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Who’s Got Your Back in Times Like These?

July 27, 2020 By E.J. Smith - Your Survival Guy

By jamesteohart @ Shutterstock.com

Sometimes the most dangerous risk to your portfolio is you—because one of the more difficult actions an investor faces is when to sell a stock.

Instinctively investors want to add to their winners (even when there’s no more meat on the bone) and sell the (temporary losers) because the losses are too hard to stomach. In both cases, inertia takes hold, and years later, the right choice becomes crystal clear.

Too often, investors bet their savings on “ideas” and not “value.” Ideas are a dime a dozen. Discovering hidden value takes work, years of experience, and over time, is quite fun.

Do you want a phone rep that “yes ma’ams” you, or an advisor grounded by the principles of a prudent investor? The prudent investor knows that ten ideas maybe produce one, maybe, good one.

In tough times, does your advisor stand his ground, or does he “yes sir” you? In other words, who’s got your back in times like these? Let me show you the way with my monthly Survive & Thrive newsletter. You can sign up here, but only if you’re serious.

In the September 2015 issue of Richard C. Young’s Intelligence Report, Dick Young wrote:

The Prudent Man Rule is based on common law stemming from the 1830 Massachusetts court formulation Harvard College v. Amory. The Prudent Man Rule directs trustees “to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital invested.”

Since I started our family investment management firm in 1989, I have operated under the assumption that the Prudent Man Rule to this day carries as much weight as it did in 1830. Common sense and prudence just don’t go out of style—ever.

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 Zilldjians. 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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