|
What it means to Live
Big®
The
list continues to grow! Here's the latest entry:
"Get an almost free vacation through a home
exchange"
Speaking of which, check out www.HomeExchange.com.
Media Matters
Dave
does get around . . .
Volunteer
Work
And speaking of our Japanese
connections, Dave is also a director (hon.) of the Japan Academic
Society for Financial Planning
And speaking of what it means to Live Big, that was the
title of Elissa's keynote speech, delivered on Thursday at the
Rachel Carson Middle School career day event. As you
might have expected, the presentation was a big hit with both
students and teachers.
Webinar Archive
Available
Judging by the responses received so far, our "Perfect
Storm webinar last week was a great success. We've now made it
available on
our website for download or viewing. There are three
versions to choose from:
- Windows
Media Version: this recording can be streamed or
downloaded to your computer.
- Podcast:
this can be played on any video-capable iPod.
- Slides
Only : in Adobe Acrobat format, these do not have the
audio narration.
Don't hesitate to contact us if you have trouble accessing
any version.
Identity Theft and
LifeLock
Just
a reminder that we’ve posted an article on our website
("Guarding
Against Identity Theft") on how to protect
yourself from identity theft and have also negotiated a
discount for you, your family members and your friends to
enroll in the LifeLock® service. We've posted a complete
description of the LifeLock system on our website (About
LifeLock®).
Although
the many clients who have already taken advantage of this
offer reported that signing up was easy, you should feel free
to contact Marcia by phone (1-800-772-1887) or email (marcia@yebu.com) if you have
any problems.
Use
Promotion Code: YESKEBUIEEMP when you enroll online, to
obtain your discount.
How to Get
Help
And don't forget that our updated client page (http://www.yebu.com/portal.htm)
offers a full list of who does what and who you should contact
for help with various issues. Contact numbers and email
links are available from that page as well.
|
What we will miss about the
prophets® of doom by David Marsh, Financial
Times
For two years now, we
have collectively gorged on tales of tears and deeds of
downfall. If the bulls really are back and the economic and
financial misery is about to end, here are 16 reasons why we
will miss the gloomy times.
1. Role-play will be a lot less pleasurable. We have split
the world into two pantomimic parts: the evil (the bankers)
and the good (everyone else). In future, sorting out villains
and victims will require more imagination.
2. The crisis has favoured inexpensive, socially
constructive pastimes such as bird-watching, book-reading and
communal needlework. More aggressive activities will soon be
on the rise again.
3. The prophets of doom have had a field day. Yet we feel
strangely comfortable with the Cassandras. We have enjoyed
being told that the light at the end of the tunnel signals an
approaching train. Now we will have to get re-acquainted with
the optimists – a much more dangerous and unsettling bunch of
people.
4. During the recession we profited from empty planes,
hotels, restaurants and buses. When recovery comes we will
have excess demand again. The good life, when it returns, will
be a lot more crowded.
Read
the rest . . .
Weekend
Reading
Here are a few of the more interesting
items that appeared over the past week.
Irrational Banks or Irrational Incentives?
In an interesting
interview with Nobel laureate Daniel Kahneman, we
learn about the dysfunctional assumptions that led
policymakers, including Alan Greenspan, to overlook the
dangerous behavior of banks in recent years. Greenspan, we are
told, made the mistake of assuming that banks were rational
when, in fact, their managers had been given short-term
incentives that were at odds with the long-term interests of
the bank. He also quotes a colleague from Princeton who
said "there were exactly five people who foresaw this crisis,
and this does not include (Fed Chairman) Ben Bernanke." Not to
mention that fact that many who foresaw the crisis were among
those who predicted 10 out of the last three.
Bonds for the Long Run?
Financial analyst Ross Arnott claims in a recent study that
bonds have not only beaten stocks over the past 40 years, but
that they're probably a better bet going forward. Robert
Huebscher of Advisor Perspectives strikes back with his
own analysis. Huebscher demonstrates that not only was
the dominance of bonds over the past 40 years an anomoly, but
the prospects for bonds going forward aren't anywhere near as
rosy as stocks.
A Crisis of Ethic Proportions
John Bogle, founder of Vanguard Funds, delivers
a point-perfect screed against the bankers and fund
managers who have maximized their interests at the expense of
their customers. He calls for the establishment of a
"fiduciary society."
Quote of the
Day
"Ten out of three is a pretty good record, relatively.
But I conclude from the fact that only five people predicted
the current crisis that it was impossible to predict it. In
hindsight, it all seems obvious: Everyone seemed to be blind,
only these five appeared to be smart. But there were a lot of
smart people who looked at the situation and knew all the
facts, and they did not predict the crisis."
Nobel laureate Daniel Kahneman
|