Nope. Virtually anything that occurs in a stadium, surrounded by thousands of noisy, ill-mannered people is simply not on my list of things to do, no matter what the price. That said, I appreciate someone else can have a different opinion of witnessing an event in person - even when the cost is exorbitant. Great for them. If I'm lucky, I may be able to watch the same event on my television, sitting in a comfortable chair with clicker in hand to pause the event when I need to refresh my drink of choice. It also saves me from buying one more useless hat or T-shirt that I will never wear in public.
I have been successfully retired for 12 years, but still get asked for advice on how to prepare for no longer having a job. The simple answer I give is that you need something to spend time on as the euphoria of the "vacation" phase of retirement will eventually end and you need something to do to occupy your time, mind and hands. By all means travel, but full time travel is not an option for most of us and gets harder as you get older. Instead, you need a hobby and/or volunteer gig to fill some time. A focus on fitness and exercise should also be a part of your plan as you will be surprised by how the aging process speeds up over time. And, last but not least, you need time to read, listen to music, go to movies, visit friends and do other similar things that were hard to do when you were still working. The adage that "..getting old is not for whimps" is true, but you can also enjoy this phase of life if you put some thought and effort into how you want to use this time.
No, I think I'm busy enough. I volunteer a couple of days a week, swim everyday and help friends and family manage their retirement accounts. But, please don't ask my wife whether she think I'm busy enough!
I spent my career in the investment business and a spent good deal of time explaining to our clients why our years of experience, security selection expertise and asset allocation models would produce results that justified our fees. By the end of my career, when running a group that invested for smaller clients using only funds, it became apparent to me that the fees we charged covered a lot of the services we provided, but did not necessarily produce any better results than the fund approach we used for smaller clients. In retirement, I no longer have access to the information services that were available when I was working. I have also become very sensitive to the effect that fees have on returns over time. As a result, I only use low cost funds and mostly limit my trading to raising cash when needed or rebalancing as necessary. As for my returns, they have averaged over 8% a year, which has prove more than adequate to fund our retirement and still grow our assets for whatever the future might hold. Bottom line, I own no individual stocks and cannot imagine doing so in the future.
My career was the flip side of yours: MBA and 40 years in the investment business to make money and 40 years making bespoke pieces of wooden furniture for myself, family and friends. Like a painting, there is something ineffable about a well made piece of bespoke furniture. The particular wood used, the design, its utility and especially the quality of construction. And, if you know woodworking, like art, a beautiful example of the craft by a well known artisan can be enormously expensive. In the investment business, we sold our services based on not only our skill and track record in order to help our clients manage their wealth and generate mostly predictable returns over long time periods. And, while art does not generate income (and, in fact, can be costly to own, store and/or insure), the gains in value that have attached to certain artists is undeniable. In the end, I suppose its a matter of perspective and wealth. It takes significant wealth to own certain art, or to amass a collection of valuable art, whereas for mere mortals, one good piece of art would violate every rule of diversified investing and generate no income. Art is certainly a legitimate asset class, but not necessarily for everyone.
You're right, of course, but picking winners instead of losers has never been easy. I spent my career in the investment business and we worked with a universe of about 300 stocks and would build portfolios that contained 30-40 names. Different industry weightings always applied, but I'd bet today's industry weightings are heavily skewed towards tech. Why? Because they are outperforming everything else and the elusive Alpha is always top of mind for any manager. As far as I can tell, no one yet has invented a crystal ball that will help investors pick the right stocks or correctly time when to buy or sell. If you are generating anything close to a market return (less fees) for your particular asset allocation, you're doing great. Overall. markets have risen steadily since for the last 50 years. That said, market corrections of up 25% occur often and we've had at least three occasions since the 70's when markets have corrected by up to 50%. As a result, your time horizon and ability to remain invested can be as important as what you own.
I long ago stopped trying to pick stocks and have instead only held low cost ETF's and mutual funds which have, in the aggregate, generated very good total returns over 10+ years. It is also possible to address most of your rebalancing needs by relying on funds with a set equity/fixed asset allocations, e.g. Vanguard's VBIAX. I also use a handful of other funds in order to gain representation in foreign, high yield, real estate and other asset categories. In order to maintain my target asset allocation, I use a spreadsheet to track overall and category asset allocation. This is especially helpful when you are managing several portfolios (separate property, IRA's and community property) and want to make sure that your overall asset allocation remains within limits.
