Rethinking Investing: Regras de senso comum para tempos incomuns Eu vi pela primeira vez este vídeo na reunião de acionistas da Berkshire Hathaway de 2 de maio de 2008. Profítico e a não perder. Eu aprendi algumas coisas nos últimos 18 meses de explorar e experimentar o mundo do investimento. Esta publicação é a minha primeira tentativa de compartilhar as descobertas. As lições vieram não só de ler livros, mas de tentativas e erros, e escolher os cérebros de algumas pessoas diversas e fascinantes: 8211Warren Buffett. O homem mais rico do mundo e os financiadores dos CFO nas empresas de portfólio da Berkshires - Economistas de alto escalão em bancos de investimentos superiores - Empregadores que levaram 40 mil em 2.000.000 em ações usando alavancagem maciça - Empresários conservadores (ainda auto-feitos milionários) com carteiras de todos os títulos - Gerentes de dinheiro dos professores ultra-ricos e ridiculamente famosos da liga, que não só comercializam opções exclusivamente, mas também apostam até 500.000 por noite, enquanto os jogadores de poker sem limite possuem retenção. Em todos os casos, exceto o feedback dos leitores do blog (como eu poderia saber), os princípios que vou oferecer são de pessoas que fizeram milhões em seus respectivos investimentos, não quarterbacks de poltronas (conselheiros) que tomam uma taxa de gerenciamento das pessoas dispostas a tomar real Risk8230 Tempo total de leitura para esta publicação: 6 minutos. Perdi um pouco de dinheiro, ganhei mais dinheiro (com capital de risco, cerca de 28 anualizados nos últimos três anos) e preservado quase todo o meu dinheiro. Eu estava aterrorizado com certas coisas, mas eu construo minha tomada de decisão irracional e estupidez temporária no planejamento. Para começar, aqui está um instantâneo da minha alocação total de ativos atual em contas de aposentadoria. Eu volto para isso. Observe as datas: Comece com algumas observações inteligentes dos leitores deste blog, que comentou em minha postagem onde descrevi Warren Buffetts responder à minha pergunta. Que recentemente fez isso no novo relatório anual da Berkshire8217. Aqui está: se você tivesse 30 anos e não tivesse dependentes, mas um emprego a tempo inteiro que impedisse o investimento em tempo integral, como você poderia investir seu primeiro milhão de dólares, supondo que você possa cobrir 18 Meses de despesas com outras economias Agradecemos antecipadamente por ser o mais específico possível com classes de ativos e porcentagem de alocação. As observações que escolhi para discussão seguem, e I8217ve testado a maioria deles. Alguns vão parecer complexos, mas esta série irá reduzir tudo para conclusões simples que qualquer um pode usar: para alguém que busque em sua vida pessoal, estou surpreso com sua taxa de tolerância de risco de 10. Da leitura do seu blog, parece que você vive seu Experiências de vida com uma taxa de tolerância de risco de 50. Tim: Este é um equívoco comum. Na verdade, considero-me muito conservador e averso ao risco na vida e no investimento, e meus amigos íntimos podem confirmar isso. Como podemos ver, a frase 8220risk tolerance8221 é extremamente problemática, mas por trás das cenas, eu testei as opções para determinar o que tem a melhor chance de um alto retorno sobre o investimento (ROI), mas isso não é transparente para A maioria dos observadores, que assumem que eu regularmente rodo os dados e espero pelo melhor. Não é verdade. Patrick Clark Tim: se você não tirar mais nada desta postagem, re-leia a parte em negrito algumas vezes e memorize, especialmente a última frase: vou fazer alguns pressupostos aqui: 1. Você é um investidor credenciado. 2. Suas empresas continuarão a correr-se e criar uma receita de fluxo de caixa para você. 3. Este 1 milhão é verdadeiro capital de risco. Dito isto, sou um conselheiro de investimento. Eu crio carteiras para clientes em classes de ativos tradicionais (ações, títulos, caixa e imóveis) e classes de ativos não tradicionais (matérias-primas, energia, metais e moedas). Isso fornece uma mistura de investimentos que não estão correlacionados entre si. Sem entrar em veículos de investimento específicos, uma alocação de ativos será semelhante a esta: US Equities 8211 24.5 Ações Internacionais 8211 19.5 Imóveis 8211 3 Matérias-Primas 8211 12 Energia 8211 12,5 Metais 8211 12 Moedas 8211 6 Dinheiro 8211 10,5 O objetivo é produzir um Retorno absoluto. Para os meus clientes, não estou interessado em ter a seguinte conversa, o mercado caiu 40 este ano, Sr. Jones, mas perdemos apenas 18. Nós fizemos um ótimo trabalho. Não. Uma perda é uma perda. Ao configurar um portfólio para retorno absoluto, não retornos relativos, suas chances de encaminhar a bola todos os anos são muito maiores. Lembre-se, uma perda de 50 requer um ganho de 100 para voltar a igualar. Não perca. O dinheiro é um ativo durante o mercado ostentoso. Encontre um estilo de investimento que se adapte à sua personalidade e, em seguida, teste essa estratégia Tim: para aqueles que estão inclinados matemáticamente, busque 8220Monte Carlo simulation8221 durante longos períodos de inicialização 038 para verificar se você pode estômago a queda máxima (retirada). E fique com ele antes. Ninguém pode prever o mercado, você nunca sabe se está prestes a comprar antes de um grande mergulho. É verdade que os estoques de crescimento superam a expectativa de outras classes de ativos a longo prazo. Mas, alguém que colocou todo o seu dinheiro no índice S038P500 em 132000 perdeu cerca de -50 (em outubro de 2002) e ainda está perdendo dinheiro oito anos depois, a maioria pode jogar a toalha naquele ponto baixo, quando eles deveriam estar adicionando. A dor de perder é muito mais forte do que a esperança de ganhar. Investidor da Superstar por telefone: 92 do seu retorno são determinados por alocação de ativos, 6 minha seleção de gerentes e 2 por tempo. Russ Thornton: Uma vez que a alocação de metas entre os fundos escolhidos foi determinada, eu me reequilibro de volta para sua alocação de destino quando uma classe de ativos única desviou 20 de seu alvo. Há dados significativos que suportam esse gatilho de reequilíbrio. Você também pode reequilibrar com economias adicionais, que é uma abordagem muito mais eficiente em impostos e reduzirá sua realização de ganhos de capital. O reequilíbrio obriga você a comprar mais da classe de ativos relativamente menos dispendiosa em uma clássica compra baixa disciplina Tim: contra a venda do ativo mais caro. É sobre isso. Compre quando você tiver dinheiro e apenas venda quando precisar do dinheiro, mas não antes. Eu gosto da idéia Talebs de 90 em títulos do governo e 10 em ações altamente especulativas. Mais convencionalmente, Id segue uma estratégia altamente diversificada como sugerido por Swensen (Yale) em seus livros, ajustando a porcentagem de títulos para cima ou para baixo conforme ditado pela tolerância ao risco: fundos de ações: grande índice de mesclagem (S038P 500) índice de pequeno índice Índice internacional Imobiliário Index Commodities (PIMCO retorno real) títulos: TIP Tesouros de curto prazo Você pode ter um portfólio muito diversificado, mesmo se você possuir apenas 10 ações. Então, basicamente, para os retornos mais estáveis, investe em um conjunto de ativos que não suba ou descem ao mesmo tempo. Isso significa que você precisa de exposição internacional, bem como a exposição dos EUA, e dívida (bondsmoney mkt), bem como ações. Tim: estes também são chamados de 8220 classes de ativos correlacionadas de forma não-corretiva, 8221 comuns em negociação em pares, o que Buffett fez bastante nos 19708217 e 808217s. Sua alocação deve ser aproximadamente da seguinte maneira: 90 DICAS 10 Opções de chamada no S038P500 Isso significa que você perderá quase Nada se os tanques do mercado, mas você ainda receberá muito retorno do S038P500 no lado positivo. A primeira lição é: você não sabe o que você acha que sabe. Acho que você pode prever sua tolerância ao risco. Eu aposto que você não pode. Vamos tentar outra pergunta que direcione o ponto para casa: você se chamaria de racista, eu aposto que você não iria, e eu aposto que você é. Tome o Harvard Implicit Association Test (IAT) para a corrida quantas vezes quiser. Eu não sou um apostador, mas eu aposto que você aparece como racista, independentemente da raça. Eu percebi que as perguntas que a maioria dos consultores de investimento (e os investidores) fazem são perguntas erradas ou incompletas. Mesmo que você tenha apenas 100 para investir, isso é importante para explorar. A maioria dos conselhos e decisões se centra em uma pergunta: qual é a sua tolerância ao risco. Eu tinha um gerente de riqueza me pergunte isso, e eu respondi com honestidade: não tenho ideia. O jogou fora. Então, pedi-lhe a média das respostas de seus clientes. A resposta: a maioria responde que não entrariam em pânico, diminuíram até 20 em um quarto. Minha pergunta de seguimento foi: quando o maior pânico e começar a vender baixas. Sua resposta: quando eles estão abaixo de 5 em um quarto. A menos que você perdeu 20 em um quarto, sua dificuldade, impossível para prever sua resposta. Não é diferente de uma máxima comum de boxe: todos têm um plano até serem perfurados no rosto. Os falsos pressupostos sobre sua futura tomada de decisões quase garantem o fracasso, então 1) marque novamente a sua suposta tolerância ao risco, ou 2) simule a perda com montantes menores, mas investimentos de risco mais elevados antes de apostar na fazenda. Eu uso investimentos de anjo em start-ups de tecnologia para este propósito. Não precisa ser 100,000go para a trilha do cavalo e fazer apostas conservadoras (alta probabilidade, baixo pagamento) em 25 corridas até você perder 200 (FYI: here8217s como eu aprendi a apostar em cavalos). Como você sente Esse é o ponto de partida: avaliar com precisão respostas emocionais para ganhar ou perder. Suas decisões e futuro de investimento, dependem de calibrar com precisão. Continuação na Parte II. Que inclui os melhores livros, redefinindo 8220investment8221 e mais8230 Sugestões para tópicos nesta série, por favor me avise nos comentários. Ainda me considero um novato e isso é um trabalho em andamento. Se for um conselho de investimento, dê um exemplo da sua experiência pessoal sempre que possível. As anedotas da vida real são mais interessantes que as opiniões, embora as opiniões possam ser úteis. Postado em: 21 de outubro de 2008. Compartilhe isso: Confira Ferramentas de Titãs. Meu novo livro, que compartilha as táticas, rotinas e hábitos de bilionários, ícones e artistas de classe mundial. Foi destilado de mais de 10.000 páginas de notas, e tudo foi examinado e testado na minha vida de alguma forma. As dicas e truques em Ferramentas de Titãs mudaram minha vida e espero o mesmo por você. Clique aqui para obter exemplos de capítulos, detalhes completos e um prefácio de Arnold Schwarzenegger Postar navegação Deixe uma resposta Cancelar resposta Comentar Regras: Lembre-se do que Fonzie era como Cool. É assim que ficaria legal. Critical está bem, mas se você é grosseiro, bem, exclua suas coisas. Não coloque seu URL no texto do comentário e use seu nome ou iniciação PESSOAL e não o nome da sua empresa. Como o último aparece como spam. Divirta-se e obrigado por adicionar à conversa (Obrigado a Brian Oberkirch pela inspiração) 127 comentários sobre ldquo Repensando o Investimento: Regras de senso comum para tempos difíceis rdquo Ótimo post e adoro o seu trabalho. Uma coisa pequena 8212 Eu acho que há um estudo de Harvard que mostra que 94 de todos os retornos de investimento são determinados pela alocação de ativos (não 92 como mencionado acima). Esta é uma pequena diferença e I8217m não aqui para se concentrar nisso. Em vez disso, quero que as pessoas se concentrem em quão alto este número é. Isso significa QUASE TODOS os seus retornos serão derivados por essa única escolha. Então, concentre seu tempo em fazer uma boa decisão sobre isso e muito longe muito menos tempo escolhendo ações ou fundos ou gerentes de dinheiro. Boa sorte para todos e Tim, por favor, mantenha o excelente trabalho Tim. Em primeiro lugar, não posso concordar com você mais sobre este post8230 I8217m prazer em ver que você não está indo na estrada 99 dos norte-americanos (sim, I8217m canadense) estão indo para baixo Com: isso é transportar fundos de risco médio e alto em sua carteira, além de pagar taxas de gerenciamento exorbitantes. Se você ainda não leu, o livro de Daniel R Solin8217, chamado 8220, o livro de investimento mais inteligente que você já leu é o único livro que precisa ler sobre o investimento. Na verdade, eu levo isso de volta, a única coisa que precisa ver é o diagrama que ele colocou na página 12, que basicamente descreve que nos últimos 30 anos, notamos que os fundos de baixo risco lhe dão praticamente o mesmo retorno que um fundo de alto risco com O risco de perder dinheiro Mantenha o excelente trabalho