Mission Statement:
To financially empower our clients so that they can achieve their most
important goals and to confidently plan for the future that they envision
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How to deal with head spinning
stock market volatility
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I know, it's crazy, right? Last Friday the stock market plunged and this week it reached new all-time highs. The cause for both the plunge and the bounce are two sides of the same cause; coronavirus. For a quick review about how it effects global markets, I wrote about it
here and
here and interviewed a MD about it
here. My comments about plunging Chinese stocks due to the economic toll from coronavirus were also included in this NBC News article,
here.
There are more than enough articles about the coronavirus and its impact on global markets, so I'll go onto another issue that's even more dangerous to investors. Events like this and others have been short lived. They could be terrifying at first, but we get past them and then stocks recover. The lasting scars on investors from these events are the ones caused by overreacting within one's investment portfolio and financial plan. I think it's worth repeating what I wrote in a LinkedIn post from last Tuesday, 1/28 :
"ProTip: If you panic sold stocks/ETFs/Mutual Funds yesterday and you're wondering if you should buy them back today while you're watching the stock market rebound today, you're doing something wrong.
This is not amateur hour. Get a strategy you can live with that takes into consideration big market gyrations. We'll have plenty more big down days in the stock market for reasons we can't even think of yet.
You don't want to destroy your hard earned savings by reacting to them each time."
The point is that jumping in and out of your investment portfolio based on one-time events will have long term, negative consequences on your long term wealth prospects.This current event will pass, but if your behavior remains the same going forward, then you're stuck in a vicious cycle that needs to be corrected. The video below is how I explain it in only 1 minute and 16 seconds. It's the subject of this week's Monday Money Tip.
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On another note, I had a great time hanging out in the studio with my friend, Bill Corbett, Jr. The topic of our talk was "Time is Money, So Let's Save Time" He shares nuggets.
1. Bill is a nationally recognized public relations professional.
2. He is also a LinkedIn specialist and was using the phrase "build your brand" years before it became popular in the digital marketing world.
3. He shares great time saving advice in this video that has helped him climb to the top of his field.
I'm sure you'll get value from it. You could connect with
Bill on LinkedIn.
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I stream my live show, "Be The Boss of Your Money" onto LinkedIn and Facebook every Wednesday at 12:30 PM EST. The replay is available immediately after to watch it at a more convenient time. You could watch it live or in replay by
connecting with me on LinkedIn or follow me on my Facebook page, ClientFirst Strategy.
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Want to schedule a phone appointment with me to speak about your financial goals? click the "Let's talk" pic.
Or email me directly:
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I opened ClientFirst Strategy, Inc. because I believe that the only way to help my clients potentially achieve their goals is by offering unbiased advice & investment management expertise. To my clients, thank you for your continued vote of confidence. If you are not a client but would like to explore the possibility of becoming one, I invite you to call me directly, visit my website, join my email list, and/or connect with me on social media.
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Mitchell O. Goldberg
AIF®, AAMS
President | Investment Professional
OSJ Manager
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ClientFirst Strategy, Inc.
290 Broadhollow Road, Suite 200 E, Melville, NY 11747
(D) 631-920-6622 (F) 631-920-6624 (C) 516-818-0338
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All the views expressed in this report/commentary accurately reflect our personal views about any and all of the subject securities or issuers and no part of our compensation was, is, or will be, directly or indirectly related to the specific recommendations or views we have expressed in this report. This material is not intended as an offer or solicitation for the purchase of sale of any security or other financial instrument. Securities, financial instruments, or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values, or income from securities or investments mentioned in this report may fall against your interests, and you may get back less than the amount you invested. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. You should consult with your tax adviser regarding your specific situation. Diversification is a method of managing risk and doesn't protect against loss in a down market. The S&P 500 and Dow Jones Industrial Average are indexes. It is not possible to invest directly in an index. *The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. **The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy.
Securities and investment advisory services offered through NEXT Financial Group, Inc., member FINRA/SIPC. ClientFirst Strategy, Inc. is not an affiliate of NEXT Financial Group, Inc.
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