No. of Recommendations: 0
joelxwill:

I'm with you. The so-called "pro's" at Fidelity and elsewhere have formulas they follow and seem to be largely out of it these days.

I was at a nonprofit group's meeting yesterday and they were lamenting how much their portfolio had gone down this year. I asked if they had a financial guy managing their portfolio, and if so what their financial pro had recommended. They said "Oh, yes, we see him once a year, and that was in March." (!?) When I asked why on earth he had not contacted them since, they said "We're supposed to contact HIM if we want to make changes." (!!?) I then asked "What the devil do you pay HIM for, then?" No answer.

One guy finished the conversation (for me) by saying "Well, in this market he probably doesn't know any more than we do, anyway." I asked at that point "Then why do you pay him to manage your money?" There was no answer. I just shook my head.

Speaking of "pro's" and "experts", how about Paulson yesterday? That's the guy in charge of trying to rescuse our financial mess? It feels to me as if he's just tossing money here... then there... then saying "Oops! Maybe not there, after all!" Ye gods.

Curious: Have you looked at Harvest Energy (HTE) or other "Canadian Royals"? Seems awfully good to me. I've enjoyed their dividends since they were much higher in price, and they're downright cheap right now.

Vermonter
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