Greece for Our Engine?
This week I was catching up with a good friend who founded and built a successful lawn care company. He relayed a story that had happened to him earlier that day. While speaking to a customer, he mentioned that he had started his career at Merrill Lynch. This prompted the customer to plead, “My adviser stinks. What advice do you have for how to invest in these crazy markets?” My friend replied, “My advice is don’t ask your lawn guy for investment advice.”
With so many “experts” loading up client portfolios with increasingly risky yield assets (just as interest rates hover near historic lows), I’m not so sure that a lawn guy’s advice could be much worse.
Chart of the Week
The following chart illustrates that nothing is more important than China to the world’s economy … certainly not Greece.
Global GDP has grown 17% since 2008, yet backing out China’s 73% growth, the rest of the world’s GDP is still 1% below 2008’s. (And that’s not even accounting for inflation. Wait, I forgot. We haven’t had any of that.)
Amen of the Week
“Once bad news accumulates, more tends to follow.”
“If you own something you think is bad, sell it today because tomorrow it will be worse.”
- Ace Greenburg, former Chairman of Bear Stearns The Rise and Fall of Bear Stearns (pp. 142, 196)
Yours in the Field,
Frank Byrd, CFA
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