Today a Pet Peeve concerning high-priced financial advisors (hpfa):
Monday
Interviewer to hpfa - "the markets are up today, are you surprised by that?"
HPFA - "no, not at all, I have noticed for sometime now that equities were undervalued and it was only a matter of time that we would see such gains emerge." (smiling)
Tuesday
Interviewer to hpfa - "the markets have fallen considerably today, are you surprised by that?"
HPFA - "no, not at all, I have noticed for sometime now that eqities were overvalued and it was only a matter of time that we would see such a drop occur and I expect this will continue for sometime to come." (smiling)
Wednesday
Interviewer to hpfa - "the markets are back in positive territory, are you surprised by this?"
HPFA - "no, not at all, the fundamentals were just too strong to keep the equities down - it had to go back up and, moreover, this is likely to continue for sometime." (smiling)
Thursday
Interviewer to hpfa - "we are seeing quite a decline in equities today, are you surprised by this?"
HPFA - "no, not at all, the indicators for sometime have been pointing to the fact that this upward trend would be short-lived. Investors should move to more stable types of investments such as money market funds..." (smiling)
Moral - The only time these HPFAs are right - is in hindsight, and then they are always right.
"Galagher"
