A quote from his book. Fear has a greater grasp on human action then does the impressive weight of historical evidence.
While inherently good, he represents a reality that no longer exists. When the S&P 500 was at 90 interests were almost 20% and the US had come off the gold standard. Then interest rates dropped to flood the market with cash by lowering interest rates to 0 for almost a decade. No one wanted to invest in the economy because American's were broke so the wealthy used their money to buy stocks bonds and fancy bottles of wine, not economic growth.
Now everyone is going broke driving up their credit hoping for a new future that is being taken away from them and moved to Asia. Let him leave this world with his optimism in tact.
I agree with his take on bonds. Never understood how they made sense.
One of the best guests ever on this show for most viewers. Much more useful than the guests expressing a short term "market outlook" aka educated GUESS. See the recent female economist interviewed and then check out her interview from late 2007 as an example.
This is an outstanding video. Nick Murray is a very disciplined advisor to advisors and our firm believes very much in the philosophies he has been sharing for years. Fantastic interview!
His comments on top of market psychology is spot on…
The two years in the cash is the key-I would say more than that. As well as you will need to reset your cash position after the storm has cleared.
This is the BEST BEST BEST Wealthtrack you've done Consuelo!
I think Wealth Track should start PodCast and broadcast it on Sound Cloud
Consuelo said it best — the problem is human behavior. Sound advice here.
Excellent interview, perspective and advice. Mr. Murray has helped me understand how to better serve my clients and has made a positive difference in my life and theirs. It is refreshing to hear this today, well done!
If he had been in Vietnam in 1967 instead of being a stockbroker, he wouldn't be so optimistic. For example, global population has increased by 5 billion since 1930 — a negative.
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