tag:blogger.com,1999:blog-78115769358960866012024-03-07T21:01:33.833-08:00Bob DreizlerBob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-7811576935896086601.post-13412263408452465332016-12-30T10:55:00.001-08:002016-12-30T10:56:09.992-08:00<!--[if gte mso 9]><xml>
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<div align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;">
<span style="font-size: 14.0pt;">COMMENTARY: THOUGHTS ON
THE ELECTION AND A TWO-DOLLAR BILL</span></div>
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<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">I’ve always liked $2 bills; I use one for a
bookmark. TJ is on the front and the classic vision of the signing of the
Declaration of Independence is on the reverse. </span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">I was looking at it last night and wondered what those
rich, white guys might think about the rich, white guy that is the
President-elect. For that matter, I’d like to know their thoughts about
the woman Presidential candidate who lost to him and the sitting President, a
black man. </span></div>
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<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">Barack Obama could not have voted until 1870 and
Hillary wouldn’t have been eligible to vote until 1920, almost 150 years after
the D of I was signed.</span></div>
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<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">I suspect that very few of you who receive this email
voted for Donald Trump. So far, ten days after the election, I have yet
to talk to anyone who <u>said</u> they voted for him. We live in tribes
these days. </span></div>
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<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">I was in Denver on the night of the election at the
annual conference on Environmental, Sustainable and Impact investing.
Attendees were gratefully distracted during the day and excited as the polls
closed, but then the mood quickly changed. Disbelief, sadness, fear and
grief reigned as the state maps changed from blue to red. We cried, we
hugged, we speculated, we drank.</span></div>
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<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">The next day we knew that instead of having our first
woman President, we would have a shockingly uninformed and undiplomatic
billionaire as our country’s leader. We wondered how America might change
having a President and Congress (and soon the Supreme Court) whose values
differ from ours. Most disturbing was the knowledge that almost half of
American voters chose a candidate who made so many offensive statements and
used fear and hatred of other Americans to rally his supporters.</span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">A wonderful column by Ailene Voisin in <u>The
Sacramento Bee</u> offered a quote that mirrored my feelings. Greg
Popovich, the outspoken basketball coach of the San Antonio Spurs said, “You
thought you lived in a country with certain values held in esteem, then you
find out those very values aren’t very important to half the country.”</span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">I was also at the same conference in 2001 when 9/11
happened. Back then the speakers and attendees also provided support for
one another and vowed to move forward. If I could not be with my family,
there was no more wonderful community to be with in times of supreme
stress. </span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">As the grief subsides we must deal with the reality of
how we cope and what we can do next. This <u>New York Times </u>op-ed
article by Nicholas Kristoff is worth a read:</span></div>
<div class="m-6846644673767488039msoplaintext">
<a href="http://www.nytimes.com/2016/11/17/opinion/a-12-step-program-for-responding-to-president-elect-trump.html?_r=0" target="_blank">http://www.nytimes.com/2016/11/17/opinion/a-12-step-program-for-responding-to-president-elect-trump.html?_r=0</a></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">Lots of people have been asking me what I think will
happen with the stock market. My answer, as usual, is that I don’t
know. I suspect that President Donald Trump (get used to that phrase)
will do lots of things that won’t make sense, but the stock market often acts
independently of political policy and economic actions. </span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 14.0pt;">The next national election is two years away, but we
can still vote with our dollars and our time. How we invest, contribute
and spend has an impact. These actions support the values that are
already under attack well before Inauguration Day, January 20, 2017.</span></div>
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<i><span style="color: black; font-size: 14.0pt;">This commentary is for educational
purposes only and are not intended to contain recommendations or solicit sales
on any specific investment. Opinions expressed in my commentaries and my
website do not necessarily reflect the views of any other organization
mentioned.</span></i></div>
<br />
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<span style="font-size: 14.0pt;">_______________</span></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-65477192475208893632016-05-27T10:41:00.000-07:002016-05-27T10:41:02.053-07:00<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
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<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
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<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Courier New"; font-size: 14.0pt;">Protected Investors Acquired by Cambridge Investment Research</span></b></div>
<br />
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<span style="font-family: "Courier New"; font-size: 12.0pt;"> Over the years you’ve seen the name Protected
Investors on forms and various communications from me. PIA has been my
Broker-Dealer (BD) since 2002. That is about to change as PIA has agreed to
be acquired by Cambridge Investment Research, a much larger BD. Next time
we meet I can tell you the long version, but the sad, short story is that small
BDs can’t compete with the larger firms. Information about Cambridge is
below and you can check out their website: <u><a href="https://www.cir2.com/">https://www.cir2.com/</a></u> </span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">This
move to Cambridge should have minimal effect on you. You remain the owner of
record on your account. Your account numbers will remain the same and you
will continue to receive statements directly from Schwab, First Affirmative
Financial and/ or your mutual fund companies. There is no cost or
tax consequences to you associated with this transfer, and your investments
will not change. I will remain your investment advisor and will continue
to service your account unless you choose not to sign the Cambridge paperwork
that you will receive within the next few months. </span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">For
over 80 years, Protected Investors of America (PIA) has served its clients with
excellence and integrity. PIA has been in the same office building on
Montgomery Street in San Francisco since 1937. That office will soon
close and PIA will be exiting the general retail brokerage business on July
29th. PIA plans to continue to use the PIA name, as we enter into a new
relationship with Cambridge Investment Research, Inc. (Cambridge). </span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">Cambridge is a registered broker-dealer in all 50
states with clearing services offered through National Financial Services (NFS)
and Pershing LLC, both members FINRA/ SIPC. Cambridge has more than 2,500
rep-advisors, supported by approximately 590 home office staff. By
comparison, PIA has 50-60 advisors and about 10 staff.</span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">Investment Advisor magazine recently honored
Cambridge as 2015 Broker-Dealer of the Year in Division IV – the division
representing independent broker-dealers with over 1,000 producing advisors.
Cambridge has earned this honor six of the last eight years, and was previously
honored in 2014, 2013, 2012, 2010, 2008, and 2007 as Broker-Dealer of the Year in
Division IV and in 2003 for Division III. </span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">Cambridge’s full range of products and services, and
their receptivity to my ideas and concerns about how to satisfy my clients and
support my practice, have convinced me that I have found what I am looking for:
a truly independent broker-dealer. PIA has selected Cambridge and elected to
move as a group in order to provide the smoothest transition for our clients. I
sincerely hope that you will join me at my new firm and allow me to be your
Cambridge rep-advisor.</span></div>
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<br /></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;"> Vickie or I will be calling you within the
next few months to check in. We can set up a time to meet in my office or
talk by phone to review your accounts, complete the new Cambridge forms and
answer your questions. I look forward to servicing your current and
future investment needs. Finally, if you have immediate questions or
concerns, please contact me by phone at <span style="background: yellow;">916-444-2233</span>
or by email at <a href="mailto:bdreizler@protectedinvestors.com">bdreizler@protectedinvestors.com</a>.</span></div>
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<br /></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-1666943609777570082016-05-12T11:12:00.000-07:002016-05-12T11:12:00.379-07:00<!--[if gte mso 9]><xml>
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<i>Tending Your Money
Garden</i>: a book obituary</div>
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I could write a book about my book, but you’ll have to settle for a chapter.</div>
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In the spring of 1997 I started to rewrite and expand my one page tri-fold
pamphlet that described Green Investing. Sixteen months later, 3,000
copies of my 160 page book, “Tending Your Money Garden” (TYMG) were delivered
to my office—eight days before my 50<sup>th</sup> birthday.</div>
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I had been writing newsletters, financial columns and freelance articles, so I
had plenty of material I could use for chapters. I thought of myself as a
writer, but NOW I was an author. My daughter Sonya worked in my office
the summer before she started college at UCLA. She did a fabulous job of
marketing my book and getting me interviews on local TV stations and in print
media. I received endorsements from Dave Berry and the <i>Chicken Soup
