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"Don't talk to me about boats," said Harvey Wahab of Ocracoke, irritably. "I hate boats. I've been on a Coast Guard cutter all my life. When I get out of the service, I'm going to h'ist an oar on my shoulder and start walking northwest. When I get so far inland that some fellow asks me what I'm carrying, I'm going to settle down there for the rest of my life." -Burlington News-Times, May 1949, reprinted in "Our State North Carolina", October 2002 Members of the investing community can certainly identify with Mr. Wahab’s frustration. We have been buffeted by a three-year rolling bear market, a war on global terrorism that has escalated into the invasion of Iraq that a few of our “Allies” did not support (don’t get me started on that one!) and perhaps most insidiously, a growing realization that corporate America is not always operating in the best interests of the average investor. In challenging times like we are currently facing, some investors may be tempted to "hoist an oar and head northwest" like Harvey Wahab, abandoning the heaving deck of investment uncertainty for the perceived safety of solid ground. However, making impulsive decisions with regard to your investment capital can have unintended and profound consequences over the long haul. A better strategy would be to consult your investing roadmap, see where you are in relation to your goals, and if you realize that you're off the track, get some help and take the steps necessary to get back on track. Start by taking inventory of your financial life. Look at your debt situation. Consider refinancing your mortgage, and certainly consider paying down consumer debt. Make a financial plan for one year, three years, five years. Talk to your spouse or significant other about your goals and dreams, then set up a meeting with a professional who can help you translate your goals into an achievable roadmap. Next, open your brokerage statements and see how your investments are doing. Are you following an asset allocation plan, or simply chasing a sector that was hot four years ago? (Come on, be honest!) Do your investments match your investing time horizon? Are you paying too much in fees and/or deferred sales charges? Do you know what your asset allocation should look like? Have you considered creating your own customized investment policy statement? Have you taken a risk assessment survey? ("The lifeboat drill", as an ex-military mentor of mine refers to it.) Involving an objective professional will allow you to see if you are on the right road and/or using the right road map. I look forward to hearing from you! Attachments to this issue: Market metrics as of March 21, 2003
Good Investing! Will Woodard is president of Dare Capital Management & Advisory, a Registered Investment Advisor and fee-only financial planning firm based in Kill Devil Hills. Dare Capital is committed to providing independent, objective, and professional financial advice. Mr. Woodard, his firm, or his clients may own the investments mentioned herein. Contact Will at (252) 480-0156 or e-mail Will@darecapital.com The fine print: This newsletter can be reprinted or forwarded--however, it is requested that reprints of any material in this newsletter include credit to Dare Capital Management and Advisory (252)480-0156 and an email link to will@darecapital.com. Thanks for spreading the word! All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Will W. Woodard, III and Dare Capital Management and Advisory, and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. Mr. Woodard, his firm, or his clients may own the investments discussed in this newsletter. Past performance is no guarantee of future returns. The information presented herein and the company's web site has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future results may vary for many reasons. Copyright 2003 Dare Capital Management and Advisory-all rights reserved. |