que Tim e I8217 continuam lendo. Tom VanAntwerp mdash Minha única crítica a esta publicação é a mesma que eu tenho de quase todos os conselhos de investimento: diz muito sobre o que investir, mas nada sobre o ato real de investir. Para os iniciantes totais, está longe de ser óbvio apenas como fazer investimentos. Uma das coisas que eu amei sobre 4HWW em comparação com outros livros 8220business8221 foi o quão específico era a ação, chegando a recomendar serviços auxiliares úteis específicos e fornecer informações de contato. Conselhos como este são ótimos, mas não é impossível encontrar entretanto, a busca por aquelas ações específicas a tomar, geralmente, deixa um perdido em um mar de propagandas para vários corretores. Eu adoraria ver alguns conselhos de investimento que levam a rota 4HWW: etapas específicas para começar a investir, além de sugestões sobre opções de investimento. Minha epifania é que, contrariamente à crença popular, Tim é altamente averso ao risco e micro-teste tudo antes de experimentá-lo. Ao longo do 4HWW, havia sugestões contínuas de que este era o caso de uma campanha do Adwords para decidir sobre o título do 4HWW8217s, elogiando Ed Byrd por lançar um panfleto antes de lançar seu produto etc. Foi fácil ficar varrido pensando que criar um negócio bem sucedido poderia ser Feito por instinto e sem medo. O sucesso em qualquer coisa leva, pelo menos, o tempo e o trabalho árduo tornado óbvio pela declaração do investidor no supermercado 8217s de que o ROI é dependente da alocação de ativos. A fórmula de investimento parece bastante simples, diversificar o máximo possível e jogar o mercado com cautela. Apontar para um ganho de longo prazo que vem eventualmente irá deixá-lo em uma posição muito mais forte do que procurar um ganho de curto prazo que nunca poderia vir. Uma vez que podemos discutir o dia inteiro sobre onde e como diversificar investir em algo que você considera relativamente interessante, você provavelmente já estará bem informado sobre sua performance. Tom VanAntwerp, eu não poderia concordar mais, eu li bastante sobre investir, mas ninguém ficou especialmente claro sobre como começar a jogar ou investir algumas centenas. Eu gostaria de saber mais se alguém pudesse fazer sugestões. Morgan Coudray Obrigado por sugerir o livro Solin8217s, eu tenho que verificar isso. 8211 Mais importante do que qualquer outra coisa: diversificar, diversificar, diversificar (de preferência em classes de ativos não baixas ou corretamente 8211 aviso: a correlação durante os tempos normais é diferente da correlação durante as falhas do mercado) 8211 Investir somente em ações (e outras coisas de risco) se Seu horizonte de investimento é longo o suficiente para ultrapassar o mercado se as coisas der errado (ou seja, apenas investir dinheiro nisso que você ganhou nessas necessidades durante os primeiros 5-10 anos) 8211 8220 Perda máxima máxima tolerável x 2 Atribuição máxima de capital8221 (pelo menos de acordo com Adrian Nenu de bogleheads. org) 8211 Os fundos do índice sem custo de baixo custo geralmente são uma boa idéia (eles não conseguem dar uma boa performance ao mercado) 8211 Reequilibrar quando uma classe de ativos se desvia de 20 ou mais de sua alocação inicial 8211 Existem estratégias interessantes não-convencionais lá fora Podem ou não ser boas ideias: carteira permanente de Harry Browne8217s (livro: Fail-Safe Investing), estratégias baseadas em impulso misc (exemplo: FundX), etc. (aviso: I8217m inexperiente. I821 7m ainda 100 de dinheiro e tentando colocar uma estratégia para mim. Obrigado por esta postagem interessante. Lembro-me de você publicar anteriormente sobre as corridas de cavalos e, durante a sua experiência, você conseguiu ganhar todas as corridas (me corrija se I8217m está errado, minha memória não é exatamente o melhor) De qualquer forma, estaria muito interessado em Aprendendo sobre suas experiências com as apostas, eu gostei de ver o caminho que você abordou, sem dúvida, é algo que deve ser aprendido lá. Eu ainda acho que o melhor livro de gerenciamento de dinheiro pessoal já escrito é uma série de histórias escritas das décadas de 1920 a 1940 por George S. Clason, compiladas em um único livro e publicadas como 8220 The Richest Man in Babylon8221. Você pode pegá-lo em qualquer livraria para 7. Eu só tenho que dizer que Tim, você é um cara inspirador da barragem, adoro o fato de que você não apenas segue cegamente os conselhos de ninguém, mas você consegue as pessoas que contam e implementam ações sólidas Planos. Eu diria que isso seria absolutamente crucial no mercado atual e se você não tiver idéia em investir, obtenha um. Este post é muito interessante. Eu amo o vídeo 8211gt 8220Shall eu pulo fora da janela8221 Ha. Eu também sou um novato, mas tenho interesse em saber mais sobre os detalhes da alocação de ativos. Atualmente, estou trabalhando com um consultor, com quem eu confio e conheço muito bem, mas, em frente, quero estar mais envolvido com os conhecimentos sobre os motivos que estão por trás e por que. Quando você dá um passo atrás, é cômico pensar o quão óbvias são algumas coisas (ou seja, comprar, don8217t vender, quando o mercado mergulhar), mas parece que apenas uma minoria segue essa prática. O equilíbrio entre as ações internacionais vs EUA também faz sentido. Ansioso para a parte 2. Este é um tópico que eu sou muito apaixonado por negociar e investir 8230. Eu tinha meus altos e baixos, meus contusões e minhas celebrações 8211 e, através de tudo isso, eu sobrevivi (e prosperava) como um comerciante de ações independente. Semelhante a você mesmo, eu também tive o prazer de conhecer o Warren Buffet e, embora a maioria das pessoas nunca ouviria falar dele, Ed Seykota (que, pelo contrário, pode não ser o homem mais rico do mundo 8211, mas pode ser o Comerciante mais bem sucedido na história ganhou 250 mil em pouco mais de uma década). A primeira coisa que você deve perceber é que todas as atividades de comércio e investimento são uma questão de probabilidades. Nenhuma fórmula até à data foi capaz de produzir 100 taxa de precisão 8211, há lucros e há perdas. Muitas vezes, as pessoas me perguntam: 8220Wh8282 a diferença entre a negociação e a jogabilidade8221. A resposta é que as pessoas que estão apostando com sua negociação não sabem suas chances ou estão investindo com as chances contra elas. As pessoas que não estão apostando sabem suas chances. Eu recomendo abordar o comércio com uma pergunta: eu quero trocar como um cassino ou um jogador. Ambos têm histórias notáveis de fazer dinheiro grande, mas quem faz o máximo. Se você optar por negociar como um casino 8211, então você deve conhecer e entender suas chances . Há muito mais para compartilhar, mas apenas 8230 muito tempo. Seja esperto. Conheça suas chances e, embora você não consiga 8220win todas as mãos8221 8211 se você estiver negociando com as chances em seu favor, você pode razoavelmente esperar ser lucrativo a longo prazo. Boa sorte, Charlie Tim, Outro ótimo artigo. Penso que o teste de prova de Havard é uma piada. Peguei uma vez e tentei ir o mais rápido possível. Aqui, o que eu marquei 8220 Os seus dados sugerem uma preferência automática moderada para os afro-americanos em comparação com o europeu americano.8221 I8217m branco. Então, isso significa que eu favorecer os afro-americanos e sou racista para os americanos europeus como eu, subconscientemente. Eu acredito que este teste está configurado para mostrar mostrar uma preferência para pessoas brancas. Em primeiro lugar, é apenas colocá-lo em um padrão de imagens e palavras correspondentes para um determinado lado. Em seguida, empilha ainda o convés, colocando o bem do mesmo lado que os europeus americanos na segunda rodada. Em seguida, empurra o convés ainda mais, colocando Good e European juntos primeiro, então você os associa automaticamente quando os troca para a próxima rodada. Eu ainda marcava o oposto do que eles obviamente estavam me preparando porque eu estava indo rápido e eles colocariam tantas chaves consecutivas esquerda ou direita seguidas, depois jogariam a curva e eu atingiria a mesma chave que eu estava acertando, o que apenas provavelmente Passou a dar uma boa palavra com os afro-americanos ou uma palavra ruim com os europeus americanos. Voltar ao tópico principal. Sim, I8217ve tirou um grande sucesso este ano. Eu vejo o vídeo em casa quando tenho mais tempo. Eu gosto das peças em negrito. Tenho que pensar sobre isso e conversar com meu planejador mais uma vez que leio o resto da série. Tim, este é um ótimo começo para a sua série 8211, especialmente à luz dos eventos atuais 8211, mas I8217m definitivamente ansioso para você entrar em 8220philosophy8221 de suas estratégias de investimento um pouco mais. Por exemplo, um membro do New Rich não possui nada que seja bem servido por veículos de aposentadoria tradicionais. Eu só posso manter 4000 por ano em um Roth IRA e qualquer outro investimento de aposentadoria penaliza o inferno fora de mim para a retirada antecipada da minha capital. Como faço para lidar com isso como um investidor que planeja levar até 20 mini aposentadorias antes que eu sou 59 12 Existem maneiras de fazer isso de forma inteligente e vantajosa para impostos Quão importante é a economia tradicional, se você nunca planeja se aposentar tradicionalmente Esperança Você pode abordar algumas dessas questões à medida que você continua esta série. Obrigado por compartilhar sua sabedoria. Independentemente da sua estratégia de investimento ou tolerância ao risco, o maior fator que afeta seus resultados de investimento será o seu comportamento. Em outras palavras, você tem a disciplina para segurar quando todos os outros estão vendendo ou o bom senso para proteger seus ganhos (através do reequilíbrio) à medida que o mercado atinge novos níveis. Os custos certamente são importantes. Mas, mesmo que você tenha o portfólio de menor custo disponível para suas necessidades, a carteira ganhou, não é bom se você não tem paciência e disciplina para deixar funcionar para você ao longo do tempo. E para ser claro, I8217m não está sugerindo que eu ou qualquer outra pessoa possa prever ou acertar os mercados. Eu acredito em fundos de classe de ativos (índice) de baixo custo e altamente diversificados e acredito que você deveria literalmente comprar mercados inteiros, tanto no país como no exterior, e deixar o poder do capitalismo funcionar para você ao longo do tempo. It8217s não é particularmente excitante, mas funciona. Mas no final, tudo isso diz respeito ao comportamento. E se um bom conselheiro financeiro pode ajudá-lo a fazer a coisa prudente, mesmo quando todas as fibras do seu corpo estão gritando com você para acompanhar a multidão, então acho que a taxa do conselheiro deve valer cada centavo. I8217ve recentemente começou a maximizar o meu 401K e estou agora colocando o máximo de dinheiro possível em um portfólio bem diversificado com um gerente de dinheiro, pois percebo que provavelmente nunca veremos um melhor momento para comprar em nossas vidas. No entanto, I8217d também gosta de fazer algum investimento sozinho com uma abordagem muito mais agressiva, mas não uma quantia que realmente me afetará se eu perder, então use dinheiro 8217 se você quiser. Bem, I8217ve reduzi-lo para eles TIPOS de empresas em que eu quero investir, mas eu não sei onde ir para pesquisar empresas ESPECÍFICAS. I8217ve basicamente decidiu que eu quero encontrar algumas ações bastante especulativas no mercado de tecnologia de energia, bem como os mercados biomédicos (tratamentos com células-tronco e medicamentos baseados biologicamente). Então, minha pergunta é onde posso ir às empresas de pesquisa nesses setores Existem revistas da indústria ou sites que destacam as empresas atuais. Isso pode ser uma pergunta estúpida, mas I8217m, literalmente, apenas começando a investir e não tem idéia de onde procurar. Sua alocação parece ser 180 graus do que Warren Buffett está fazendo. Em um recente artigo 8211 money. cnn20081017newseconomybuffettopedindex. htmpostversion2008101709 8211 Buffett afirma que moveu praticamente todo o seu portfólio pessoal de tesouraria para ações dos EUA. Ele oferece esta ótima citação: uma regra simples determina minha compra: tenha medo quando os outros são gananciosos e sejam gananciosos quando os outros têm medo. E certamente, o medo agora é generalizado, agarrando até investidores experientes. O grande artigo Tim, ajuda a mostrar todas as diferentes visões do mercado que são publicadas. Também peguei esse teste de corrida e marquei uma preferência na minha primeira vez. Tenho um amigo que rastreou seus investimentos por vários anos e verificou para ver quais 8220source8221 de conselhos renderam os melhores retornos. Por exemplo, a partir dos boletins informativos financeiros publicados pela Agora, os sofisticados e caros não fizeram, bem como o 8220staid8221 Outstanding Investments, que realmente