for the Soul</i> guru, Jack Canfield. </div>
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I did book signings and discovered
how totally dysfunctional the book business is. First you try to get your
books into book stores, and then you try to make them leave. That was
back when there were a lot more book stores. </div>
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TYMG is not your typical money
management book; it had some phony endorsements, amusing money quotes and a
goofy glossary. I experienced mild success. Brisk sales rocketed
TYMG to #1034 on Amazon one day, but my cover sucked. Note: People <u>do</u>
judge and buy books by their cover.</div>
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In 2001, with a fantastic new cover, Rossonya Books (my self-publishing
company) printed 3,000 copies of “Tending Your Money Garden,” 2<sup>nd</sup>
Edition. Another lesson: Despite a beautiful new cover and cool
endorsements, second editions of financial books don’t sell unless you are my
phantom nemesis Suzi Ormond. But I’m not bitter. </div>
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Why am I talking about TYMG’s obituary now? Starting in June I will not
be able to sell or give my book away. Long story. It’s a
compliance/regulatory issue. </div>
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Since I have fewer than 100 of my original 3,000 left, local landfills are not
in jeopardy. So, I am now offering to give these away to anyone you know
who might benefit from an easy-to-read (high-school level), smart-ass money
management book. It is slightly outdated. At almost 18 years old, TYMG
would be old enough to vote...if it weren’t a book. </div>
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So if you’d like a copy for a friend, relative or clients, please contact me
BEFORE May 30. I’d love to give away the rest of my babies to a good
home. </div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-5548894397024100302016-03-05T11:47:00.002-08:002016-03-05T11:47:32.007-08:00Why Does the Stock Market Go Down? Why Does the Stock Market Go Up?<!--[if gte mso 9]><xml>
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Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
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<span style="mso-tab-count: 1;"> </span>Disclaimer:<span style="mso-spacerun: yes;"> </span>This commentary is based on nothing other
than my observations from following the stock market for over 50 years.<span style="mso-spacerun: yes;"> </span>Even as a teenager I owned some stocks and was
fascinated with the market.</div>
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<span style="mso-tab-count: 1;"> </span>Stocks go
down because people (investors/advisors/money managers) are worried.<span style="mso-spacerun: yes;"> </span>There are always plenty of things to worry
about, as we all know.<span style="mso-spacerun: yes;"> </span>Every day there’s
a daily vague media excuse for why the stock market went down.<span style="mso-spacerun: yes;"> </span>It usually concerns something that might
happen, rather than something that actually did happen.<span style="mso-spacerun: yes;"> </span>If the stock market’s decline is prolonged, stocks
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<span style="mso-tab-count: 1;"> </span>Stocks go up
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up.<span style="mso-spacerun: yes;"> </span>Once prices of lots of companies
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<span style="mso-tab-count: 1;"> </span>I’m speaking
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short-term computer trading programs don’t have a disproportional impact on the
market direction.<span style="mso-spacerun: yes;"> </span>But the folks that
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<span style="mso-tab-count: 1;"> </span>I wouldn’t be
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stock bargains and the stock market will start going up again, often rapidly
and quite unexpectedly.<span style="mso-spacerun: yes;"> </span>Hopefully, this
will be sooner rather than later. </div>
<strong>As legendary investor Warren Buffett said, “Be fearful when others
are greedy and greedy only when others are fearful</strong>.”<br />
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<br /></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-62429025969255716562016-03-05T11:46:00.003-08:002016-03-05T11:46:16.109-08:00“So, When are You Going to Retire?”<!--[if gte mso 9]><xml>
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<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">“So, When are You Going to Retire?”</b></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>This is a
question I’m often asked.<span style="mso-spacerun: yes;"> </span>Instead of my
usual flippant reply, I thought I’d provide a more thoughtful response.</div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>This was supposed
to be the last year of my office lease.<span style="mso-spacerun: yes;">
</span>Several months ago, I told my wonderful landlord, Sam, that I’d probably
move out at the end of the lease and move my office into my home.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">Two
days later I changed my mind.<span style="mso-spacerun: yes;"> </span></b></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>I’m 67 now
and will be 68 in August, but surprisingly, I don’t feel a day over 66.<span style="mso-spacerun: yes;"> </span>Seriously, I still <u>think</u> I’m
young.<span style="mso-spacerun: yes;"> </span>I’m still fascinated with my
always evolving job.<span style="mso-spacerun: yes;"> </span>I like helping my
clients/friends.<span style="mso-spacerun: yes;"> </span>I walk a mile or so to
work 2-3 times a week.<span style="mso-spacerun: yes;"> </span>I walk 18 holes
of golf most weeks.<span style="mso-spacerun: yes;"> </span>I was away from the
office almost 8 weeks last year, and enjoyed some memorable trips with
Bella.<span style="mso-spacerun: yes;"> </span>I’m at The Weatherstone daily for
my morning coffee.<span style="mso-spacerun: yes;"> </span>Some afternoon coffee
breaks there have become beer breaks, particularly in the summer. Life is good
and I hope this will continue.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>In 1978 I
answered a want ad for a “Financial Planner,” a relatively new occupation.<span style="mso-spacerun: yes;"> </span>Over the decades, I acquired clients and
tried to help grow their assets.<span style="mso-spacerun: yes;"> </span>Lately,
I’m more likely to be helping my clients prudently liquidate their assets.<span style="mso-spacerun: yes;"> </span>My clients seem to be aging as fast as I am.<span style="mso-spacerun: yes;"> </span>Some have actually retired.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>During a
recent analysis of my clientele, I discovered this:</div>
<div class="MsoNormal">
24% are 70 or older, 53% are in their sixties; 16% are in
their fifties; and only 7% are under 50.<span style="mso-spacerun: yes;">
</span>Based on this demographic, it’s not surprising that three times as many
of my clients are regularly withdrawing from their accounts, as are those
adding money.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>In many ways
this withdrawal phase is a time when having a trusted financial advisor is most
important. <span style="mso-spacerun: yes;"> </span>So, it’s not a good time for
me to retire.<span style="mso-spacerun: yes;"> </span>Besides, my work doesn’t
put much wear and tear on my body; it’s not like I’m operating a jack hammer
every day.<span style="mso-spacerun: yes;"> </span>I’m better now with helping
my clients deal with stressful financial issues than when I was younger.<span style="mso-spacerun: yes;"> </span>There is something to be said for wisdom
earned with age.</div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>I’ve always
believed in positioning my clients’ accounts in well-diversified mutual funds
and managed accounts.<span style="mso-spacerun: yes;"> </span>Most of those
accounts are socially screened and automatically rebalanced.<span style="mso-spacerun: yes;"> </span>This means that even if I’m not immediately
available to help, these accounts should remain aligned with your most recent
risk profile.<span style="mso-spacerun: yes;"> </span>If you feel that it is
time for you to become more or less aggressive with your investments, or you
think that you will withdraw most of your funds within the next five years, you
should schedule an appointment with me.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>There was a
long-time financial advisor at Protected Investors.<span style="mso-spacerun: yes;"> </span>He died in his early 90s shortly after
retiring.<span style="mso-spacerun: yes;"> </span>Once a week he came into PIA’s
Montgomery Street office to meet clients.<span style="mso-spacerun: yes;">
</span>I admired Mr. G, a gentleman and professional, who always wore his
business suit.<span style="mso-spacerun: yes;"> </span>I’d like to be like Mr. G,
except for the business suit-part.</div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span>So, I don’t
know when I’ll retire or move my office home, but I suspect circumstances will
dictate my future.<span style="mso-spacerun: yes;"> </span>I’ll move on if I start
to feel old and tired; or if I don’t care as much as I do now; or if I outlive
most of my clients; or if dramatic changes in the financial industry make my
job less fun, or if a serious a health issue arises.<span style="mso-spacerun: yes;"> </span><span style="line-height: 115%; mso-bidi-font-size: 12.0pt;">Until then, be assured that I <u>do</u> have an emergency
succession plan in place and a longer term retirement succession plan as well;
part of my work every year involves preparing for this transition, whenever it
happens.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
For now, keep me in your cell phone
contact list…or in your tattered old Rolodex.</div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-13027068456362582932016-01-04T14:26:00.001-08:002016-05-12T11:14:48.102-07:00<!--[if gte mso 9]><xml>
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<span style="font-family: "Courier New";">August 1, 2012</span></div>
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<br /></div>
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<span style="font-family: "Courier New";">The Unemployment Dilemma</span></div>
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<br /></div>
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The official unemployment rate has been hovering at about 8.2% during 2012, but
it's down from its recent peak 10.3% in October of 2009 (Source: National
Conference of State Legislatures).</span></div>
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<span style="font-family: "Courier New";">. </span></div>