Ouch! Faced with similar renovation needs, we chose to take out a small LOC, which we then worked hard to pay off as quickly as possible. I don't like debt any better than you appear to, but I was always mindful that having enough ready cash in the event of a sudden emergency was critical. The important issue is recognizing that debt is a tool and should be handled properly at all times. When we are young, buying a house or car is likely not possible without taking on debt. Credit card debt, however, is mostly a choice and a privilege that should not be abused.
60/40 allocation, using SPY, MDY, NHFIX, VNQ, VNQI, VEA, VYMI and VBIAX as my primary investment tools. At the moment, cash is 5%+ as a buffer in retirement a/c's against a sudden correction. International is now approaching 10% as a hedge against the Dollar. Our average annual return over 12 years of retirement has been 8.0%+. Total expenses run about 13 basis points. We also both receive SS and I have a small defined pension benefit from a long ago employer. We have benefitted from a long upward bias in markets, which has allowed us to spend freely and help our son when needed. However, this market is looking a bit long in the tooth and I spend more time thinking about how to better position our investments against a sharp downturn.
This was one of the hardest moments of my mother's life when, for both care and financial reasons, it was no longer possible for her to remain in her longtime home. She cried and my sister, who lived nearby, felt terrible for having to be the one who helped my mother make this move. I am now nearing my mother's age when she was forced to move and am still in good health, but I have made every effort possible to be mentally prepared for the day when I will be forced to make a similar move. Making an effort to also rid ourselves of the detritus that we've accumulated over 40+ years is also an ongoing task. As much as I love living in our home of 30+ years, it is too big for just the 2 of us and I have no illusions that we can somehow age gracefully in place. The day will come when we need care and home is not always the best place to be cared for. Planning for our future has always been a part of our lives and deciding how and where we want to spend our final years is no less important.
Comments
Nope. Virtually anything that occurs in a stadium, surrounded by thousands of noisy, ill-mannered people is simply not on my list of things to do, no matter what the price. That said, I appreciate someone else can have a different opinion of witnessing an event in person - even when the cost is exorbitant. Great for them. If I'm lucky, I may be able to watch the same event on my television, sitting in a comfortable chair with clicker in hand to pause the event when I need to refresh my drink of choice. It also saves me from buying one more useless hat or T-shirt that I will never wear in public.
Post: FIFA Financials
Link to comment from July 26, 2026
I have been successfully retired for 12 years, but still get asked for advice on how to prepare for no longer having a job. The simple answer I give is that you need something to spend time on as the euphoria of the "vacation" phase of retirement will eventually end and you need something to do to occupy your time, mind and hands. By all means travel, but full time travel is not an option for most of us and gets harder as you get older. Instead, you need a hobby and/or volunteer gig to fill some time. A focus on fitness and exercise should also be a part of your plan as you will be surprised by how the aging process speeds up over time. And, last but not least, you need time to read, listen to music, go to movies, visit friends and do other similar things that were hard to do when you were still working. The adage that "..getting old is not for whimps" is true, but you can also enjoy this phase of life if you put some thought and effort into how you want to use this time.
Post: Fear of the Unknown…
Link to comment from July 26, 2026
No, I think I'm busy enough. I volunteer a couple of days a week, swim everyday and help friends and family manage their retirement accounts. But, please don't ask my wife whether she think I'm busy enough!
Post: Haunted Head
Link to comment from July 11, 2026
I spent my career in the investment business and a spent good deal of time explaining to our clients why our years of experience, security selection expertise and asset allocation models would produce results that justified our fees. By the end of my career, when running a group that invested for smaller clients using only funds, it became apparent to me that the fees we charged covered a lot of the services we provided, but did not necessarily produce any better results than the fund approach we used for smaller clients. In retirement, I no longer have access to the information services that were available when I was working. I have also become very sensitive to the effect that fees have on returns over time. As a result, I only use low cost funds and mostly limit my trading to raising cash when needed or rebalancing as necessary. As for my returns, they have averaged over 8% a year, which has prove more than adequate to fund our retirement and still grow our assets for whatever the future might hold. Bottom line, I own no individual stocks and cannot imagine doing so in the future.
