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Also, when people say they're "all cash" or "all bonds" or "all stock," then they are talking about the portfolio composition that they thought was smart to hold at some past point in time. After all, if they only just woke up this morning and decided it, they would not be "all" anything already unless they were willing to eat crippling transaction costs.

The reader who is confronted with a statement of the type "my current portfolio is X..." is invited and encouraged to mentally append "... and I'm looking for muppets to take it off my hands."

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Apr 10th, 2014 at 04:05:12 PM EST
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