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<span style="font-family: "Courier New";">
When you look at how the economy has evolved over the last twenty years, it is
amazing that the rate isn't higher. Consider these trends and events:</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Technological
advances have encouraged American companies to replace human employees with
machines (bank tellers vs. ATMs).</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Outsourcing
of manufacturing jobs to poorer countries is a continuing trend.</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Internet
shopping has devastated not just local retail stores, but major corporations
(book stores). As the dominant online sales company continues to expand
its product line, it threatens other retail companies, big and small.</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Internet
services have reduced the need for human service providers (travel agents and
financial advisors).</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Government
job reductions not only increase the unemployment rate, but it means that fewer
workers will spend their money at private businesses. Think Furlough
Fridays in Sacramento.</span></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Consumers
have never recovered from the economic disaster of 2008. People in the
middle class are afraid to spend for discretionary items. At our art
studio, sales have not come close to what they were before. While
frugality is good, it doesn't stimulate the economy. </span></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Huge
corporations continue to consolidate and merge. This reduces the number
of mid-level jobs. As industries become oligopolies or virtual
monopolies, employees with industry-specific skills are less able to bargain
for good paying jobs. </span></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New";">Finally,
the worldwide recession continues to drag on, reducing demand for American
products.</span></div>
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<span style="font-family: "Courier New"; font-size: 12.0pt;">As
confidence in the economy grows, businesses and consumers will start to spend
more. Job growth will increase and unemployment will decline, but due to
fundamental shifts in the type of jobs available, the U.S. economy may never
reach that magical "full" employment number again.</span></div>
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<br /></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-71858450880033106232016-01-04T14:26:00.000-08:002016-01-04T14:26:21.461-08:00<!--[if gte mso 9]><xml>
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<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Courier New"; font-size: 12.0pt;">The Sixties…Not those
Sixties. It’s a Great Time for Financial Strategizing.</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Courier New"; font-size: 12.0pt;"> </span></div>
<div class="MsoNormal" style="line-height: 200%;">
<span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;"> For most
of your adult life, doing wise financial planning is a good idea, but you don’t
always have many options. When you approach your retirement years,
usually starting in your Sixties, there are lots of options and the decisions
that you make will impact the rest of your life:</span></div>
<div class="MsoListParagraph" style="line-height: 200%; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 12.0pt; line-height: 200%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">When should you retire or start working less?</span></div>
<div class="MsoListParagraph" style="line-height: 200%; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 12.0pt; line-height: 200%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">When and how should you start taking Social
Security?</span></div>
<div class="MsoListParagraph" style="line-height: 200%; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 12.0pt; line-height: 200%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">When should you start taking money out of your IRAs
and other retirement plans? Except for Roths, you have to start taking
Required Minimum Distributions (RMDs) the year you turn seventy and a
half. </span></div>
<div class="MsoNormal" style="line-height: 200%; text-indent: .5in;">
<span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">Often these
questions are decided by considering all three together. Sometimes, these
decisions are forced upon you by financial or other circumstances. Your
tax bracket and your proximity to a higher tax bracket factor into this
equation. </span></div>
<div class="MsoNormal" style="line-height: 200%; text-indent: .5in;">
<span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">It <u>may</u>
make sense to start withdrawing from your retirement accounts after you retire,
but before you apply for Social Security. Delaying when you start SS can
increase your monthly benefits by 32% if you start them at 70 instead of 66,
but if you are in financial need, poor health or if longevity is not a strength
of your family history, starting earlier may make sense.</span></div>
<div class="MsoNormal" style="line-height: 200%; text-indent: .5in;">
<span style="font-family: "Courier New"; font-size: 12.0pt; line-height: 200%;">It is
impossible to generalize here, so if you have some of those decisions on your
near horizon, you might consider stopping in for an hourly consultation with
me. Cost is $150 per hour, no minimum time required. Normally a one
to two hour consultation should help put your options into perspective.</span></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-58179324858612032702016-01-04T14:15:00.001-08:002016-01-04T14:15:23.403-08:00<br />
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
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<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
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The
Merry-Go-Round Stock Market</div>
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<span style="mso-tab-count: 1;"> </span>The
Stock Market can be frustrating when it’s in its merry-go-round phase.<span style="mso-spacerun: yes;"> </span>It goes up and down, around and around, never
go anywhere.<span style="mso-spacerun: yes;"> </span>In early September of 2014,
the Standard and Poor’s 500 Index was at 2000.<span style="mso-spacerun: yes;">
</span>As of December 13, 2015, it was the same.<span style="mso-spacerun: yes;"> </span>During the past fifteen months, it has been
as high as 2135 (up 6.7%) and as low as 1867 (down 6.7%).<span style="mso-spacerun: yes;"> </span>Source:<span style="mso-spacerun: yes;">
</span>Yahoo Finance.</div>
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<span style="mso-tab-count: 1;"> </span>This
follows six years of relatively steady growth, up 220% from its low of 667 in
February of 2009.<span style="mso-spacerun: yes;"> </span>But, if you haven’t
forgotten, this followed the disastrous drop of 57.6% starting in October of
2007.</div>
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<span style="mso-tab-count: 1;"> </span>The
economy never really recovered from 2007, though the Stock Market is up 27%
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of possible causes that may or may not be to blame, but it is what it is.</div>
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<span style="mso-tab-count: 1;"> </span>With
a Presidential Election coming featuring some very peculiar candidates, who
knows what the giraffes and zebras on the carousel will do next. </div>
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<br /></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-18002351761892049282015-09-01T13:53:00.001-07:002015-09-01T13:53:53.802-07:00<!--[if gte mso 9]><xml>
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What’s Up (or Down)
with the Stock Market</div>
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<br /></div>
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As I write this on, Wednesday, August 26<sup>th</sup>, the
stock market is up following six consecutive days of declines.<span style="mso-spacerun: yes;"> </span>This hasn’t happened since 2009, and August
looks like it might become the worst month for the stock market since October
of 2008.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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So, is it time to panic?<span style="mso-spacerun: yes;">
</span>NO.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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The stock market gets jumpy sometimes.<span style="mso-spacerun: yes;"> </span>Financial pundits need to find reasons to
explain why.<span style="mso-spacerun: yes;"> </span>The most recent causes are:
1) China, a strange and powerful economic entity; 2) falling oil prices (but
isn’t this beneficial to most companies?); and 3) fear of rising interest
rates, the perpetual excuse for the last few years.<span style="mso-spacerun: yes;"> </span>One excuse not suggested is that the economy
is in bad shape.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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These may be the reasons the market has dropped 10%
recently, but this is normal stock market behavior.<span style="mso-spacerun: yes;"> </span>It just seems odd because the market has done
so well since the near-economic collapse of 2007/08.<span style="mso-spacerun: yes;"> </span>The Standard and Poor’s 500 Stock Index was
at 683 in March of 2009.<span style="mso-spacerun: yes;"> </span>At the market
close on Tuesday (August 25) it was at 1868, a remarkable 177% increase in six
and a half years (Yahoo! Finance, August 25, 2015).<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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The stock market is not an isolated creature that reacts to
certain stimuli; it is composed of thousands of companies, large and small,
foreign and domestic.<span style="mso-spacerun: yes;"> </span>Individual
investors and enormous financial institutions decide whether to buy overpriced
Stock A or sell discounted Stock B.<span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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This morning while ordering coffee at The Weatherstone, one
of the baristas asked if I was getting lots of panicky calls from clients.<span style="mso-spacerun: yes;"> </span>I said, “No, not one.”<span style="mso-spacerun: yes;"> </span>I’m pleased to have an amazing collection of
clients who either have listened to what I have said over the years or they
scrupulously avoid listening to financial news.<span style="mso-spacerun: yes;">
</span></div>
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<br /></div>
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Thank goodness this is not 2007 when the economy was fragile
