I'm in the position of Trustee of my elderly (87 with Alzheimers) mother's assets, and I absolutely despise that part of the job. Dad died one year ago at 94; wifey and I had dug into their assets a couple of years before that and were appalled at where their money was "at".
Charles Schwab - or whoever - had talked them into tons of very long term, low yield bonds...and the rest was in stocks that the parents "liked the name of", like GM, Ford, Microsoft, bla bla bla.
I'd gotten very tired of watching the assets go down the toilet over the past years so finally pulled the trigger about 6 weeks ago and had Schwab dump ALL the stocks and most of the bonds and just put it into the cash account.
She ain't earning much now, but those monthly statements showing 10K down the toilet are gone.
.................Shoulda done the same with my own Janus funds. It's mattress time. I'm 61 so the "next cycle" theory is iffy, at best.
I’m sorry for your financial loss. Honestly. It is why I and others were screaming here over the past year to move your money into safe investments like cash and Treasuries.
We were laughed at by a lot of people who were buying every dip. Every time the market went down they were screaming “buying opportunity.” Now I’m looking to re-enter around S&P 1000.
I wish I could have been more successful in getting my message out. I posted early and often and I have no clue what more I could have done to get the message out to more people to move your money to safety. And all the while I was accused — and still am proclaimed — as a “doom and gloomer”, a willing stool of the MSM trying to get Obama elected and not a true Conservative.
What more could we do in warning people to get safe with their money?
People selling now essentially bought high and sold low.
What more could we do? I wish more Freepers had moved to safety for this downturn. Some are savvy enough to trade the market and make some money on options. I”m not. I’m just long or out. People like me only had one defense, and that was — flight to safety.
I’m really sorry for your financial loss and your mothers. I think by getting out now you at least have saved a little money for the final drop.