melhorou. Quanto a mim, perdi toneladas de dinheiro em investimentos de diversos tipos há anos. Escola de batidas duras. Agora que mesmo os bancos parecem instáveis, pode ser difícil saber onde colocar nossos fundos. Uma grande aposta que todos precisamos pensar é aonde achamos que o dólar está indo. Os ativos podem crescer em dólares e diminuir em valor real. Para ter uma idéia de como qualquer classe de investimento ou estoque está indo em valor real, pode interessar-lhe verificar o preço. É uma ideia de que um pouco antes do tempo de 8217s. Quanto a mim, I8217m interessado em manter a maioria do meu dinheiro 8220safe8221 amarrado a moedas que estão ligadas a metais. I8217m não apostou pelo USD neste momento, especialmente se parece que as políticas de Obama8217s se tornarão atualizadas. A história mostra que essas políticas prejudicarão o dólar. Quanto ao meu dinheiro 8220risk8221, I8217m está interessado em investir em assentamentos de vida através de uma empresa que se especializa nisso. É uma obrigação de cupão zero com os fundos mantidos em eschrow pela Wells Fargo, pagamento garantido no final do prazo (que geralmente é de cerca de 36 meses), se o titular da política morre ou não. (Eles podem fazer essa garantia porque adicionam 15 meses na estimativa da tabela atuarial da morte para determinar o prazo e, em seguida, compram o resseguro para pagar no final do prazo se o titular da apólice realmente superar as probabilidades.) Os retornos são 11-15, dependendo de O programa (vários oferecidos a cada ano), com enorme potencial para aumentar. Se o titular da política morrer cedo (ou 8220 no horário8221 atuarialmente, mas antes do final do programa), você obtém o pagamento total que obteve no final do prazo. Então, o retorno pode ser de 30 ou mais, dependendo do momento da morte. Eu também conheço um gerente de riqueza que tem uma oferta de fundos de liquidação da vida que vem retornando 15 por ano há anos. A outra coisa que vou fazer com meu dinheiro 8220risk8221, é investir em sites. I8217m capaz de gerenciá-los o suficiente, e eu sei como comprá-los por menos de 1 lucro anual. Estive estudando este tópico há algum tempo. Acho que o jogo de investimento funciona com o seu plano de jogo em excesso. Faça tanto dinheiro com a menor quantidade de tempo. Quando os padrões de negociação de ações estão prontos, você troca. Quando eles não estão configurados para você, comece a trabalhar em outros projetos. No mercado de hoje, o dinheiro é rei por enquanto. A melhor leitura será a conta o8217neils como ganhar dinheiro nas ações. Você vai adorar. E se você quer uma lição de história, leia jesse livermores livro 8220 como negociar ações. Boa sorte, boa discussão de risco. A alocação de ativos é extremamente importante, mas não se esqueça dos custos. Aquilo em que Buffet estava preocupado quando sugeriu que você investir em fundos de índice de baixo custo. Pagar seu corretor 1 e gerente de fundos mútuos 1,5-2 (sem carga, não significa livre) pode parecer razoável, mas à medida que os anos passam essas taxas somam. Eles são, de fato, compostos reversos porque você teria mantido o dinheiro que pagou em taxas investidas 8211 trabalhando para você. Seja especialmente cauteloso com qualquer corretor que prometa vitórias de mercado. Confira este breve artigo para obter um exemplo de como seu corretor é melhor do que você: efficientfrontieref996broker. htm Além disso, os livros de John Bogle8217s são uma leitura imprescindível para aprender os benefícios dos fundos do índice e os riscos de pagar muito seu corretor. Grande postagem. Gostaria de ter a sua opinião sobre a questão que mais tive dificuldade em relacionar-me com investimentos: 8220Como sei quando mudar as alocações8221 I8217ve obtive meu dinheiro de aposentadoria em fundos indexados agora, mas gostaria de mudar para investimentos mais conservadores como Eu acordo com a aposentadoria. Reformulando a questão: 8220 Existe um método geralmente aceito para cronometrar a conversão de um investimento de risco mais alto em um investimento de risco menor à medida que se aproxima do horizonte de investimento8221 karoll mun mdash, eu penso em você como alguém que pensa fora da caixa, mas neste artigo you8217re Firmemente limitado dentro da caixa. Na maior parte, você obteve conselhos ruins e as lições erradas. Você conversou com pessoas que ganharam o dinheiro no boom do pós-guerra. Ou seja, a Segunda Guerra Mundial até cerca de 2000. Suas respostas refletem esse mercado, mas esse não é o mercado em que estamos. Estamos agora em uma depressão. Agora estamos vendo o risco muito real de hiperinflação. Definitivamente, estamos experimentando uma inflação muito grande de aproximadamente 20 por ano (esta foi a taxa antes da recente crise de 82208221). Assim, colocar seu dinheiro no dólar é um investimento. Não é manter o dinheiro à margem, é colocar sua riqueza em um ativo8211 uma forma de dívida8211 que atualmente está sendo desvalorizada. Minha estratégia de investimento pessoal é 30 Warren Buffett, 60 Ludwig von Mises et. Al, e 10 eu mesmo. Eu pensava em investir muito do jeito que você estava aqui, mas era a década de 1990. Isso foi tempos de boom. Ludwig von Mises não é um investidor, ele era um economista. Você pode aprender o que quiser sobre a escola de economia que ele fundou em mises. org Esta escola previu com precisão a crise da habitação, a crise do CDS, o fracasso de tudo o que estamos a ver que falham agora. Investir sem uma base sólida de economia é tão ruim quanto investir em uma classe de ativos que você não conhece os fundamentos de 8211 porque o dólar é uma classe de ativos e a compra de qualquer ação denominada em dólares envolve risco de dólar. A maior parte do tempo, o risco de dólar é insignificante, mas esse não é o caso agora. Para uma boa introdução ao dinheiro, eu recomendo o livro de Murray Rothbards em mises. orgmoney. asp. É um livro curto, uma leitura rápida e é grátis. Você é um cara mundano, tire seus ativos do dólar8211, algumas outras moedas não estão sendo degradadas, mas compre metais preciosos como uma cobertura de inflação. Ignore qualquer pessoa que lhe diga para atribuir 8221 seus ativos. O que Buffett fez? Ele comprou empresas com base em quais categorias eram 8201 e então mudou isso em torno de alguns anos com base no que estava na moda. Claro que não. Ele comprou boas empresas individuais. Talvez seja porque minha estratégia é uma divisão de Buffett e Mises que I8217m os recomendou, mas acho que você e seus leitores8211 vão ficar dolorosamente surpresos nos próximos 5 anos se eles não reconhecerem a natureza do dólar8212 e eu acho você Seria bem servido por uma melhor compreensão de Buffett, e ouvindo as pessoas que ganhavam seu dinheiro gerenciando menos dinheiro com outras pessoas. Eu estava fazendo 80 por ano até 2006, quando eu decidi que a bolha imobiliária ia estourar e depois começava a bolha do dólar, e que eu precisava tirar dinheiro do dólar americano e ter recursos denominados. Naquele momento, eu estava investindo em fianças de royalties canadenses8211 voltando cerca de 10-15 por ano em dividendos, o que abrangeu meu princípio e, em seguida, assumindo posições agressivas no uso de opções spreads8211 onde as chances estavam a meu favor e os preços estavam certos. Se todas as opções de investimentos tivessem sido uma perda total, eu teria sido apenas cerca de 10-15. Como se verificou, cerca de 50 das opções de investimentos pagaram fora - retornando 300-500 cada, e as que foram perdas retornaram 0-50. Isso foi muito rentável, e eu estava apostando em tendências claras e óbvias, protegendo usando um spread, e minha desvantagem foi coberta com os investimentos mais conservadores. Mas todo o meu dinheiro estava no setor que estava atuando na época - commodities. No point in buying REITS in a real estate boom because the real estate bubble was obviously going to bust. People act as if you can8217t predict the future. And you can8217t precisely, but you can see risks in an economy and the direction the market is going. People who were buying real estate in 2003-2006 were gambling because they knew what was happening then but no clue about the future. Investment wisdom can be gotten from Buffett, and he uses a different method than me, but his perspective is sound. But economic wisdom is the thing that would really set you apart from the mainstream as an investor. Virtually nobody really has it, and even Warren Buffett hasn8217t quite got it. (notice his silver purchase8211 it was the right move but rather than holding it like he should have he sold out around 5ounce. He lacked the economic perspective to know that silver was (and still is) a long term investment. Its hard to get a whole worldview into a comment box8211 but I think that you will find that good economics is not dry, it is very rewarding, and it is very profitable. Check out the Mises Institute website at mises dot org, and read whatever catches your fancy8211 want to know the reasons behind the great depression Read 8220Americas Great Depression8221 8212 they have many books for free on the website, and the others are well worth the money. So, why did I say we are in a depression right now at the outset of this comment Because economic growth is under 5 a year8230. yet inflation is 20. (Even using government figures its over 12). This means that the seemingly positive return in the GDP is more than offset by the devaluation of the US dollar8212 which the GDP is denominated in. Thus the economy is contracting, and actually has been for several years. (High tech is still expanding, but the manfuacturing base of the country is still collapsing, and more than making up for it.) Would your investment thesis change if you recognized we were in a depression rather than a short recession John Bruscato mdash Options are interesting. I don8217t diversify. I keep a lot of powder dry and try to pick winners or losers and play it that way. This takes a lot of time and study so I wouldn8217t recommend doing it if you just want to buy, hold, and 8220invest.8221 In 16 months of doing this I8217ve made about 120 annualized on the money I play with. Thats through all the big gain days and big losing days. I keep a lot of it out of the market on a week by week basis, then jump in when I think it is about to move. After it moves, I sell, regardless if it moved my way or not. I8217ve taken some losses but my winners hit big. With options, if you can call it right more than 50 of the time, you are golden. Judging from these comments here, there is probably only one person who really knows how to make money trading and that8217s the guy in the comment section named 8220The Trader.8221 Tim, in your blog, your guru Patrick Clark8217s portfolio has been decimated in this market because all of his 8220diversified8221 investments like energy amp materials have been falling dramatically, equally as much or more so than the stock market. Diversification is useless if you8217re diversified into all the wrong areas. A skilled trader does not fight the markets8230a skilled trader can make money in all types of markets..up, down or sideways markets8230in equities, currencies, futures, etc. Ultimately, all these markets behave the same because human emotion drives all of them. Investing IS only about probabilities when it8217s done right. When it comes to investing, you want to be 8220the house8221. You want odds in your favor. How do you do this First off, you must cleanse yourself of old Wall St. 8220conventional wisdoms8221 like 8220Buy amp Hold8221, 8220asset allocation8221 and such. These are institutional biases that are intended to keep you sitting at the craps table, as a gambler. You also need to disconnect from the mass media, CNBC, etc, whose financial interest is to keep you watching, not to build profits in your portfolio. Secondly, you need to approach the market like a scientist with an open mind, as it seems that you are currently doing. Don8217t bother reading books like 8220the intelligent investor8221 unless you need something to put you to sleep. I manage a 9-figure portfolio and I still can8217t get through that one without dozing off. DO read 8220The Successful Investor8221 by William J. O8217Neil8230this book will change your entire investment philosophy as well as your results. Widely regarded as one of the most legendary investors, O8217Neil also publishes Investors Business Daily. Decades ago he created the first ever computerized database of the stock market, and did an empirical study of the traits that the most successful stocks had. He also was able to devise a method for determining market direction, so that you know when it8217s safe to invest in stocks. The past few months have NOT been safe, and everyone following this strategy has either been completely out of the market, or shorting stocks to profit when they drop. I view this book as the