and things were about to get worse.<span style="mso-spacerun: yes;"> </span>“Corrections”
are normal.<span style="mso-spacerun: yes;"> </span></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-79788906254858569902015-08-02T12:12:00.001-07:002015-08-02T12:14:00.566-07:00Happy Birthday Social Security<!--[if gte mso 9]><xml>
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<span style="font-size: 14.0pt; line-height: 107%;">Social
Security is about to celebrate its 80<sup>th</sup> birthday.<span style="mso-spacerun: yes;"> </span>Born in the heart of the Great Depression, it
has survived wars, economic crises, social upheaval and Republican Presidential
candidates.<span style="mso-spacerun: yes;"> </span>What would be the financial
state of retired Americans if this program do not exist?</span></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 107%;">As workers
transition from paying into Social Security to receiving monthly checks, it is
a time for making crucial financial decisions.<span style="mso-spacerun: yes;">
</span>There probably is no more important time in an individual’s life to do
financial planning than in their sixties.</span></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 107%;">This is a
complicated system, but the most common Social Security decision concerns when
to start benefits.<span style="mso-spacerun: yes;"> </span>Retirees can start
receiving income benefits at age 62.<span style="mso-spacerun: yes;"> </span>At
66 (for those born before 1955), you can receive your “full” benefit without
reduction or you continue to work.<span style="mso-spacerun: yes;"> </span>You
can wait until age 70 and receive the maximum benefit.<span style="mso-spacerun: yes;"> </span>For each year you delay receiving benefits,
your future monthly benefits would increase by 8% per year.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 107%;">I’m about to
turn 67.<span style="mso-spacerun: yes;"> </span>Yikes!!<span style="mso-spacerun: yes;"> </span>I thought I’d be collecting SS benefits by
now but decided to wait.<span style="mso-spacerun: yes;"> </span>If I start at
age 70, my monthly benefit will be 32% higher for life.<span style="mso-spacerun: yes;"> </span>Naturally, I could have received benefits now
and invested them, but I thought a guaranteed 8% return was too good to compete
with.<span style="mso-spacerun: yes;"> </span>If I live past 83 or so, I should
be ahead.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 107%;">Generally, it
makes sense to wait if: 1) you don’t really need the additional money
currently, 2) you are in good health, and 3) you have a family history of
longevity.</span></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 107%;">If you are
entering this transitional phase of your life, it might be worthwhile to schedule
a consultation with your neighborhood financial consultant visit your local
Social Security office, or check out </span><a href="http://www.ssa.gov/"><span style="font-size: 14.0pt; line-height: 107%;">http://www.ssa.gov/</span></a><span style="font-size: 14.0pt; line-height: 107%;"></span></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-89139240882368304952015-01-27T18:30:00.002-08:002015-01-27T18:30:31.245-08:00Tax Surprises Coming?It's good news when the stock market goes up steadily for over five years*, but there is a downside—income taxes eventually need to be paid on those gains.<br />
<br />
Massive market losses from 2007 to 2009 were carried forward by mutual funds and in individual portfolios. These neutralized the gains from the first few years of the recovery. For 2014, many mutual funds had large capital gains that were passed along to the fund investors.<br />
<br />
The losses that have been carried over on personal tax returns may also be gone by now. Don’t be surprised if you pay more in taxes this year. However, know that it is better to pay more in taxes and have more money than to pay no taxes and have less money.<br />
<br />
* At its last lowest point in May of 2009, the Standard and Poor’s 500 Index was at 700, down 55% from its high of 1,550 in October of 2007. As of the end of 2014, it was up 194% to 2,060. (Source: Yahoo Finance). It should be noted that if something decreases by half, it must double in value to get back to its starting point.<br />
<br />
<b> SIDE NOTES </b><br />
<br />
Art + Photos: In December, the Sacramento Art Complex (2110 K Street Gallery) closed and was converted to co-op office space. This is the space I had been showing my photos for the last year. It is a shame to lose another Midtown art gallery. As of today, I have no photos on display on Second Saturdays. I'm hoping to have a larger Internet presence within the next month or two.<br />
<br />
Writing: A story I wrote about my son, Ross, is included in the recently published Chicken Soup for the Soul book about Hope and Miracles.
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-74569203436327848222014-10-27T10:37:00.002-07:002015-01-27T18:32:03.031-08:00The Challenges of Writing My Quarterly Commentary<div class="MsoNormal">
<i>To grow old is to gradually cease to understand the times you live in. </i><br />
<br />
- Norm Fisher (quoted in the November 2014 Shabala Sun magazine)<br />
<br />
Can any of you relate to this? Are you as bewildered by technology as I am?<br />
I'm experiencing many techo-challenges lately, including not wanting to write my periodic website update that you are now reading. Maybe technology angst is just my newest excuse for procrastination. I recently discovered my first client newsletter (Spring of 1994) with a different excuse:<br />
<br />
<i>"Finally, in late February, I had to commute nightly to Lillehammer to compete in the Luge Dancing Olympic competition. As you may have seen on TV, I had the bronze medal firmly in my grasp until the judge from Uzbekistan gave me those incredibly low marks for style."</i><br />
<br />
I wrote and mailed my four-page newsletter for fourteen years. The final paper copy (November of 2008. #45) was titled, "President Barack Obama, How Cool, I Hope." Unfortunately my hope cooled rather quickly after that. That's also when I started emailing my commentaries and posting them to my website. This saved money, lots of time, and paper, but most were not as cool as my low-tech newsletters were.<br />
<br />
Norm Fisher's quote reminded me of my on-going challenges with technology. I passively use Facebook, though I know being more active is good for business and keeps me better in touch with old friends. I'm on LinkedIn, but rarely link. I don't Tweet, and I have no idea what Instagram is. I don't consume much social media and contribute to it even less. I hope to change that.<br />
<br />
I'm writing this commentary about writing this commentary to prod myself to communicate with you more frequently, possibly monthly, even when it is just a few paragraphs. It might be thoughts about the stock market, reassuring words in a time of anxiety, sharing an interesting article, or promoting a coming photo show.<br />
<br />
Naturally, please let me know if you want to be taken off this mailing list.<br />
<br />
May peace be with you and may you never forget your complex passwords. </div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-70075902786430874232014-07-29T16:01:00.000-07:002014-07-29T16:03:00.792-07:00Are You Part of the Richest 1%?Have you ever wondered if you are a member of the esteemed (or notorious) top 1% made famous by the Occupy movement? I suspect most of you already know. To qualify by income as a “one per center” your adjusted gross income would need to exceed $389,000 according to 2011 IRS statistics. The 1.4 million Americans in this group received 18.7 % of the income and paid 35% of all income taxes.
<br />
<br />
But income may not be the best determining factor. If you received $500,000 in tax-free bond income or you chose not to report the half million dollars from an illicit or overseas activity, you would not officially be part of the 1 %. You might not have paid any federal income tax.
<br />
<br />
For this reason, wealth, or net worth, is a better measure of who is rich, but net worth is harder to quantify. To become part of the richest 1% by net worth (assets less liabilities), your wealth would need to exceed $9 million according to New York University Economics professor Edward N. Wolff.
<br />
<br />
Wealth is growing most rapidly for the richest one hundredth of one percent. That 's not good news for the remaining 99.99% of us. According to Business Week, this group owns over 11% of America's wealth, the highest percentage it has been since the “Roaring Twenties,” over 90 years ago. In the 1970s, they owned 3% (see first link below).
<br />
<br />
"An amazing chart (see second link below) from economist Amir Sufi, based on the work of Emmanuel Saez and Gabriel Zucman, shows that when you look inside the 1 percent, you see clearly that most of them aren't growing their share of wealth at all. In fact, the gain in wealth share is all about the top 0.1 percent of the country. While nine-tenths of the top percentile hasn't seen much change at all since 1960, the 0.01 percent has essentially quadrupled its share of the country's wealth in half a century."
<br />
<br />
If you want to learn more about expanding income inequality and the Incredible Shrinking Middle Class, I’ve included some interesting links below.
<br />
<br />
<a href="http://www.businessweek.com/articles/2014-04-03/top-tenth-of-1-percenters-reaps-all-the-riches" target="_blank">http://www.businessweek.com/articles/2014-04-03/top-tenth-of-1-percenters-reaps-all-the-riches</a><br />
<br />
<a href="http://www.theatlantic.com/business/archive/2014/03/how-you-i-and-everyone-got-the-top-1-percent-all-wrong/359862/" target="_blank">http://www.theatlantic.com/business/archive/2014/03/how-you-i-and-everyone-got-the-top-1-percent-all-wrong/359862/</a><br />
<br />
<a href="http://billmoyers.com/2013/09/20/by-the-numbers-the-incredibly-shrinking-american-middle-class/=%20%20%20Fascinating%20statistics" target="_blank">http://billmoyers.com/2013/09/20/by-the-numbers-the-incredibly-shrinking-american-middle-class/= Fascinating statistics</a><br />
<br />
<a href="http://www.joshuakennon.com/how-much-money-does-it-take-to-be-in-the-top-1-of-wealth-and-net-worth-in-the-united-states/" target="_blank">http://www.joshuakennon.com/how-much-money-does-it-take-to-be-in-the-top-1-of-wealth-and-net-worth-in-the-united-states/</a>Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-84937771215520189682014-05-27T09:59:00.002-07:002014-05-29T12:24:08.262-07:00The Flat Stock MarketSince the start of 2014, the Standard and Poor's 500 Index is up about 2%. Not bad, but when this proxy for the overall stock market has averaged a 21% growth rate per year over the last five years, a relatively flat stock market seems awfully boring.
