Running…Posted: April 6, 2010
First, welcome to my blog. I always said that I would never do one of these…I also said that I would never become a runner either.
I now run 5k (3.1 miles) three times per week at the YWCA in Brunswick – started last year when I decided that I needed to begin an exercise regime. This morning while running, they had CNBC on one of the TVs in the cardio room. I am so glad that there is no volume, because it just frustrates me to listen to the talking heads debate the recession, company XYZ’s weekly sales numbers or how unemployment is affecting people.
Before the “Great Recession,” these same people were on the same programs talking about the same things. Why do we continue to give them a pulpit? Anybody who came on these shows and tried to warn people about the risks involved in risky investing was talked down.
I’ll say this as kindly as I can: I don’t believe the analysis coming from Wall Street. The same people who both caused and ignored the problems that led to the financial crisis are the same ones doing financial analysis today. It seems to me that the majority of these people have been proven to not be experts anymore. Yet there they are…
Do you honestly think that the unemployment situation is improving? Ask yourself, do you know someone who was recently hired?
PNC’s latest economic survey says that only 22% of private businesses plan to hire full time employees in the next six months, and that 92% do not feel that the US economy has improved. There is a huge disconnect between what we’re hearing out of Wall Street and what small & middle market business owners are saying.
Ask any of the people who I socialize with, I tend to be a very positive person. With all of this negativity, how do I maintain a positive attitude in managing my clients’ assets? Prudence. I believe that by being prudent, we are doing the absolute best we can to balance both risk and opportunity in client portfolios. Is there opportunity out there now? Yes. Is there risk out there now? Definitely. It’s how we balance the two that helps me keep a positive attitude toward investment management. I feel confident that we are doing the right thing at the right time for our clients.
The economy is not going to improve overnight, no matter what the talking heads tell you. Be smart, be disciplined and be prudent. Whether it’s 5k or 500k, keep your head up and continue running, you’ll get there. We’re in this for the long haul.