Bible of stock investing, since it8217s highly pragmatic and delivers a rules-based approach. Having a rules-based approach is absolutely critical since opinion and emotion will always cause you to do the wrong thing. Further, you can read about other legendary traders in the book 8220Market Wizards8221 by Jack Schwager. This book was transformational for me. It made me realize there were people out there making serious money in trading, and that I could do it too. Finally, 8220Reminiscence of a Stock Operator8221 by Edwin Lefevre chronicles the life of Jesse Liverpool, one of the most legendary traders of all time. This is a novel, with nuggets of wisdom woven in. I think this is consistent with the NR philosophy of Cash Flow First and big pay day second. I8217ll make sure that I pass this strategy over to the New Jet Set. Look forward to the next post in the series Joe M: Actually, the IAT is set up randomly so that sometimes black is associated with good and white with bad before vice-versa, and the supposed priming doesn8217t make any difference (or at least statistically accounted for). That8217s why you8217re invited to take the test more than once. However, I8217d be surprised if there were actually a bet on it821112 of the pop. come out as non-racist. And now that I8217ve got my similar results, I feel like there should have been money on it. P (also came out as a reverse sexist) Oh8230 and there was an article too Ooops. I8217ll leave commenting on that to people with financial experience. The first book any investor should read is Swensen8217s 8220Unconventional Success8221. Swensen is all about allocation rather than stock-picking, and the book debunks the hyped alternatives to his core portfolio 8211 methodically dissecting the returns and the fees, showing that the extra returns to those alternatives (if any) never make up for the additional risk you incur: islandersoftwareweblog20080801unconventional-success-swensen Also there is a site dedicated to value investors you might be interested in: libertyvalley I suggest that you drop whatever you are doing and read Worry Free Investing by Zvi Bodie, Graduate Finance Professor at Boston Univ. see amazonWorry-free-Investing-Bodie-Michael-Clowesdp 0130499277refsr11ieUTF8ampsbooksampqid1224722182ampsr8-1. Bodie will change the savinginvesting world with these concepts about stocks and risk (yes equities ARE risky even in the long run.) Using your approach on contacting important people I have recently been in touch with Dr. Bodie and will be part of a beta test of an on line Q amp A. Get acquainted with 8220consumption smoothing8221 Laurence Kotikoff (another BU prof) and Scott Burns 8211 see their book Spend Till The End. Consider subscribing to Grants Interest Rate Observer 8211 the fastest way to get MBA level credit markets information without grad school. Consider attending a bi-annual Grant8217s conference in NY. I was once a typical asset allocator just like everybody else. But stocks get more risky, not less so in the long run. While the probability of a shortfall diminishes over time the size of the shortfall increases (a 40 loss on a 1M stock portfolio is real money). If we have such a large meltdown the year before I plan to retire then retirement is not an option. I lost 13 of my portfolio during the tech wreck of 2000. I said, 8220never again8221 and studied Bodie8217s work. Thanks to his concepts the current wreck has not hurt me at all. With no risk I am up approximately 3 this year. Lao Tzu said, 8220if you have enough, the whole world belongs to you8221. Read Bodie then let8217s get him to help the 4HWW community. He can dial us in with his grad students. Maybe we will sit with him some day as he testifies before the Senate Finance Committee. You have hit a home run with 4HWW. Your ideas have certainly changed the way I do business. And, it helped change the way I invest. Do not lose what you have earned with your incredibly creative work. Study Bodie. All in all there is not one strategy that beats them all. As history does repeat itself we lend your ideas and strategies based on the past. There is not one person who can predict the future and investing is more simple than what so many people try to make it out to be. Reselling is the same as an investment, let8217s not complicate what needs to stay simple. Tim 8211 I am excited to read this series of posts by you. I previously was a corporate guy working in the consulting amp IT sector and gave that up to trade commodities, stocks amp options full-time. I8217m now 27 amp supporting myself in my own way by trading. Its an odd combination to have my own version of the 4 hr. work week amp be in the finance industry. I hate to say it, but I think you really limited yourself and what you8217re capable of in this post. By the words used in it, it looks like you interviewed a lot of long-only mutual fund managers that do well in a bull market but get smoked when the market changes. 8216Diversification8217 is all well amp fine but I think you can do a lot better given your ability to understand more complex ideas that you have demonstrated in other posts. Watch how the correlation in uncorrelated items goes to 1 when things get ugly out there (which happened the past month or so). A sinking tide sinks all ships, whether they are red, blue or green. The majority of a stock or mutual fund8217s returns are related to the overall index anyways. I think you can do MUCH better using some more advanced techniques than long only stocks amp sitting out the times that are too volatile. Long-only funds rely on 8216hope8217 that something increases in value. Warren Buffet is amazing but 99 of the people that try amp imitate him cannot as they don8217t have the discipline to follow his method. Also, a company is a GREAT value on paper right before it goes bankrupt amp is de-listed. I do a lot of long-short active strategies that do not require me to be in the market all the time, but rather I am only in the market when I have an edge. The edge is roughly defined as: ( Wins x Avg. Win Size(as a ratio of winloss)) 8211 ( Losses x Avg. Loss Size). If this number is positive over a valid set of trades (50 or so), you will make money assuming you risk at most 1-2 of your capital on a trade. Last year my win was about 35 and I had about an 85 return on my account. I control my 8216risk8217 based on how much I buy or sell (how large of a position I take). The role of the investor or speculator is to exploit this edge as much as possible. I think that it would give you a better perspective if you tried to chat with anyone mentioned in Jack Schwager8217s 8216Market Wizards8217 or 8216New Market Wizards8217. Also, any of the old pit traders that did NOT manage money or collect fees from anyone else will have good advice. Besides, they have great stories about fist fights and other stuff in the pits too. I look forward to the other posts in this series. There are only three ways to make money in stock market: 2: Value investing 3: Index investing 1:Trading is like someone who tries to time the market (buy low, sell high), it8217s same as gambling. You may make money in short period of time if you are lucky, but in the long run, you8217ll most likely lose. It8217s just that we still cannot see the future. Pros: It8217s exciting, for some people. Just like gambling. If you like taking risk and have a lot of time staring at the monitor, and you enjoy it, then you may try trading. Cons: 98 of time you will lose money. I hear many people bragging how much they made in trading, but they are not talking about their 20-30 years long experience. Don8217t think that just because someone has jumped off from 8th floor and survived ONCE, and it was fun, it means you should try jumping off and survive and feel excitement out of it. Advice: Do it for fun. Do it with other peoples8217 money not your own. (Trading with other peoples8217 money, you will always win. (with commissions) 2: Value investing is like Warren Buffett style investing. You pick the market you8217re VERY VERY knowledgable in. And FIND the company you BELIEVE that it will grow steadily for more than 20 8211 30 years. Pros: You will make the most money in this style in the long run. Just look at Warren Buffett8217s net worth. Cons: It8217s very hard to Analyze the company. There are many ways to check if the company has the most potential, but it requires tremendous amount of research, and intelligence. W. Buffett started reading company8217s annual report since he was 11 or something, he just enjoys doing it. He said once that he read annual reports of almost all of the companies when he was 20 something years old. If you don8217t have passionintelligence like Warren Buffett, then you will most likely pick the wrong company. 3: is simply investing in index fund. (like SampP 5001500 index fund). Pros: Easy. You don8217 t have to think. There will be an up and down, but in the long run you8217ll most likely get 10-11 annual return, as long as there are more people in this planet who think positively about future than negatively, you will be profited in the long run. If index fund investing doesn8217t work, it means that having money in cash doesn8217t mean any better either. Cons: It8217s boring. Nothing to analyze, boring return. My opinion from my experience: 8211 If you like having fun with taking risk with your money, then use your 100 money to trade, it should be very fun. 8211 If you want to be the wealthiest man just like Warren Buffett, then be just as intelligent, passionate like him, and pick few companies that you are SOOO sure will grow, and invest 100 of your money, and also ask other people to believe in your ability to invest, and invest other people8217s money as well. 8211 If you just don8217t wanna think about it, and want to keep on doing what you are doing right now, BUT you don8217t wanna leave your cash uninvested and lose value every year of inflation, then invest it in low or no load index fund. And forget about whole thing. As for bondequity balance: If you are VERY worried person, then go for 100 bond. If you are NOT easily worried person, then go for 100 equity. If you are little bit worried person, then go for 5050. If you don8217t really care about whole thing, then keep it 100 in cash. Keep it simple, don8217t think too much. You will die anyway one day. Who cares. You are intelligent enough, so even you are so broke in 60s, then you will find the way to make money and enjoy. My advice to younger people: Don8217t think about investing in stock unless you have at lease 1M bucks to invest. Till that mark, just invest in knowledge, skill building. Prior to reading the 4hww, I was obsessed with learning about investing. I really enjoy the process, but I8217ve found that I enjoy the returns more. I spend less and less time on investments and more time on lifestyle design. why Well the book was REALLY convincing ( ), I8217m not Warren Buffet, and (not to be rude) neither are you. I8217ve been the genius and the idiot in investments. I8217ve made and lost large amounts of money. I8217ve read a library of books and taken action based on my studies. In short, i8217ve done it. I love it some, but I8217m not wired like a Warren Buffet. I can boil it all down to two things: 1. Price is what you pay8230Value is what you get. 2. The rest is noise. 