ACCOUNTABLE UPDATE
"See Through"
“Bulls Return,” read the headline on a daily newsletter that I subscribe to. The article wasn’t referring to next month’s Rodeo Austin. The subject was the stock market, or more specifically, the mostly upward price movement since the big selloff last Christmas Eve.
But if the bulls (buyers) have returned, that implies that they left. If they left, where did they go?
I recently read that the average age of a client that works with a financial advisor is 62 years old. That led me to ponder one of biggest dilemmas that investors face in life. When we are young, we lack money and experience. Yet by the time we have accumulated enough money and experience, we are short on time.
As 20th century Irish playwright George Bernard Shaw once quipped, “Youth is the most beautiful thing in this world--and what a pity that it has to be wasted on children!”
I recently got into a heated online discussion with a young man that was pitching an investment fund on an internet chat board. It all started with someone asking for thoughts about how to invest the proceeds of a business sale.
“I’ve got an Algorithm with your name on it. It’s up +18% over the last 5 months while market is down around -8% over same period,” replied the would be Wolf of Main Street.
“It's a long/Short algo that auto trades only S&P futures currently, with limited exposure. Somewhat the opposite of HFT. We have small group of investors, very high net worth types. Launched in July and was in development for about a year prior to that. I can email you if you're legitimately interested.”
Sounds legit, right?
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