TITLE

Lifeboat Drills

AUTHOR(S)
Walker, Lewis J.
PUB. DATE
October 1995
SOURCE
Journal of Financial Planning;Oct95, Vol. 8 Issue 4, p154
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article suggests that the failure of so many advisers has led to an economic shift from a deflationary trend back to an inflationary trend. Recently financial planner explained that the returns now available in stocks were such that people should move the equity in their homes into the market. A 2% rise in interest rates will drop the market value of a long-term bond by almost 26%. Some so-called conservative bond funds were down in ranges of that magnitude. Could that not happen on the equity side? The last major bear market was more than 20 years ago. Many of today's investors were children or teenagers in the early 1970's. That you cannot lose money in the stock market long term has become a mantra of unquestionable veracity. It takes a 100% gain to offset a 50% loss. Since 1990, the Nikkei Index has dropped from 40,000 to 14,700--a staggering loss of 63%. Nay-sayers and proponents of mania theories point to the explosion in the number of mutual funds, now over 8,100--more than twice the number of shares on the New York and American Stock Exchanges. It's estimated that roughly 70% of all the money currently invested in mutual funds has migrated from bank savings in the past three years.
ACCESSION #
5560387

 

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