Post: Independence Day
Link to comment from July 5, 2026
My career was the flip side of yours: MBA and 40 years in the investment business to make money and 40 years making bespoke pieces of wooden furniture for myself, family and friends. Like a painting, there is something ineffable about a well made piece of bespoke furniture. The particular wood used, the design, its utility and especially the quality of construction. And, if you know woodworking, like art, a beautiful example of the craft by a well known artisan can be enormously expensive. In the investment business, we sold our services based on not only our skill and track record in order to help our clients manage their wealth and generate mostly predictable returns over long time periods. And, while art does not generate income (and, in fact, can be costly to own, store and/or insure), the gains in value that have attached to certain artists is undeniable. In the end, I suppose its a matter of perspective and wealth. It takes significant wealth to own certain art, or to amass a collection of valuable art, whereas for mere mortals, one good piece of art would violate every rule of diversified investing and generate no income. Art is certainly a legitimate asset class, but not necessarily for everyone.
Post: Mr Market visits Art Basel
Link to comment from July 3, 2026
You're right, of course, but picking winners instead of losers has never been easy. I spent my career in the investment business and we worked with a universe of about 300 stocks and would build portfolios that contained 30-40 names. Different industry weightings always applied, but I'd bet today's industry weightings are heavily skewed towards tech. Why? Because they are outperforming everything else and the elusive Alpha is always top of mind for any manager. As far as I can tell, no one yet has invented a crystal ball that will help investors pick the right stocks or correctly time when to buy or sell. If you are generating anything close to a market return (less fees) for your particular asset allocation, you're doing great. Overall. markets have risen steadily since for the last 50 years. That said, market corrections of up 25% occur often and we've had at least three occasions since the 70's when markets have corrected by up to 50%. As a result, your time horizon and ability to remain invested can be as important as what you own.
Post: Billy’s Certificate – 1937
Link to comment from June 27, 2026
I long ago stopped trying to pick stocks and have instead only held low cost ETF's and mutual funds which have, in the aggregate, generated very good total returns over 10+ years. It is also possible to address most of your rebalancing needs by relying on funds with a set equity/fixed asset allocations, e.g. Vanguard's VBIAX. I also use a handful of other funds in order to gain representation in foreign, high yield, real estate and other asset categories. In order to maintain my target asset allocation, I use a spreadsheet to track overall and category asset allocation. This is especially helpful when you are managing several portfolios (separate property, IRA's and community property) and want to make sure that your overall asset allocation remains within limits.
Post: When to Leave Your Portfolio Alone
Link to comment from June 27, 2026
Ouch! Faced with similar renovation needs, we chose to take out a small LOC, which we then worked hard to pay off as quickly as possible. I don't like debt any better than you appear to, but I was always mindful that having enough ready cash in the event of a sudden emergency was critical. The important issue is recognizing that debt is a tool and should be handled properly at all times. When we are young, buying a house or car is likely not possible without taking on debt. Credit card debt, however, is mostly a choice and a privilege that should not be abused.
Post: Leverage
Link to comment from June 20, 2026
60/40 allocation, using SPY, MDY, NHFIX, VNQ, VNQI, VEA, VYMI and VBIAX as my primary investment tools. At the moment, cash is 5%+ as a buffer in retirement a/c's against a sudden correction. International is now approaching 10% as a hedge against the Dollar. Our average annual return over 12 years of retirement has been 8.0%+. Total expenses run about 13 basis points. We also both receive SS and I have a small defined pension benefit from a long ago employer. We have benefitted from a long upward bias in markets, which has allowed us to spend freely and help our son when needed. However, this market is looking a bit long in the tooth and I spend more time thinking about how to better position our investments against a sharp downturn.
Post: What’s in your portfolio ?
Link to comment from June 20, 2026
This was one of the hardest moments of my mother's life when, for both care and financial reasons, it was no longer possible for her to remain in her longtime home. She cried and my sister, who lived nearby, felt terrible for having to be the one who helped my mother make this move. I am now nearing my mother's age when she was forced to move and am still in good health, but I have made every effort possible to be mentally prepared for the day when I will be forced to make a similar move. Making an effort to also rid ourselves of the detritus that we've accumulated over 40+ years is also an ongoing task. As much as I love living in our home of 30+ years, it is too big for just the 2 of us and I have no illusions that we can somehow age gracefully in place. The day will come when we need care and home is not always the best place to be cared for. Planning for our future has always been a part of our lives and deciding how and where we want to spend our final years is no less important.
Post: Close to Everything I Need
Link to comment from June 20, 2026