99 of all so called investors cannot internalize and live these simple concepts. Most people, frankly, just aren8217t wired to be good investors. If you are not single minded (like my investing hero, Mr. Buffet), then you8217re better off finding someone who is and investing through them. As evidenced by 4hww, there are ALOT better things to do with your time than trying to chase yield andor outperform markets. In fact, once you8217re convinced about their quality and have demonstrated to yourself that you completely agree with their investing premise, put your money in and then get out of the way. Stay out of the way until they retire or change their premise. Yes, markets change. The value of the dollar changes. Empires rise and fall. Noone can predict what exactly will happen in markets, but everyone is sure at one time or another that they did based on some 8220soft8221 science. Investment, however, never changes as long as markets exist8230There will always be wisdom in buying a dollar for fifty cents or less. The trick is recognizing the deal, being correct in the analysis, adjusting for risk, and following through on your convictions. There are simply people that were born for this work. They8217re on their 8220mini-vacation8221 at all times because they LOVE it. Are you that person Do you love 8220it8221 or the return on investment If you truly love it and have the talent, raise money by attracting passive investors and go for it If not, spend WAY less time on the subject matter and 8220outsource8221 with the best in the most cost effective manner. (For example: use your 4hww business to open a roth 401k for you through someone like Scottrade buy into a well-run fund and sleep well at night.) Who are some of these people I personally really admire the work of Bruce Berkowitz, but there are a few others that are also outstanding. A few other tidbits: Diversification should be called 8220deworsification8221 as its simply an adjustment to your portfolio for ignorance. Diversification as its typically practiced truly only means that you8217ll underperform the market as your investments will utlimately reflect the markets less fees. If you think you can8217t lose money in treasuries, then you need to study more. Learn to 8220sit on your ass8221 for better returns in the long run. Let8217s say you bought 100 shares of Berkshire Hathaway when it was a newer security because you understood that Warren Buffet was a genius in finance and that he was turning it into a holding company for great businesses and then did no more than read his annual reports to ensure that he didn8217t lose his mind8230How rich would you be now and how much smarter There is nothing in this world so magical as 8220compound interest8221. (read Poor Charlie8217s Almanack for alot more on these last two.) Finally, average returns mean nothing8230COMPOUND RETURNS reflect the money you have at the end of the day to spend. Don8217t listen to your mutual fund sales person when they tell you how great it is that this or that fund 8220averaged8221 anything. Make them SHOW ME THE MONEY I graduated with a finance degree and for some time, was really into the stock market. I had a mutual fund (which had negative returns every year until I closed it). After that, I opened up my own stock account, bought a few shares in a tech company and lost some more money. Then I realized something. I simply had no interest in the stock market as an investment vehicle. And once I thought about this more and more, I realized that playing the stock market is not for me. I8217m not saying that money can8217t be made in stocks, only that if you want to be good at it, you have to invest A LOT of time in it. Like everything else in life, we have to committ ourselves to something to be good at it. Secondly, I no longer believe in the concepts of 8216asset allocation8217 and 8216diversification8217. Like you quoted Warren Buffet in a previous post, diversification is for people who don8217t really know what they8217re doing. This makes perfect sense (though it contradictory his earlier advice to you to invest in an index fund). If I know a company industry inside out, I8217ll know more or less when to put money in and take money out. Like Mark Cuban states in one of his posts, it all comes down to an information advantage (Mark is actually against investing in stocks quote: 8220The stock market is probably the worst investment vehicle out there. If you wont put your money in the bank, NEVER put your money in something where you dont have an information advantage.8221). It all comes down to this: how much do I really know about my asset If all I have at my disposal is public information, I don8217t have an information advantage because all public information is already factored into the stock price. As for me, I8217ve decided in the end to use my money to invest in a combination of real estate and conservative vehicles (bondst-billssavings account). I mentioned real estate because I have a background in appraisal and it interests me a great deal. I intend to invest my time into finding a property, repairing it, etc. and educating myself on these topics continuously. If I lose any money, I can live with that since the decision was mine to take and not someone else8217s. jack dartley mdash As someone who has traded options full time I can tell you that high returns sound great until you consider the other than financial investment. Your attention can be consumed by the markets and your life dominated by the rush of fast profits and the pain of lingering losses. Like some people commented above 8211 get out of the conventional investing box. Why do we really want Reliable, passive and stress-free cash flow. If you make that the end in mind youll find it takes a lot less capital than you might think as a specialist in one type of investing. Plus, equally as important your mind and time will be free to live life Finally, I also agree that the next 10 years in the investing world will be very different to the last 20 years. Remember what the 1970s was like. Hmmm I am not a professional investor. I started trading stocks only a few months ago. I did however attend the Berkshire Hathaway meeting last May and remember Charlie Munger commenting on diversifying your portfolio. He said something like, 8220Diversifying your portfolio is something we8217ve all been taught to think is the right thing to do when in fact most people have no clue what they8217re diversified into. How can you put your money into something you don8217t fully understand It may seem more logical to invest on just a few stocks or even a single stock that you really understand know inside and out and hold on to it.8221 In other words, like the old adage, 8220don8217t keep all your eggs in one basket8221 could actually be bad advice, at least according to Munger. Well I took his advice and recently sold off my entire IRA portfolio and purchased BRK:B. Do I know all of Berkshire8217s portfolio inside and out Not really. But I do know one thing who better to manage my money than the greatest investor in modern times Now its the only stock I look at every morning (kinda refreshing actually). So far, I8217ve done ok but I get better sleep at night. For a book that throws every 8220common8221 investing technique under the bus, I recommend a book that just came out recently called 8220Killing Sacred Cows.8221 Written by up-and-coming financial guru Garret Gunderson, who was a multi-millionaire at 26 (so he actually practices what he preaches). 401(k), not a good idea according to Garrett. Instead, find your unique ability and what you8217re passionate about and go from there. Eu amo isso. I would always say educate yourself. It is your money and even if you have someone helping you, you are the ultimate decision-maker. Unfortunately, the weakness in this advice is that there is so much junk out there written about investment, whether it be equities, real estate, or small business. If I could make a single suggestion, I would recommend this website: minyanville I would also remind you that when most people are offering advice or knowledge, they might be trying to sell you something and it is best to be skeptical. Tim: I have actually wondered how you allocated your money, thanks for sharing. I was completely unsurprised to see what it was now, nor by the projected allocation. How about something on fixed income assetsbonds. That8217s something I wish I knew more about. How did you choose yours I just got told of an online startup by an academic who had been researching asset management 8211 BTW her conclusion was 8216If they were that good they would spend their time managing their own money, not other people8217s8217, and that 8216they are not actually worth their fee8217. The website is covestor. where you can look at the historic profiles of other registered investors, and if you desire, you dictate that a certain amount of your portfolio will copy theirs. And I believe this other individual benefits by receiving a proportion of the gain you receive under their guidance. I believe this site goes lives this winter. Maybe if you have been soaking up some heavyweight knowledge you can put it into practice there, and we can all follow your lead And for this tip I8217d only ask for 10 of your annual gains8230 Hey Tim, i agree with you when you say that you are risk averse. I can see this from the way you test your muses. I guess that8217s the way how investments should be looked at. small risks vs. big rewards. Keep it up man Elam makes a very important point. You must understand what you are investing in. Investing advice is generally the worst advice given as 99 of it is counterproductive. Most of your investment 8220advisors8221 are nothing but salesmen. (An interesting question to ask of any individual who is selling you some investment is to ask them where their money is8230Why their money is where it is, and do they share the same losses as you)This is why I say read some of the great works on the subject, formulate an idea of what you truly believe, and get the money to the investor who practices this. Do the research, don8217t let a 8220financial advisor8221 convince you of anything8230 If you believe in value, get the research done to find out who the best is that has a fund you can get into. If you8217re into market timing, quants, etc. then do that. A disclaimer: I8217m firmly in the 8220value8221 camp, and I don8217t believe that most investors will outperform market returns through quant trading, chart reading, smallmidlarge capbond blend, or any similar iteration. The value of any investment is the money that one can gain from that investment over its life discounted at a reasonable rate. If you buy something at a price below its intrinsic value, its very likely to outperform other investment choices over time. To me its that simple8230I8217ll never understand why people don8217t get it, but hey party on with your bad self. PPC48230admitted value junkie. You8217re absolutely right about not knowing your risk tolerance. I8217ve always answered that I was highly risk-tolerant, because a) I 8220know8221 that stocks go up and down but mostly up over long long periods of time, and b) I was talking about retirement savings, which I won8217t 8220need8221 for several decades. But I had a real life scenario that brought it home for me recently. I work on Wall Street 8211 still. I watched a certain Wall Street8217s stock fall precipitously, from a 52 week high in the 60s, to around 7. I knew (as did anyone who read a major newspaper) that a deal was set to go through the following week that should keep the firm safe. So my husband and I discussed buying 1000 worth of stock. The upside: it was fairly probable that the stock would rebound the following week. The downside: the firm could have failed, and I8217d be a lot more occupied with finding a new job than with the loss of 1k. So what happened I chickened out. The stock is now hovering around 20 (I could have tripled my money in a couple of weeks). And I still have a job. Now, considering your larger theme8230 is that a good thing The talk of risk above reminds me of a business writer relating in a book (sorry, forget its title) a paragraph or two about an academic symposium whose subject was the 8220entrepreneurial spirit.8221 Professor after professor presented paper after paper and said comment after comment about how entrepreneurs are 8220risk takers8221 and love to take risks, and that risk was part and parcel of being an entrepreneur. Finally, a man stood who actually WAS an entrepreneur (not an academic) and said, 8220I can8217t believe what I8217m hearing I8217m an entrepreneur and I do everything I can to AVOID risk, and I know a lot of entrepreneurs and they all do whatever they can to avoid risk, too Risk taking is NOT endemic in the entrepreneurial personality.8221 I should add to my above comment a quote from late billionaire Mark McCormack (who made most of his fortune in sports management): (paraphrase): 8220Close victories in sports are thrilling. Close victories in business are anything but8221 He was asked repeatedly why he managed pro athletes and not rock stars, since they were temperamentally alike. He said, 8220Rock and roll management has too much competition.8221 Suggestions for first time investors: How to choose a broker Online trading Good idea or not Differences between online and in person. How to start. Thanx, Tim. Excelente postagem. Excellent blog actually. Loves it. Excellent points by all but I would like to hear back from Tim on a few of the questions posed him. I have co-founded a website8230 that helps sort through the huge pile of information out there. Hopefully it will provide a valuable education to those seeking a 8220when to act8221 issue. I understand your asset allocation and don8217t think it is ridiculous at all. In fact, it probably is consistent with a 4HWW lifestyle and philosophy 8211 fire amp forget. In nominal terms, you probably won8217t lose money (unless your bond allocation is predominantly high yield and preferred 8211 then that8217s another story. Fixed income won8217t however completely get you around the risks of inflation and currency devaluations, although TIPS might help with that, but no guarantee. In any case, the current world seems