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Egypt Solomon's avatar

This my friends, is the reason why I am a BPR subscriber, no one can lay it on thick and spread the cream like Bill Bonner. A beautiful masterpiece at hand. Truly from the heart, but best of all, he writes from knowledge and experience. Take heed, the financial slaughter fest is well underway, the systemic hedge cracks are clearly visible, and the pain is just one bottle of Vicodin away! Best, 😃😂

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Brien's avatar

Question for Dan or Tom,

I just had my biannual portfolio review with my Fidelity advisor. I’ve been with him about 7 years now and find him to be knowledgeable and competent. But I have noticed over the years that the entire professional money management industry sings out of the same song book, all the time, in all markets. I have had a number of professional money managers over the decades, and in toto have gotten sub-market performance from them. I know people who have done better, so perhaps I have been unlucky.

But I have NEVER gotten contrarian advice at any time and in any market. In short, the industry appear to be a bunch of lemmings. I got completely out of the markets and moved to cash last December, not on professional advice but on my own intuition, fueled in no small part by listening to Bill during the previous year. Turns out that was a good move, but my Fidelity guy believes I over-rotated. He now recommends 20% stocks(S&P 500), which is as low as they(the professionals) will ever go, and 20-30% Agency bonds, claiming they were paying over 9% and were “very low risk.” He admitted that in his own portfolio he is only about 20% cash and is down only 9% ytd.

My question is do you have a specific take on Agency bonds in the near/medium term, and do you have any comments to add to mine about the professional money management industry? To be honest, my biggest personal problem with Agency bonds is turning more of my money over to the government. Appreciate your input

Brien Akers

Kenmore, WA

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