<p>
I like flat markets. For one thing, they are better than rapidly declining markets. Secondly, plateaus like this give the market time to rest after a meteoric rise. It gives investors, big and small, time to evaluate if stocks are over-priced or under-priced in the current economic situation. Despite what the media analysts say about why the market went up or down on a particular day, what usually moves the market is whether an individual stock is perceived as cheap or expensive.<p>
Flat markets don't necessarily lead to rising markets, but the domestic economy is relatively healthy, and most economic indicators are positive. There are no looming reasons for a sharp drop in the stock market, but it has been over 20 months since the S+P has dropped more than 10%. This is a normal occurrence during a long-term positive stock market. Major declines are usually caused by major political events or unexpected economic jolts. Barring one of these events, I believe the stock market is positioned for cautious, sporadic long-term growth. <p>
__________________________________________<p>
<i>Most of my clients' accounts are invested in well-diversified mutual funds. As a result, performance will generally be less than in the S+P during good times and not as poor during bad times.
<p>
You cannot invest in the above indexes and averages. Indexes are unmanaged groups of securities and are not directly available for investment. Past performance is no guarantee of future return. Investing involves risk, including loss of principal. Passive benchmarks are unmanaged groups of securities and are not directly available for investment.
<p>
This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or specific investment advice, nor should it be considered as a recommendation to purchase or sell a security.
</i>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-73587293508257233212014-02-10T13:59:00.000-08:002014-02-17T14:01:46.157-08:00What a Difference a Year MakesFor thirty five years I've followed the stock market as part of my profession. For the twenty prior years, starting at about age ten, I was a spectator and minor participant. During those 55 years, I've learned that the stock market is not predictable. Good years don't necessarily follow good years and bad years don't continue indefinitely.
<br><br>
During the best markets there are reasons to worry that a serious decline is around the corner. When awful markets drag on and on, there is always glimmer of hope. No one knows what will happen next year.
<br><br>
When your time horizon is longer, say to five or ten years instead of one year, it's more likely that the following time period will be similar. But this last five year period, 2009-2013, was dramatically better than the previous 2008-2012 period. The one-year return for the Standard and Poor's 500 Index* in 2013 was an INCREASE of 32%. Last year replaced 2008 when the S+P Index LOST 37% of its value.
<br><br>
The average five-year return from 2008 to 2012 was only 2% per year. The next period from 2009-2013 showed an astounding 18% per year return. Unfortunately many investors got out of the market in 2008 and have not yet returned.
<br><br>
I apologize that my inner financial geek has taken control of my web commentary, but I have a point to make. Don't get too excited when the market is good and don't get too cautious when the stock market is scary. When you invest for the long-term, you need to be patient and not get too wrapped up in how the current stock market is behaving.
<br><br>
* <a href="http://commentaries.bobdreizler.com">See Index performance chart on my website</a>. You cannot invest in the above indices and averages. Indexes are unmanaged groups of securities and are not directly available for investment. Past performance is no guarantee of future return.
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-62974226412859934882013-12-10T13:43:00.000-08:002013-12-10T13:45:35.056-08:00ObamaCare ThoughtsOne reason conservatives hate the Affordable Care Act (aka Obama Care) is that it’s not called “Bush Care” or “Reagan Care.”
The ACA is a product of congressional compromise that made it more complicated than it should have been. It's less “socialistic” than Medicare or Social Security. How many Tea Partiers refuse government benefits from either of these?
<p>Had I been in charge, I'd have put everyone on Medicare and concentrated on how to pay for it and how to fairly compensate providers. Medicare's infrastructure, website and integration with private insurance companies is already in place. As a friend recently said, if a new health care plan had been marketed as "Medicare for All" it would have had massive popular support.
<p>Obama Care isn’t about changing the health care system; it’s about paying for the health care system. Is there really nostalgia for the "old" system? My premiums increases averaged 20% per year for 6 years.
<p>What about those new government mandates? Yikes! "This is a very slippery slope," as commentators love to say. Next thing you know Americans will be taxed on their income and have to stop their cars at red lights.
<p>Every major piece of legislation needs fine tuning. If Congress repeals ObamaCare, what is the alternative? Let's work on fixing ACA's problems rather than trying to demonize it for political gain.Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-6462854769405665332013-08-06T15:19:00.001-07:002013-08-06T15:28:34.589-07:00Medicare Rocks<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">I
turn sixty five (65!) this month. This designates me as officially
OLD, but it does provide my biggest birthday perk since I turned 21.
I'm now covered by Medicare. This will reduce my health insurance
premium by several hundred dollars a month. Gone is my $3,500
deductible health plan with premiums that have increase by </span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><strong>over
20% per year</strong></span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;">
for the past five years. The provisions of Medicare reduces the
likelihood of such premium inflation </span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><strong>and</strong></span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;">
lowers barriers to switching coverage or companies. </span></span>
</div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">The
current insurance-company-centric health-care funding system is a
disaster. ObamaCare was a reaction to some of its largest flaws:
pre-existing conditions, rigid underwriting requirements, multiple
administrative layers and exploding premiums. I wish that President
Obama had proposed that all Americans be covered by Medicare, a
system with a sound structure of Medicare that has worked well for
nearly fifty years.</span></span></div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">Instead,
we are being phased into the Patient Protection and Affordable Care
Act (PPACA-a lousy acronym), a compromised, complicated, and
constantly-threatened program known as ObamaCare.</span></span></div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">So
what is Medicare? Here's what Wikipedia has to say:</span></span></div>
<br />
<div style="line-height: 100%; margin-bottom: 0.02in; margin-top: 0.02in;">
<span style="font-family: Times New Roman, serif;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><b>Medicare</b></i></span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
is a national </i></span></span><a href="http://en.wikipedia.org/wiki/Social_insurance"><span style="color: #00000a;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><span style="text-decoration: none;">social
insurance</span></i></span></span></span></a><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
program, administered by the </i></span></span><a href="http://en.wikipedia.org/wiki/United_States_Department_of_Health_and_Human_Services"><span style="color: #00000a;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><span style="text-decoration: none;">U.S.
federal government</span></i></span></span></span></a><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
since 1965, that guarantees access to health insurance for Americans
aged 65 and older and younger people with disabilities </i></span></span><a href="http://en.wikipedia.org/wiki/End_Stage_Renal_Disease_Program"><span style="color: #00000a;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><span style="text-decoration: none;">end
stage renal disease</span></i></span></span></span></a><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
and </i></span></span><a href="http://en.wikipedia.org/wiki/Lou_Gehrig%E2%80%99s_disease"><span style="color: #00000a;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><span style="text-decoration: none;">Lou
Gehrig’s Disease</span></i></span></span></span><span style="color: #00000a;"><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i><span style="text-decoration: none;">.</span></i></span></span></span></a><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
As a social insurance program, Medicare spreads the financial risk
associated with illness across society to protect everyone, and thus
has a somewhat different social role from for-profit private
insurers, which manage their risk portfolio by adjusting their
pricing according to perceived risk.</i></span></span></span></div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">Yikes,
that sounds a lot like Socialized Medicine. I'm sure every Fox
News-watching conservative has opted out of this dangerous program.</span></span></div>
<br />
<div style="line-height: 100%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>In
1965, Congress created Medicare under Title XVIII of the <a href="http://en.wikipedia.org/wiki/Social_Security_Act_of_1965">Social
Security Act</a> to provide health insurance to people age 65 and
older, regardless of income or medical history. Before Medicare's
creation, only half of older adults had health insurance, with
coverage often unavailable or unaffordable to the other half, because
older adults had half as much income as younger people and paid
nearly three times as much for health insurance. Medicare also
spurred the racial integration of thousands of waiting rooms,
hospital floors, and <a href="http://en.wikipedia.org/wiki/Physician">physician</a>
practices by making payments to health care providers conditional on
<a href="http://en.wikipedia.org/wiki/Desegregation">desegregation</a>.</i></span></span><i>
</i>
</div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">Forty-eight
million Americans are covered by Medicare. Many of those would be bankrupt
without it. Medicare and Social Security are in urgent need of
adjustments to make them sustainable for future generations, but
math-challenged politicians of both parties are unwilling to accept
that expenses must be controlled </span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><strong>AND</strong></span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;">
taxes must be raised to fix these issues. </span></span>
</div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">Here's
a quote from "Why we need to fix Social Security now," by
Mary Beth Franklin in </span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;"><u><a href="http://www.investmentnews.com/article/20130609/REG/306099981">InvestmentNews</a></u></span></span><span style="font-family: Calibri, serif;"><span style="font-size: medium;">
(June 10, 2013):</span></span></div>
<br />
<div style="line-height: 100%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;"><i>
By 2033, reserves in
the Social Security trust fund will be exhausted and revenue from
payroll taxes will be sufficient to pay just 77% of promised
benefits. The disability trust fund is in worse shape, projected to
exhaust its surplus in just four years, at which point it could pay
just 80% of promised benefits. And Medicare is now expected to limp
along through 2026, two years later than previously projected.</I></span></span></div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Calibri, serif;"><span style="font-size: medium;">Medicare
and Social Security are sacred social contracts between various
generations of Americans. As with the budget deficit, these issues
get worse if neglected. Share your thoughts with your elected
representatives. </span></span></div>
<br />
<div style="line-height: 150%; margin-bottom: 0in;">
<br /></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-44045880611659507282013-07-17T20:16:00.003-07:002013-07-17T20:20:05.038-07:00Fear of Bonding?When clients want to discuss bonds with me on a daily basis, I know bond angst has made the mainstream. Bonds are supposed to be boring, but they can become un-boring, in a bad way, when interest rates start to rise rapidly.
