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 03.09.2011
A Letter from Phil
"Investor Lessons"
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NEWS ARCHIVE
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Philip Colby is
an Associate
with Raymond
James &
Associates and
can be reached
as follows:
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Raymond James &
Associates
100 Meridian
Centre Blvd
Suite 150
Rochester, NY
14618
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Toll Free:
1-888-846-7894 |
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Local:
1-585-274-5004 |
| E-mail:
Philip.Colby@RaymondJames.com |
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Past
performance
does not
guarantee
future
results.
The
market
value of
securities
fluctuates
and you
may
incur a
profit
or a
loss.
This
analysis
does not
include
transaction
costs
and tax
considerations.
If
included
these
costs
would
reduce
an
investor's
return.
© 2009
Raymond
James &
Associates,
Inc.,
member
New York
Stock
Exchange
/
SIPC Privacy
Agreement
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A Letter From
Phil
"We've been here
before"
03.20.2009
You need a good
memory to be a successful
investor. Many people may be too
young. Others may have just
forgotten the late seventies to
early eighties. Inflation was
rampant. In 1981, interest rates
on 30 year treasuries were
14.6%. Unemployment stood at
10.8%. The Iranian Revolution
caused oil prices to triple. And
Business Week’s cover stated
“death to equities”.
What about 1987-1991? Three
thousand banks failed during the
Savings and Loan crisis. New
York City real estate prices
plunged by one third. America
was involved in the Gulf War.
Yet the overall economy proved
remarkably resilient. And the
Dow Jones Industrial Average
rose on average of 18% per year
during the nineties.
And from 1999-2003, remember the
bursting of the technology
bubble. And the resulting
destruction of stock market
wealth. Enron Corporation, the
fall of WorldCom Corporation and
the discovery of widespread
accounting fraud. And American
troops sent to invade Iraq.
Our country has often faced very
troubling times. And will again
in the future. I believe
strongly that it is far too late
to sell stocks unless a person
believes that it is over for
America. The market bottom could
come long before there is any
good economic news. History
shows to never count out
America.
This horrible period will pass
and those who give up on America
will be extremely regretful.
With optimism,
Phil Colby
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