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Politics : Ask Michael Burke
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To: Earlie who wrote (88234)1/11/2001 11:22:01 AM
From: Joan Osland Graffius  Read Replies (2) of 132070
 
Earlie,

I play bridge with a number of groups that has members that are all over 60 and have a fair amount of paper assets. The people all use financial advisors and they are "still" in the equity market. Of course I have been preaching for the last two years that the market is over priced, but these advisors recommended that they stay the course. Since March they have seen there assets decrease in value and are staying the course, but complaining that things are getting worse each quarter. I asked one gal when she was going to sell and she responded "what do I do with my money, put it in index funds". I did respond "have your ever heard of cash or cash equivalents. <g> I do not know when these folks will throw in the towel, but when they do it will be close to the bottom. It sounds to me like these financial advisors are keeping these folks in the market so they can continue to charge fees and I suspect the folks will sell when they can not take the pain any longer.

Joan
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