deflationary so that may be less of an immediate issue. Kudos on your one quote where cash was also mentioned as an asset class 8211 remember, that can be cash in a multitude of currencies when needed, not just the dollar. Interestingly, that approach is advocated in some of the voluntary simplicity texts 8211 8216Your money or your life8217 comes to mind first. (yourmoneyoryourlife. org ) I8217m enjoying mulling your methods which I do think make a lot of sense, but would prefer to approach them from (relative) affluence. You don8217t need to be an accountant to recognize that a 1,000,000 USD portfolio of municipal bonds yielding about 5 (possible with closed end funds at discounts, - leverage) gives you 50K of tax free income withougt depleting your capital. Well, if you have your homecarskids college educations paid off, you8217re pretty much free and clear to live without fear, if not ostentatiously. If you and your spouse can earn 50K each through your muse, 150K gives you probably a fantastic lifework balance point. (I8217ll let you know when I get there) When you get to 65-70, annuitize it and enjoy yourself until you die as well. Sell the home, become a perpetual traveler, and minimize maintenence costs and inheritance taxes to boot. Now, if I can just get to that number above8230 Simon Lee mdash Hi Tim, Hi everybody, With all due respect, most of the comments on investing on stock markets dont help anyone. Im no mister Right. There is no magical recipe. But there are facts and techniques. And facts can be shown and techniques can be taught, understood and eventually mastered. In a nutshellmuch little nutshell: Yes you can start with as little as 10,000. And yes, stock markets are sharks market Be aware First of all: there are 2 types of people: The one who can handle their own investment in stocks and the one who cant. No problem for the latter youll have only one question to ask your financial advisor to insure yourself to be in good hands. Ill tell you as you read. For most people, selling is the problem. Im also a victim of my own cupidity sometimes. What can we do Second: There are basically 2 schools of thought in the brokersinvestors business. One is the traditional one which is usually called: the Fundamental Technique. It represents most of the formation for the future brokers and the philosophy of corporate investment firms and brokerage firms. The second school of thought is the Technical Analysis. Thanks to Stan Weinstein, John J. Murphy, Martin Pring, Michel Carignan and many more. Well, the first one consists of studying and scrutinizing every aspect of the company in which you would want to invest in. Do you have the time to search and read tons of documents andunderstand them If you do, how late are you in the news compared to all these people involved in defining and typing those documents The Technical Analysis (T. A.) is virtually based on one single fact: (Oups Heres for the Paretos Law) Almost 85 of all the money on the stock exchange market comes from what is called: corporate funds. In other words, if all private investors (15) should cash in their stocks at the same time, it wouldnt affect the market that much. The T. A. teaches you basically 2 things: First, to read the graphics in order to see what the big guys are doing Are they laying aside, jumping in or flushing their placing In other words, you surf on the big guys tide. Second, it teaches you how to secure yourself on short term (days) whether the title goes up as predicted or down (with minimum lost) as one bad luck or wrongly rated. And if it did go up, how to profit on your edge and protect it against any lost. It also shows you to test your ability without any real money poured in and how to enter step by step to secure your portfolio. This said, except if you are an expert (and even then) citizens of the United States and Canada like me in Montral, Qubec that it is of no use to invest outside the American and Canadian markets (NYSE, NASDAQ, TSE, Vancouver, etc)although none of these markets are good to enter now (as of October 2008). It is not a patriotism thing it is only simpler and beneficial thing to do. Fortunately we have in Montreal a unique daily show analysing North American Markets with a Technical Analysis approach. The show is schedule to be aired live in an English version soon. I cannot tell you what to do with your money. I only can strongly suggest that you keep your money, learn, practice and see if you can be good at it (8 wins out of 10 testsand dont forget: it is easier on testing). Now it is NOT yet the time to buy. Good deals will become better deals. Flagship titles have dropped up to 5, 8, 10 times of their value in less than 2 months. When they will start their upward cycle again and your homework will confirm it then and only then, it will be time to move on (step by step) and Im not the only one to say: if you did it right and checked your business, you will make tons of money. But not now (October 23rd, 2008). I admit, I take notes but, I do not trust anyone 8211 even Mr. Buffet on a private consultation, I would still do my homework on the graphics before deciding. Sorry for the fans And heres for the non-investors: Ask your financial advisor if he is familiar with the Technical Analysis and mostly: ask him how much of his investment decisions are based on his homework with the Technical Analysis If he answers: Technical Analysis plays for 85 of my decision when it comes to invest. You got your man Investigate by yourself and see how Technical Analysis Investors who did their homework are all in cash right now, waiting for the right moment to surf in alongside the big sharks Well, I hope it can shed some light on some topics regarding the stock market and demystify some of the false beliefs. Regards, Simon Lee Huge fan and long time reader. But I8217m just not sure exactly what you are getting at So once you have micro tested and determined your risk tolerance you can make plan according to it What is risk tolerance My understanding is really the ability to handle situations taking bad or unknown turn. Don8217t you think by fear setting you can define how much you are prepared to lose, do a cost benifit involving predefined goals. i. e Are you trying to come up with a long term secure plan Are just trying to find the fastest way to make alot of money Are you using the 8020 to find the easiest way to make money and then make a choice from there From there determine key factor use by those who have been there. Distill this into a plan, micro test certain strageies either in isolation or combonation. historical data Emotion involment (if you know that people are emotionally involved in the market play off it) Quailty Hype Innovation Countless other things Defining could be this list could as simple as 80 20 the best performing stocks. Find the most comman threads through well performing stocks. Test these. Hell, get some people in india to do that for you. THIS IS really just your advice applied in a different area. Personally I8217m more interested in your experience with actual testing parts. Like how to know when you have expanded enough to contract without missing key concepts How to fear set missing key concepts How to stream new knowledge into a self imposed information exile Basically how to strike a balance between being dogmatic and being on information overload (i guess from fear of missing out on something important) Aside: Does. go after or before brackets Can never remember. Simon Lee mdash Oh by the way Amanda, There are a few but trusty and very good online traders on the market these days. Whom ever you choose, you should never signed with someone who charges more than 10 dollars per trade. Even if you only do one trade a month. Most have special deals (free trades, etc) if you have 25,000 to invest. Some propose everything free with real time state of the art platform if you have a quarter of million to invest. But never more than 10 a trade for the low budget investor. Good luck Simon Lee I am a professional stock and option trader, so I spend all of my days working to understand markets and investing principles. I recommend William O8217Neill8217s How To Make Money In Stocks, as well as his Investor8217s Business Daily site. As O8217Neill points out, stock winners show accelerating earnings and revenue growth, and have specific characteristics. Cut losses quickly, and let your winners run. As an investor, the first decision you need to make is how actively you want to be involved in your own investing. If you have someone else do it, make sure you get some reliable information about past return. If you are going to do it yourself, you need to commit the time. Be skeptical of mainstream media permabulls. Realize that the world has changed as a result of this crisis, and it may be quite some time before a buy-and-hold strategy will work again. In the near term, look toward commodities and related stocks. Once we see light at the end of the tunnel, look for emerging markets and technology to regain their leadership status. Thanks for quoting my comment in your blog post8230 I8217m glad to be helpful. One other piece of advice I8217d give to somebody as conservative as you is this: THE STOCK MARKET IS RIGGED. Its human nature8230 once there is a financial incentive to cheat, people will cheat. Insiders know both how to cheat, and not get caught. Big fortunes are made because of barely legal bribes that yield barely legal insider information. The individual investor is usually a sucker, ripe for the picking. Where does this leave you Out of the game No8230 you simply need to understand how to make money on a rigged game. You need to use 8220investment judo8221, to use the insider8217s knowledge against them. You need to think hard about how somebody could rig the system, then invest in such a way to minimize the negative effects on you. I have some tips here URL. Also, always keep this in mind: YOUR STOCK BROKER IS A SALESMAN. Repeat both of those statements ten times whenever you get the urge to invest. If you still feel good about your purchase, then it was probably a good deal. Other than that, asset allocation is key8230 but even then it can be problematic. The whole point of allocation is to have groups of investments that have ups-and-downs at different times. Basic example, gold is usually up when stocks are down, and vice versa. So people can hedge their bets: when one investment is up, sell it, and 8220rebalance8221 your portfolio by purchasing what8217s down. Buy low, sell high, basic stuff. However8230 if EVERYBODY uses the same formula for asset allocation, then suddenly all the assets in the stock market are TIGHTLY coupled. When one goes down, they ALL go down. The current market collapse has something to do with this fact: everybody used the same formulas, but the geniuses who developed those formula didn8217t do the math properly. They accounted for market risk, but ignored capital risk8230 which is the basic fact that credit gets more expensive during a recession. So be weary8230 take a simple formula that everybody is using, figure out how it could be rigged, then make sure you can dodge the con. What you are trying to do is just like the usual internet marketing seminar junkies. (usually very unfit, bold, and don8217t know how to dress well, and have very bad posture, AND have no social life) 8220Hey I8217ve been testing a new back ground color on my salesletter page, and I got 0.002 better response rate. Isn8217t it so awesome8221 8220dude, that8217s nothing Look what I8217ve been doing, I8217m testing new P. P.P. P.S line and I got 0.003 better response rate I8217m so genius8221 Who cares how much yield you get from your fricking investment. OK, in 30 years it will make a huge difference, but hey when you are 60 something year old, do you really care whether you have a 17 million or 237 million Of course it will be awesome having that much money. But what are you gonna do with extra 220 million Really. (17M if you get 10 growth from index fund) (237M if you become a Warren Buffett and get 20 growth) Just be happy with sure 17 million my friend. Trying to be Warren and you mostly like will have less than 17 million by too many mistakes. Go for the sure way and enjoy your life. Don8217t be like weird seminar junkies. At some point you have to decide how much you want. Once you have all your needs covered, why risk your hard-earned just to earn more 8211 esp. if your portfolio keeps you awake at night As the above poster suggests, a million USD can give you a nice income. If I had a business which generated enough income to live, the ability and drive to continue to work into my old age, and a million I think my asset allocation would focus on preservation of capital, too. Although I don8217t have the data to back this up, I think if