My clients' eyes nearly always glaze over when I talk about how bond values fluctuate when interest rates change. <br />
<br />
Bonds are simple debt investments that you are supposed to use more frequently as you approach or enter retirement.
Bonds are in the news recently because interest rates are starting to increase after years of impossibly low rates. As rates rise, values of bonds and bond funds will decline. The longer the duration of the bonds, the steeper the decline.<br />
<br />
So it must be time to sell all of your bonds, right? Probably not, unless you will need to spend these funds within the next two years. Panic is rarely the best strategy.
<br />
<br />
Bond funds, over time, tend to compensate for their loss in value as higher yielding bonds replace lower yielding ones.
If you don't need your funds for five years or more, hanging on to what you have is probably the best strategy. <br />
<br />
There are several strategies if you want to sell your bonds:
<br />
<br />
1) Convert your money to cash, but then your earnings are low and vulnerable to inflation. At some point you need to decide when to invest again.
<br />
<br />
2) Convert your long-term bonds to very short-term or adjustable-rate bonds. This decreases volatility, but also reduces yield.<br />
<br />
3) Invest in stocks or real estate or gold, but these are not without their own risks and volatility.
<br />
<br />
In conclusion, as I end most of my commentaries, my advice is to invest for the long-term, rebalance and diversity. Also remember: when nearly all the experts agree on what will happen next, they are sometimes wrong.
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-2791657309744632142013-05-29T11:07:00.001-07:002013-05-29T11:07:14.164-07:00Time for a Correction?<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">"Correction"
is a cute word that describes a stock market decline of 10-20%. This
is a normal part of unpredictable stock market cycles. The good
thing about corrections is that they only happen after the market has
risen substantially. </span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">That's
what the Standard and Poor's 500 Index and the overall stock market
has recently done. So far in 2013, the S&P has risen 14% with
only two short 3% dips. Since January of 2012 the market is up 31%
despite drops of 8% and 10%. </span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">Just
to remind those who call President Obama a "socialist,"
since he took office in January of 2001, the S&P has doubled its
value. The oil man from Texas who preceded him ended eight years in
office with the S&P lower than when he took office in 2001.</span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">I
love it when the stock market is on a prolonged upswing. My clients'
accounts grow in value, though not as fast as the S&P since most
accounts are well diversified, not 100% in large stocks that the S&P
represents. Still, I get nervous when the market is this happy. A
correction is sure to come; it's just a matter of when and by how
much.</span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">What
has amazed me most during the last year or two is that so many people
are </span></span><span style="font-family: Cambria, serif;"><span style="font-size: medium;"><u>still</u></span></span><span style="font-family: Cambria, serif;"><span style="font-size: medium;">
avoiding the stock market, having been severely traumatized by the
corporate misbehavior of 2007 and 2008. This caused many to lose
faith in the stock market, assuming it is a rigged game. It was hard
not to come to that conclusion. The stock market is not fair, but
what are the alternatives: gold, real estate, bonds, bank accounts,
cash in a mattress? All these have their risks. "Safe"
alternatives such as savings accounts and CDs pay just a fraction of
1% in interest while the buying power of that money shrinks due to
inflation. The interest rate game is truly fixed because rates are
set by the Federal Reserve. </span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">Back
to the coming correction. It might be caused by concern that stock
prices are over-valued, having risen too high, too fast. Bad
economic statistics, a tragic incident or a global political event
could trigger this, too. </span></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span style="font-family: Cambria, serif;"><span style="font-size: medium;">When
the correction comes, remember what has happened lately. Don't let
it become an excuse to stay away from the stock market for years to
come. The stock market will get happy again, just like it is as I
write this.</span></span></div>
<div style="text-align: left;">
</div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-16563641257291312032013-02-05T09:49:00.001-08:002013-02-05T09:49:55.448-08:00Tax Wealth or Income?As I begin my 41st year of preparing income taxes, I once again contemplate the complexity, even lunacy, of the Internal Revenue Code. I have two thick volumes of The Code on my bookshelf, almost 5,000 pages. I rarely open them, but they look so impressive.<br />
<br />
Income tax policy serves at least three purposes: 1) to collect money so the government can pay its current bills and past debts, 2) to encourage certain types of economic behavior such as buying homes, contributing to charities and buying business equipment to stimulate the economy, and 3) to encourage low income earners to work by providing eligible individuals with an earned income credit so they can receive tax refunds in excess of their withholding (i.e. a negative income tax). <br />
<br />
Alternatives to the current system are regularly proposed: flat tax, value-added tax, national sales tax. These have their merits and flaws, but most taxpayers are unwilling to trade the current system they dislike for one where they might have to pay more. <br />
<br />
One interesting alternative or supplement to the current system is to tax wealth rather than income. Robert Reich, Clinton's Secretary of Labor, recently discussed this concept in a blog post: The Myth of Living Beyond our Means. I believe he should have been President Obama's Secretary of the Treasury instead of Tim Geithner, but that was an early tip-off that President Obama was not going to be very liberal. <br />
<br />
Anyway, here's a quote: <br />
<br />
"Wealth has become even more concentrated than income (income is a stream of money, wealth is the pool into which it flows).<br />
<br />
The richest 1 percent now own more than 35% of the nation's household wealth, and 38 percent of the nation's finances - including stock and pension funds. <br />
<br />
Think about this: The richest 400 Americans have more wealth than the bottom 150 million of us put together. The 6 Wal-Mart heirs have more wealth than the bottom 33 million American families combined."<br />
<br />
Reich's blogs are worth following; here's a link to the full text. <br />
<a href="http://www.huffingtonpost.com/robert-reich/the-myth-of-living-beyond_b_2550996.html">http://www.huffingtonpost.com/robert-reich/the-myth-of-living-beyond_b_2550996.html</a>Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-25665070780475219422012-11-29T16:46:00.005-08:002012-11-29T16:51:49.362-08:00I went to the Fiscal Cliff and all I got was this lousy Sequestration T-Shirt.<br />
The fiscal cliff really is something to worry about, but like most cliffs you don't have to go over it. The U.S. doesn’t have to do a “Thelma and Louise.” It could do a “Rebel Without a Cause” where James Dean rolled out of the speeding car before it plunges over the abyss.<br />
<br />
If you don't know what the "fiscal cliff" is, see a brief definition below. * <br />
<br />
I’m not convinced that going over the fiscal cliff is such a bad thing. We need to wipe clean the slate of the Bush/Obama tax cuts to facilitate a responsible budget compromise. The mushrooming federal debt, like global climate change, is too big to conceive and grows too slowly to scare most Americans into dramatic action.<br />
<br />
In World War II, there was a collective sacrifice to meet a formidable and unmistakable foe. Today, every side is busy protecting their interests and suggesting what the "other guys" should sacrifice.<br />
