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What the "wealthy" are doing...
Old 09-10-2009, 05:04 PM   #1
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What the "wealthy" are doing...

Those of us still invested in equities must not be "wealthy" since they (the wealthy folks) are all "sitting on their cash". At least they found out about LBYM...who here on this ER forum leaked that nugget to all of those folks?

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Experts who work with the wealthy and observe their spending habits say rich folks are sitting on their cash. Just like the rest of us, they're worried about the future. Suddenly uncomfortable with the nation's financial volatility, the wealthy are revisiting their investment and savings strategies, says Chris Geczy, director of the Wharton Wealth Management Initiative at the Wharton School in Philadelphia.
"They're consuming less and saving more," Geczy says.
how-the-rich-save-today.html: Personal Finance News from Yahoo! Finance
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Old 09-11-2009, 03:58 PM   #2
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Originally Posted by mickeyd View Post
Those of us still invested in equities must not be "wealthy" since they (the wealthy folks) are all "sitting on their cash". At least they found out about LBYM...who here on this ER forum leaked that nugget to all of those folks?
It was Professor Plum with the candlestick in the library.

Interesting section about munis. Looks like the herd may be going that way this time around. Moooooooooooooooo...<dust cloud and thundering hooves>
These have been are a fave of mine (no I'm not rich) for quite a while and still are for unanticipated short term needs. In 2008, losses in my 2 VG muni MFs paled compared to equities. They are almost recovered.
I lucked out on that bet. Whew!
I've read a few articles about classic TE munis and the new darlings, the Build America Bonds, which are munis but not TE.
I double checked with VG to make sure their advertised TE muni bond funds would not be dabbling in these.
All is well.
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Old 09-11-2009, 08:24 PM   #3
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What a waste of electrons this Yahoo article is.

Seems to be trying to make the case that everyone needs more CDs because unnamed, unspecified "wealthy" people have some. They don't like the rates either. I swear Yahoo will run absolutely anything if they think it will get some traffic.
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Old 09-11-2009, 09:32 PM   #4
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What a waste of electrons this Yahoo article is.

Seems to be trying to make the case that everyone needs more CDs because unnamed, unspecified "wealthy" people have some. They don't like the rates either. I swear Yahoo will run absolutely anything if they think it will get some traffic.
I did notice the article was provided by Bankrate.com. Hmmm, I wonder what slant that firm might put on something..... Wealthy people may have more CDs than the rest of us poor saps, but then they also have more money to put into them. I bet wealthy people have more in equities than the rest of us too.
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Old 09-11-2009, 11:58 PM   #5
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The article seems to be talking -in parts only perhaps- about the "mass affluents", meaning people with financial assets totaling $100K to $1M. Not quite the kind of wealth that most people around here would be thinking of when referring to the "wealthy".
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Old 09-13-2009, 10:25 AM   #6
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The article seems to be talking -in parts only perhaps- about the "mass affluents", meaning people with financial assets totaling $100K to $1M. Not quite the kind of wealth that most people around here would be thinking of when referring to the "wealthy".
But did mention this subset:

Quote:
which says it serves 51 percent of the Forbes 400 list of U.S. billionaires.
If I was that wealthy I don't think I would be invested in stocks - no need for risk. I'd be living off the interest on the interest of the interest from interest thrown off by the principle...

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