you examine the portfolios of millionaires you will find that they keep more of their wealth in 8220conservative8221 investments like real estate and bonds than in stocks. I8217m looking forward to the next post 8212 esp. 8220redefining 8216investment8217, and questioning the wisdom and pillars of retirement planning altogether.8221 Surely if retirement is obsolete, then retirement planning 8212 which suggests you must balance your portfolio between equities and fixed income 8212 is as well 8220Anybody who plays the stock market not as an insider is like a man buying cows in the moonlight.8221 8211 Daniel Drew, 19th century speculator Look for investment vehicles that compliment the 4HWW lifestyle and that offer good cash flow. Investments you have to worry about like options trading are not worth it. Looking forward to the second part. I love the test everything approach. It8217s been a long time since I read your book. I8217m working on my second business with a muse business model. In another year or two I might actually have some money to start investing. On a second note, I8217ve been working on a small marketing campaign for Barack Obama. Tim I was hoping you could post this video and ask people to spread it. 8220With the 2008 presidential election, Americans face a pivotal choice between not just two candidates, but two paradigms. We need someone who understands the complexity of our time. Someone who believes in investing in renewable energy, in education, in women8217s rights, in civil rights, in healthcare for Americans. Someone who believes in dealing with global issues with diplomacy so we can restore our respect in the world. Barack Obama represents the change we need and can lead us into a brighter future.8221 Ok, I could use some validation. My wife and I both have stable jobs and no kids. We take a good chunk of our overall take-home, about 15, after our 401ks, and invest with Fidelity. I8217ve been following the philosophies of the 8220Lazy Portfolio8221 so we invest 60 in a total market index fund, 30 in an international index fund, and 10 in a bond fund. We put money in automatically every month and I put in some small book royalties every year to help balance it out and keep it at that percentage allocation. Our 401ks are invested in various funds but mine is all in the Fidelity Four in One fund 8211 a fund of four index funds spread out much like the allocation above. It has a higher fee but it self balances so I never have to worry about balancing it. The fee is still well under many managed fees. So, looking at the market right now, my house value tanked and we just bought our house two years ago so we8217re real close to owing more than the value. I can hope it goes up but we8217ll see. Anyway, we can afford it so I8217m not worried. I do have a 7 year ARM due up in 5 years and that makes me nervous, but trying to refinance now, with the value so low, would be a mistake I think. The good news is we both have stable jobs and no dependents so we8217re able to save a lot and still enjoy our lives. We8217re not on the 4 hour work week yet, but we aren8217t burning ourselves out 8211 we enjoy our lives every day. So my question is, is the idea of the Lazy Portfolio a good one for someone who isn8217t drawing out for at least ten years and doesn8217t want to spend significant time playing the market Thanks for any advice. Excelente artigo. Just wanted to offer some unsolicited advice for Mike. I would strongly suggest you rethink your decision to hold onto that 7 year ARM, and consider moving into a fixed mortgage. A few points in that regard: 8211 Interest rates are currently very low. We may get another rate cut as soon as next week, but eventually government monetary activities are likely to force interest rates higher. We definitely could revisit the 19708217s with sky high interest rates, and high inflation as well. If you wait too long, you could put a lot at risk, including the possibility that you may have trouble finding a new loan when you want it (maybe you or your wife loses a job, lending standards get even tougher, etc.). If rates go up quickly, you may end up in a forced re-fi with much higher payments than now, plus you might be underwater in your house in terms of value. Not a good scenario. The safer move is to lock in low rates now. Safe is good in this environment. 8211 The economic crisis is larger than most people realize, even after seeing the market damage to date. I wrote a Kos diary on the subject a couple of weeks ago, which you can read here: Essentially, consider that so far we are seeing market damage due primarily to the credit crisis. Nobody knows whether the credit crisis will be contained soon, or how extensive the world recession will be. Home values have declined substantially during a time of relatively good employment numbers. The next stage of this crisis is likely to drive unemployment much higher, with resulting impact on housing and the equity markets. Do not underestimate the potential for continued reduction in asset values, including both stocks and home values. In such an environment, preservation of capital should be the paramount concern, with capital appreciation secondary. Also consider the strong possibility of building inflationary pressures as central governments create more cash, and address increasing indebtedness by devaluing currencies, including the dollar. You want your investments to have a good probability of success, and that does not describe the stock market right now, or real estate. A better plan for the less-involved investor is to take the time to find an investment professional who can clearly demonstrate that heshe has been able to preserve client capital through this downturn. This crisis has served to differentiate good quality advisers from those who simply follow a buy-and-holddiversification mantra without really understanding market fundamentals. A talent for protecting capital will continue to be important, as the investment environment will continue to be challenging. How to Win Friends and Influence People8230. forget investing why not make friends first. ) Jose, allow me to rephrase my previous comments: Tim 8211 You have made a great success out of helping people to achieve more by challenging their beliefs relating to lifestyle. As fruitful as that has been for you and those you have helped, would it also make sense to challenge common beliefs about investing Sarah 8211 I8217ve been thinking for some time that somebody should publish data of markets priced in gold. Thanks for the link Jay 8211 VERY insightful. Economic wisdom is MUCH more important today than investing wisdom8230 in fact investing 8220wisdom8221 requires economic wisdom. I think everyone would be quite surprised to discover the truths published by Mises. org John Bruscato mdash Let8217s please go ahead and call 8220investing8221 what it is, so that whoever reads this, if anyone reads this, you can8217t castrate me by saying what I am doing is not investing. Investing is betting. Pure and simple, betting is what it is. Do you think Warren Buffet dropped 10 billion bucks into those companies because he likes them a lot and hopes they do well Hell no He did what he did because he thinks those guys are going to make him money. He is betting on it in fact. If you really want to play in the markets, diversification is not the answer. Especially in times like these. Defining risk tolerance is not the answer. Neither is asking Warren Buffet. The goal is to buy something today that will be worth considerably more tomorrow or at some future time. That is asking a lot considering I don8217t know any humans that can predict the future with a strong degree of accuracy. There is a huge, huge variety of options you have on your plate when you decide to play in the market. You can buy stocks, bonds, mutual funds, ETFs, REIFs, etc. You can buy long on the margin. You can buy short on the margin. You can seek more leverage by buying long calls or long puts. You can even create your own calls and puts and sell them (when you guess right, its like printing your own money, but extremely risky because an option is a contract that if you sell, you are responsible to make good on it). There are these new cool things called FRO 8211 fixed return options8211that give you a fixed return when you call it right and go to zero when you guess wrong (upside is limited8211I wouldn8217t buy them, but I am considering writing them and selling them). With all these things to consider, is today going to be an up day Hard to tell, but until a strong GDP number comes back, it is a safe bet that tomorrow will be down and if it8217s not, a safer bet still that the next day will be. The same is true after a strong GDP number hits. When a strong GDP number comes in, markets have more up days than down days as a general rule. If you guess wrong the first day you enter the market, you have a pretty good chance that it will rebound soon8211within 5-7 trading days. If you make trades based on this mentality, you would be wise to keep a lot of your money out of the market so you can lower your average cost on those days that you don8217t quite guess write. I8217ve been experimenting with some things for the past 16 months or so. At first, I bought calls on China Mobile (CHL) and China Life (LFC). Those were my first two moves in the market and I was fortunate to hit it right and nearly doubled my investment and sold strait away. I did a few more plays with these companies making a few dollars here and there and then I started buying calls on Google (GOOG). I have made about 250-300 trades since I have started. My trade fees alone were over 100 of the amount that I originally started with. Google has made me so much money in call options it really is unbelievable. After about a year of doing this, I started to loose. As a matter of fact, I lost all the money I made in the market and then some. Then I stepped back, took a deep breath and I started buying puts. I didn8217t like the idea at all. I don8217t like making bank when others are suffering. I was in a very torn situation emotionally about it, but I was making money and not harming or causing the downward trend. I kept buying puts, and I still am buying puts and I regained all my original play money, plus about 120 annualized. I felt good about that so I took all of my original money off the table plus 20. I have one put contract on Google right now actually. (Futures are up, I might loose some on this Monday) I am 22 years old and I graduate from college with a degree in Economics and a separate degree in Marketing in December. A lot of really smart people think I am unwise. A lot of them don8217t think I should be 8220investing8221 this way. Don8217t get me wrong, I8217ll have some more losers probably, but my strategy provides me with a lot of flexibility, regardless of what the market is doing. To me, that flexibility is my biggest strength. If I screw up today, I can learn from it and readjust and play again. If they screw up with their extremely long term plans and goals and asset allocations and 10 here 20 there, they cannot adjust. They have little flexibility. I need them though. I need them to move the market the way I think it will move. I need them to panic and sell or get over confident and buy. I8217m not here to qualify myself, but I do see a problem with 8220Investing8221. With 8220investing8221, the risks are defined. You know the maximum amount you can loose. Yet so many people play with money that they can8217t loose. They justify this because it is 8220investing8221 and not 8220gambling8221. Folks, if you invest, be prepared to loose it all, because that can happen. If you want a situation where the most diversified portfolio is screwed think about what the Russian government did to their markets. They closed them. No buys, no sells, no market, no money. I8217m not saying that the U. S. will ever do that, but if it happened, would you be ok Could you still buy food and pay your mortgage Yes, I know, that is the worst case scenario, but a probability exists that the market will close completely and you will loose all of your money you have 8220invested.8221 My advice to people is only play with money you can loose and still survive with a decent retirement because there are a lot of big boys, and girls, that survive off of you in the market. Don8217t throw yourself in the sacrificial furnace because of what some financial adviser tells you. Joe Jarden mdash I just viewed that Matt Lauer 8220TODAY8221 show interview, and I thought it was a bogus interview, and VERY disrespectful toward you. Donny Deutch, who was handed a successful NYC Advertising Agency by his father, and who never had to work a day in his life, totally pounced on you, telling you that you don8217t know what you8217re