<br />
I'm tired of the "no new taxes" mantra of Republicans. Expiration of temporary tax cuts is not a tax increase. I'm tired of Democrats saying you can't change Social Security and Medicare. It's been changed in the past to keep it viable for future generations. I'm tired of President Obama wimping out and saying we can only increase taxes on the rich. I'd also like to see him suggest simplifying the tax code and eliminating the kind of Romneyesque loopholes available only to the super-rich.<br />
<br />
The military budget is the largest component of federal discretionary spending, prudent cuts here would make it easier to balance the budget. The expanding federal debt is also a major threat to national security that can make us vulnerable to pressure from countries like China who own a large portion of our debt.<br />
<br />
We all have to pay more. We all have to accept less from government. If we don't do both, we could face a day when the entire budget of the United States is spent on interest on the debt. <br />
<br />
This is theoretically possible if interest on the debt becomes a larger percentage of federal expenditures and interest rates rise dramatically--and they will at some point.<br />
<br />
I thank preceding generations for not being selfish - the way we are today. Our children and grandchildren deserve the kind of society those generations built for us. That cannot be done without collective sacrifice. I wish our leaders had the political courage to explain our situation and ask us all to help us rescue each other.<br />
<br />
<br />
<div class="MsoNormal">
<span style="font-family: "Cambria","serif";">*Fiscal Cliff defined by Wikipedia, the free encyclopedia</span></div>
<div class="MsoNormal">
<span style="font-family: "Cambria","serif";"></span><u></u><u></u> </div>
<span style="font-family: "Cambria","serif";">In the United States, the <b>fiscal cliff</b> is a newly coined term (</span><a href="http://en.wikipedia.org/wiki/Neologism" target="_blank" title="Neologism"><span style="font-family: "Cambria","serif";">neologism</span></a><span style="font-family: "Cambria","serif";">) referring to the effect of a number of laws which, if unchanged, could result in tax increases, spending cuts, and a corresponding </span><a href="http://en.wikipedia.org/wiki/Deficit_reduction_in_the_United_States" target="_blank" title="Deficit reduction in the United States"><span style="font-family: "Cambria","serif";">reduction in the budget deficit</span></a><span style="font-family: "Cambria","serif";"> beginning in 2013.</span><a href="http://en.wikipedia.org/wiki/Fiscal_cliff#cite_note-Romans-1" target="_blank"><sup><span style="font-family: "Cambria","serif";">[1]</span></sup></a><span style="font-family: "Cambria","serif";"> These laws include tax increases due to the expiration of the so-called </span><a href="http://en.wikipedia.org/wiki/Tax_Relief,_Unemployment_Insurance_Reauthorization,_and_Job_Creation_Act_of_2010" target="_blank" title="Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010"><span style="font-family: "Cambria","serif";">Bush tax cuts</span></a><span style="font-family: "Cambria","serif";"> and spending cuts under the </span><a href="http://en.wikipedia.org/wiki/Budget_Control_Act_of_2011" target="_blank" title="Budget Control Act of 2011"><span style="font-family: "Cambria","serif";">Budget Control Act of 2011</span></a><span style="font-family: "Cambria","serif";">.</span><br />
<span style="font-family: "Cambria","serif";"></span><u></u><u></u><br />
<span style="font-family: "Cambria","serif";">The year-over-year changes for fiscal years 2012–2013 include a 19.63% increase in tax revenue and 0.25% reduction in spending.</span><a href="http://en.wikipedia.org/wiki/Fiscal_cliff#cite_note-CBO_Outlook_Table1-2" target="_blank"><sup><span style="font-family: "Cambria","serif";">[2]</span></sup></a><br />
<br />
<span style="font-family: "Cambria","serif";">Some major domestic programs, like </span><a href="http://en.wikipedia.org/wiki/Social_Security" target="_blank" title="Social Security"><span style="font-family: "Cambria","serif";">Social Security</span></a><span style="font-family: "Cambria","serif";">, federal pensions and </span><a href="http://en.wikipedia.org/wiki/United_States_Department_of_Veterans_Affairs#Benefits" target="_blank" title="United States Department of Veterans Affairs"><span style="font-family: "Cambria","serif";">veterans' benefits</span></a><span style="font-family: "Cambria","serif";">, are exempted from the spending cuts. Spending for </span><a href="http://en.wikipedia.org/wiki/Independent_agencies_of_the_United_States_government" target="_blank" title="Independent agencies of the United States government"><span style="font-family: "Cambria","serif";">federal agencies</span></a><span style="font-family: "Cambria","serif";"> and </span><a href="http://en.wikipedia.org/wiki/United_States_federal_executive_departments" target="_blank" title="United States federal executive departments"><span style="font-family: "Cambria","serif";">cabinet departments</span></a><span style="font-family: "Cambria","serif";"> would be reduced through broad, shallow cuts (referred to as </span><a href="http://en.wikipedia.org/wiki/Budget_sequestration" target="_blank" title="Budget sequestration"><span style="font-family: "Cambria","serif";">budget sequestration</span></a><span style="font-family: "Cambria","serif";">).</span><br />
<span style="font-family: "Cambria","serif";"></span><span style="font-family: Cambria;"></span><br />
<span style="font-family: "Cambria","serif";">The </span><a href="http://en.wikipedia.org/wiki/Congressional_Budget_Office" target="_blank" title="Congressional Budget Office"><span style="font-family: "Cambria","serif";">Congressional Budget Office</span></a><span style="font-family: "Cambria","serif";"> reported an increased risk of </span><a href="http://en.wikipedia.org/wiki/Recession" target="_blank" title="Recession"><span style="font-family: "Cambria","serif";">recession</span></a><span style="font-family: "Cambria","serif";"> during 2013 if the deficit is reduced suddenly, while indicating that lower deficits and debt over time improve long-term economic growth prospects. The deficit for 2013 is projected to be reduced by roughly half, with the </span><a href="http://en.wikipedia.org/wiki/United_States_public_debt" target="_blank" title="United States public debt"><span style="font-family: "Cambria","serif";">cumulative deficit</span></a><span style="font-family: "Cambria","serif";"> over the next ten years to be lowered by as much as $7.1 trillion or about 70%.</span><br />
<span style="font-family: "Cambria","serif";"></span><u></u><u></u><br />
<div style="text-align: left;">
<span style="font-family: "Cambria","serif";"><a href="http://en.wikipedia.org/wiki/Fiscal_cliff" target="_blank">http://en.wikipedia.org/wiki/<wbr></wbr>Fiscal_cliff</a></span></div>
Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-59640333216620477902012-11-01T12:02:00.002-07:002012-11-01T12:06:17.354-07:00Comparing Stock Market Returns by Presidential TermsIf I was President Obama's campaign chairman, I would run
would ads showing a crawling line representing the movement of
the Standard and Poor's 500 stock index from when President
George W. Bush took office to the present. As you can see from
the chart below, the S+P increased by 75% during Obama's 3 3/4
years in office. During Bush II's first term, the market index
declined by 32%. During his second term, the S+P declined 12%.
<br />
<br />
If you look at the stock market performance by presidential
terms going back to 1960, you'll see that the stock market has
performed substantially better when Democrats were in the White
House. During the last six Democratic presidential terms, the
average return over four years time was 53%. For the seven
terms Republicans were in office, the average return was 15%.
<br />
<br />
These statistics are surprising given that Republicans are
generally perceived as better for businesses and the stock
market. I'm not advocating for a candidate, though some of you
might be aware of my political leanings, I'm just pointing out
some surprising statistics.
Be sure to vote.
