk tolerance too late. Someone needs to set the family straight. If you need someone to stand by you, I’m here.

Originally posted on Your Survival Guy. 

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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 and Paris.

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

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