November 21, 2011 in Finance
It is not often that I say, “I told you so.”
The reason is simple. I don’t care about being “right.” I believe each person has the right and responsibility to make decisions based on a personal destiny. For me, being right has little to do with that.
Therefore, I am slow to judge a situation and tell someone what he or she should or shouldn’t do. In addition, different people have different goals and situations change so quickly today that the best thing to do may change from moment to moment.
However, I have something to say that I have said and practiced for more than ten years. Today, I say it with more urgency than ever before.
As the Monopoly cards say, “Do not pass GO, do not collect $200.”
Don’t do it because I say to do it. Don’t do it because I have said it for more than ten years.
After all, I’m not a CPA or attorney or financial advisor.
I have provided tax and accounting services for more than twenty years. At one time, I was licensed as an insurance agent and securities representative. However, I have none of those credentials today. I’m just a consultant, a researcher, and a writer with lots of life experience.
If you are going to do it (and I highly recommend it), do it because of what Ann Barnhardt of Barnhardt Capital Management, Inc says on her website at Barnhardt.biz.
Ms. Barnhardt has more than fourteen years in the capital management business. She started at age twenty, worked more eight years as a broker before starting her own brokerage. She is young. She is experienced. She is intelligent. She is successful. She thinks differently. She thinks outside the box.
Last week, she blew up the box.
On November 17, she wrote a letter to her customers and explained why she would no longer manage their money.
She has closed her brokerage. In Ayn Rand’s terms, Ms. Barnhardt has become John Galt.
If you have money in the market, I suggest you quit reading my article, immediately read her letter, consider what she says, and act accordingly.
Yes, your broker will discourage you. Yes, your broker will claim you are overreacting.
That is your broker’s job. This is how he gets paid.
Your job is to keep and protect your money if you plan to use it for retirement.
I’ve recommended this for years. I’ve said this was coming. I’ve encouraged you to act.
Now you know why.
I told you so.
If you have questions after reading Ms. Barnhardt’s letter, feel free to send me an email using the contact information on our website or respond in the comment section below this article. By the way, I do not agree with all of Ms. Barnhardt’s religious and political viewpoints so please limit questions and comments to her two posts with the title, “BCM Has Ceased Operations.”