<br />
<br />
<h2>
Stock Market Returns by Presidential Terms
</h2>
<table border="0" style="width: 413px;">
<tbody>
<tr>
<td width="154"><strong><em><u>Presidential Term</u></em></strong></td>
<td width="249"><em><strong><u>S+P 500 Index 4 year Gain/Loss %</u></strong></em></td>
</tr>
<tr>
<td><strong>Obama</strong></td>
<td><strong>+75% (3 years + 9 months)
</strong> </td>
</tr>
<tr>
<td>G W Bush (2nd term)</td>
<td>(31%)</td>
</tr>
<tr>
<td>G W Bush (1)</td>
<td>(12%)</td>
</tr>
<tr>
<td><strong>Clinton (2)</strong></td>
<td><strong>+73%
</strong></td>
</tr>
<tr>
<td><strong>Clinton (1)</strong></td>
<td><strong>+79%
</strong></td>
</tr>
<tr>
<td>G H W Bush</td>
<td>+51%</td>
</tr>
<tr>
<td>Reagan (2)</td>
<td>+64%</td>
</tr>
<tr>
<td>Reagan (1)</td>
<td>+33%</td>
</tr>
<tr>
<td><strong>Carter</strong></td>
<td><strong>+28%
</strong></td>
</tr>
<tr>
<td>Nixon/Ford</td>
<td>(13%)</td>
</tr>
<tr>
<td>Nixon (1)</td>
<td>+14%</td>
</tr>
<tr>
<td><strong>L Johnson</strong></td>
<td><strong>+23%
</strong></td>
</tr>
<tr>
<td><strong>Kennedy/Johnson</strong></td>
<td><strong>+40%
</strong></td>
</tr>
</tbody></table>
<br />
<br />
<em>Democratic Administrations are in bold</em>
<br />
<br />
Source: Yahoo Finance (October, 2012)Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-10961258465761644612012-07-31T10:58:00.002-07:002012-08-02T09:04:47.145-07:00The Unemployment Dilemma<span style="font-family: inherit;">The official unemployment rate has been hovering at about 8.2% during 2012, but it's down from its recent peak 10.3% in October of 2009 (Source: National Conference of State Legislatures).</span><br />
<br />
<span style="font-family: inherit;">When you look at how the economy has evolved over the last twenty years, it is amazing that the rate isn't higher. Consider these trends and events:</span><br />
<br />
<span style="font-family: inherit;">Technological advances have encouraged American companies to replace human employees with machines (bank tellers vs. ATMs).</span><br />
<br />
<span style="font-family: inherit;">Outsourcing of manufacturing jobs to poorer countries is a continuing trend.</span><br />
<br />
<span style="font-family: inherit;">Internet shopping has devastated not just local retail stores, but major corporations (book stores). As the dominant online sales company continues to expand its product line, it threatens other retail companies, big and small.</span><br />
<br />
<span style="font-family: inherit;">Internet services have reduced the need for human service providers (travel agents and financial advisors).</span><span style="font-family: inherit;"><br />Government job reductions not only increase the unemployment rate, but it means that fewer workers will spend their money at private businesses. Think Furlough Fridays in Sacramento.</span><br />
<br />
<span style="font-family: inherit;">Consumers have never recovered from the economic disaster of 2008. People in the middle class are afraid to spend for discretionary items. At our art studio, sales have not come close to what they were before. While frugality is good, it doesn't stimulate the economy. </span><br />
<br />
<span style="font-family: inherit;">Huge corporations continue to consolidate and merge. This reduces the number of mid-level jobs. As industries become oligopolies or virtual monopolies, employees with industry-specific skills are less able to bargain for good paying jobs. </span><br />
<br />
<span style="font-family: inherit;">Finally, the worldwide recession continues to drag on, reducing demand for American products.</span><br />
<br />
<span style="font-family: inherit;">As confidence in the economy grows, businesses and consumers will start to spend more. Job growth will increase and unemployment will decline, but due to fundamental shifts in the type of jobs available, the U.S. economy may never reach that magical "full" employment number again.</span><br />Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-79593349608431248232012-04-19T13:13:00.002-07:002012-04-20T20:42:07.430-07:00Gasoline Price HysteriaGasoline is a unique commodity. It is something most of us need to buy periodically. Its price is posted prominently wherever we drive. Our awareness and outrage about its price is disproportionate to the real impact it has on our budget.<br /><br />Its price and price movements rarely make sense. Why is gas (after subtracting state gas tax) 27 cents cheaper in Kansas than it is 5 miles from an oil refinery in California (gasbuddy.com)?<br /><br />Political finger pointing is always a byproduct of a price spike, but when its price declines there is rarely fanfare. Do you remember when gas dropped below two dollars a gallon in late 2008?<br /><br />How much impact does a gas spike of $1 a gallon cost you a month? Here's the calculation:<br /><br />1) How many miles do you drive a month?<br /><br />2) How many miles does your car get per gallon?<br /><br />3) Divide 1) by 2) and multiply by $1. Example: 1,000/miles per month/25 mpg = $40/month or $480/year.<br /><br />Gas is a commodity we pay for separately and regularly. It's a shared consumer experience. If milk goes up, it's just part of a larger grocery bill.<br /><br />When I started driving in 1964, a gallon of gas cost 29.9 cents, that equates to $2.25 in current dollars. Today I paid $4.16 per gallon. That's an 85% inflation-adjusted increase over 48 years. My health insurance has doubled in just the last three years!! Now that's something to get hysterical about, and I'm not expecting my health care premiums to go down anytime soon.<br />Several years ago a client told me that she planned to cancel a much anticipated vacation because gas prices had gone up 20% in a short time. I ran the numbers for a worst case scenario and calculated that it would cost the family an extra $150. They took their trip and had a great time.<br /><br />The next time you get upset about gas prices, remember that a gallon of gasoline is still cheaper than a gallon of water bought in little plastic bottles ($6.40/gallon) or scorpion venom ($40 million/gallon). Source: 47 Liquids chart linked below.<br /><br />Below are links to a variety of articles and charts about gasoline prices. I hope you find them thought provoking or at least amusing.<br /><br /><strong>Interesting Articles on Gasoline Prices:<br /></strong><br /><a href="http://opinion.financialpost.com/2012/03/23/lawrence-solomon-free-global-gas-prices/">Why Gas Prices Are Out of Any President’s Control - New York Times, By Richard H. Thaler (March 31, 2012)<br /><br />Free global gas prices - by Lawrence Solomon (Mar 23, 2012)</a><br /><br /><a href="http://www.wwltv.com/news/politics/national/143606566.html">FACT CHECK: More US drilling didn't drop gas price --Associated Press (March 21, 2012)</a><br /><br /><a href="http://www.davemanuel.com/2010/12/30/historical-gas-prices-in-the-united-states/">Where Might Gas Prices Head Over The Next 5-10 Years? - davemanuel.com (12/30/2010)</a><br /><br /><a href="http://inflationdata.com/Inflation/images/charts/Oil/Gasoline_inflation_chart.htm">Chart -Average Annual Gas Prices (Adjusted for Inflation) (2/27/12)</a><br /><br /><a href="http://www.nytimes.com/imagepages/2012/04/01/business/01view-pic.html">Chart - The White House and Gasoline Prices - The New York Times (April 1, 2012)</a><br /><br /><a href="http://www.cockeyed.com/science/gallon/liquid.html">Chart - Comparing the price per gallon of 47 liquids (2006)</a>Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.comtag:blogger.com,1999:blog-7811576935896086601.post-8589386254207743172012-03-03T06:21:00.004-08:002012-03-07T06:41:26.297-08:00Is Your Tax Bracket Higher Than Mr. Burns?What is your tax bracket? What percentage of your income do you pay in taxes? Even those who know that a certain presidential candidate paid 13.9% of his income in taxes, don't know their own effective tax rate or their tax bracket.<br /><br />Your tax bracket is the percentage of tax you pay on the last dollar you earned. Your effective tax rate is the percentage of your total income that you pay in tax. <br /><br />Here are three example of how much tax is paid by hypothetical taxpayers with different types of income.<br /><br />______________________________________<br /><br />M. Burns (Nuclear Power Plant Owner) – single<br />Income: $100,000 capital gains dividends plus $100,000 in tax-free interest<br />Federal Income Tax: $8,400<br />Social Security & Medicare Tax (0%): $0<br />Total Tax: $8,400<br />Marginal Tax Rate: 15%<br />Effective Tax Rate: 4%<br />______________________________________<br /><br />H. Simpson (employee of M. Burns) - married with three children.<br />Income: $100,000 employee wages<br />Federal Income Tax: $9,731<br />Social Security & Medicare Tax (@ normal 7.65% rate): $7,650<br />Total Tax:$17,381<br />Marginal Tax Rate:25%<br />Effective Tax Rate: 17%<br />______________________________________<br /><br />M Szyslak (self-employed proprietor, Moe's Tavern) - single<br />Income: $100,000 self-employment profit<br />Federal Income Tax: $16,981<br />Social Security & Medicare Tax (@ normal 15.30%): $15,300<br />Total Tax:$32,281<br />Marginal Tax Rate:25%<br />Effective Tax Rate: 32%<br /><br />So, how much you pay in taxes is based not just on how much you earn, but on what type of income you receive. Most people don't know how much they paid in taxes. They just know if they got a refund or paid the IRS or state taxing agency. You can find out how much you actually pay in income taxes by checking your 1040 Form. SS and Medicare taxes are on your W-2. Ask your tax advisor what your tax rate is.Bob Dreizlerhttp://www.blogger.com/profile/06673245973479092124noreply@blogger.com