talking about, and that everyone who is 8220Successful8221 works 60-90 hours per week. I was especially incensed when Donny put his hand on your shoulder and said82308221You look like such a nice young man822182308230with little experience, and you8217re wrong. I wish you had said82308221Donny, do you think your minions who slave away for you at your offices would agree with you8230I think not.8221 I have read your book twice, and I think you8217re telling us to get MORE out of our lives than just working for a Paycheck8230and 8220WORKING8221 on what WE want to work on, WHEN WE want to work on it. Obviously Donny Deutch hasnt read your book. You NEVER said anything about NOT working8230you said to be Ultra-Productive and work 4 hours to make our pay to live on, and then WORK on whatever it is that we REALLY want to work on. That is the BEST Message I have ever heard from ANYONE in my entire life. That interview probably bothered me more than it did you. I was outraged, and I think I will email Donny Duetch to tell him what an arrogant and uniformed ass he was. Keep up the great work Excellent post. Loved how you explained that you8217re still actually quite conservative despite your progressive views on lifestyle. Investing is an incredibly misunderstood term and concept. Investment or investing1 is a term with several closely-related meanings in business management, finance and economics, related to saving or deferring consumption. An asset is usually purchased, or equivalently a deposit is made in a bank, in hopes of getting a future return or interest from it. The word originates in the Latin vestis, meaning garment, and refers to the act of putting things (money or other claims to resources) into others pockets. See Invest. citation needed. The basic meaning of the term being an asset held to have some recurring or capital gains. It is an asset that is expected to give returns without any work on the asset per se. I was shocked to find that the last phrase suggested that there are expected returns without any work involved. That seems both comical and inaccurate to me. I tend to find that successful investors are those who are realistic, as they expect to work on their investments. By work I mean manage your investments, not painting the walls. I did that type of work in the beginning of my real estate career, however I work by simply managing my investments now. I dont own a single stock, just cash and houses I invest in real estate and nothing else. My returns are incredible and actually infinite as I utilize the bank8217s money exclusively. Stocks, bonds, funds etc. can be extremely risky when compared to rental real estate that has been properly purchased and executed with a 4hww mentality. It8217s actually quite counter-intuitive that funds are more risky than real estate, but it8217s true if you know what you8217re doing. Your book and philosophy on worklifebusiness perfectly complement my philosophy on investing and my rental real estate program. I8217ve given out several copies of your book to my investors who thoroughly enjoy it. The time intensive landlord model of real estate investing is as obsolete as working 9-5 for a Corporate America. Great Post. Check out the blog World Beta and Faber8217s upcoming book 8220The Ivy Portfolio8221 The title of this blog post is all wrong. Think about it, Tim: If you don8217t completely understand what you are 8220investing8221 in, or if you can not personally control the course of any of these 8220investments,8221 then you aren8217t investing, you8217re speculating. Gambling. The very fact that you are focusing on both 8220risk tolerance8221 and 8220asset allocation8221 only proves this point. I personally only invest in what I both control and understand, and it seems a clever guy like you wouldn8217t have such a hard time doing likewise. 8220Financial planners8221 8211 even the ones who are handling Britney Spears8217 portfolio 8211 will only recommend the 8220investments8221 that earn them fees and commissions, all of which turn out to be the very worst possible investments, especially considering the US Dollar8217s upcoming voyage down the toilet. Ask yourself: Could it be possible that there are better investments available to me that don8217t make my broker any money Investments that they will never talk to me about VERY DIFFERENT STRATEGY. i differ from the conventional wisdom here. no stocks, bonds or mutual funds 8212 their performance is outside my control. i8217m 100 in bostoncambridge multifamilies (3-4 unit buildings). i have been buying property since 2003. i live cheaply but well, off my cashflow and am young and semi-retired. i like to travel and in 2008 alone i went to London, Paris, New York, Montreal and Chicago. i8217ll be leaving again this week to get away for the winter: christmas in London, new year in Paris, and sunny Bangalore in Jan 2009. yes, i8217ve made mine an e-business (e-leases, online rent collection, emergency maintenance person only, etc.) BACK TO BASICS. i8217m originally a techiegeek (systems architect amp analyst) and don8217t know much about business, but i do know people need a home before they need Coca Cola or a cell phone. so i invest in rental property, not Coca Cola stocks or Verizon. in this way, i play conservatively. UPSIDE OF DOWN MARKET. about the down market is that RENTS ARE UP. yes, because no one is buying property, most people are renting and so demand is up. my 8220No Vacancy8221 sign went up (metaphorically) a full 30 days earlier from last year. i am looking to buy good property, but even in this market, good deals are hard to come by. LOOKING FOR 10 RETURN HEDGE. the only hedge that i am looking into is to put money into mutual funds or government secured funds in india (my country of birth). the indian economy is strong at the moment, and i have some money in a HELOC at a 10 interest rate that i want to move elsewhere, outside the lender8217s control. this is because they have frozen this secured line of credit once before and may well do it again. so i am looking for something that pays out 8-10 with little to no volatility (to cover the cost of borrowing the money). this is the money i use to finance new acquisitions. Michael S. Armentrout mdash actually all the advise of those experts is wrong including almost all of your reader8217s comments. The only comments worth reading are those by Ben and Tanveer, which seem the only one8217s who know what they are talking about. How much would diversification have helped you the last few weeks Not much, as evidenced by the extremely high correlation across all markets. Buffet Read 8220Fooled by Randomness8221 by Taleb and think about whether Buffet wasn8217t just a lucky guy. Here is my advice: Don8217t invest into anything, even so called 8220risk free8221 U. S. government bonds are pretty high risk if you think about it. How much are these gonna be worth if the U. S. defaults on their debt 0. What8217s the likelyhood I don8217t know, but what I do know is that they will never be able to pay off their debt. Would you lend someone money if you knew that they would never be able to pay you back Buy and hold my be dead. The retail investor may be gone. Either that or the government will socialize the markets to the point where us pattern traders will be toast Great blog post I don8217t know how many of the people here actually invested before, but let me give you real life examples of what can happen. 8211 Losing 30 of your money on an insider tip. 8211 Losing 50 of your money on the guaranteed insider tip. 8211 Losing 20 following a guy who made 20k in one day and is a master at a specific stock8230 on that same stock. 8211 Selling at 7 gain only to see your stock climb 60 in the next week. 8211 Your recession proof stock going down 30 after being virtually unaffected all September. Just remember these few things, some men smarter than I discovered them to be true: 1. Nobody knows what will happen in the market. Not a soul 2. There is no guarantee anything will go as you think it will 3. Wishing you have sold is more painful than greed 8211 disappointment that you didn8217t buy a stock that went up. 4. Anyone can buy a stock, selling that stock takes real balls. 5. Unless you can outright own a part of the company, you are most likely to get hosed by the big guys. Invest in things you can control instead. 8220Here is my advice: Dont invest into anything, even so called risk free U. S. government bonds are pretty high risk if you think about it. How much are these gonna be worth if the U. S. defaults on their debt 0. Whats the likelyhood I dont know, but what I do know is that they will never be able to pay off their debt. Would you lend someone money if you knew that they would never be able to pay you back8221 There is no true 8220non-investment8221 except giving it away to charity. Even cash is an investment. It8217s like that line from Rush: 8220If you choose not to decide You still have made a choice8221 Your investments are worth the cash that they throw off in the form of earnings, interest and dividends minus taxes and inflation. Few people involved in the markets are actually investors most are just chasing price movements. These stock 8220investors8221 are hoping for someone to pay more for their piece of paper than they paid. Personally, I invest in stocks and other securities because of the convenience factor. It8217s the easiest investment vehicle, in the long run, to earn a yield in excess of inflation. I don8217t want to be a landlord, or take on huge amounts of debt 8211 so real estate is out 8211 and I work full-time as an employee so I don8217t have time to ownmanage a business that I can control. I8217m young yet my portfolio is relatively conservative, a mixture of long-term investments that have growth potential (equities), pay income (bonds, closed-end funds, REIT8217s), and inflation hedges (precious metals). If I ever get to 1M USD I8217ll concentrate on income-generating inflation hedges like real estate. 8220How much would diversification have helped you the last few weeks8221 Being down only 10 or 20 sure beats the losses suffered by some equity-only investors. Some sectors have already recovered so even diversifying within the market would help you avoid the catastrophic losses some have suffered by concentrating in the wrong sectors like finance or commodities. I came across this article about the 822029 year old retiree8221 and thought you might be interested as well 8211 sounds like 8220right down your alley8221 finance. yahooexpertarticlemoneyhappy118245 Tim, lots of opinions. My suggestion is follow the evidence. The evidence demonstrates that the largest asset class for the wealthy is real estate. Not only personal residences (where folks have 2-3-4 or more) but investment property. Since you have plenty of cash flow, you can leverage the real estate investment, but not so far as to preclude cash flow. These assets are also great for taxes with lots of tax advantages. Finally, you will be able to leave a legacy to your eventual heirs that could last for generations. Learn as much as you can about real estate investing obviously, but there are many experienced folks out there to guide you. Now here is the other suggestion. Instead of trying to beat Warren Buffett, join him. Take 20-30 and buy BRKbs. No tax issues until you sell, highly liquid, and talk about low expenses Remember that Berkshire Hathaway own outright over 60 companies and large stock blocks of at least 10 more companies so it is well diversified. And you can8217t beat its performance (21 over 44 years). So here is what the evidence on wealth tells us. Invest 60-80 of your investable in cash flowing investment real estate with good fundamentals. Invest the other percentage in a niche business or stock of a niche business (my choice is Berkshire Hathaway) again based on fundamental research. A couple of hours a month reading about the economy and thinking about your investments is all you need from there on out. If you don8217t know what fundamental research is for stocks or real estate there are many books on this subject. Comment navigation Popular Podcasts Most Popular in InvestingManufacturers of U. S. Metal Emblems - Alphabetical W. W.I to Present This list is alphabetical. See the following post for a list by code number. This catalog primarily lists manufacturers of metal emblems. Some companies also produced cloth insignia and other items that may bear these names or hallmarks. --------------------------------------------------------------------- - Emblems are often not marked with the manufacturer8217s full name (for example, 8220Vanguard8221 instead of 8220Vanguard Military Equipment Co.8221). Extreme and cryptic abbreviations and logos are listed in parenthesis. - Post-1950s alpha-numeric manufacturer8217s codes are provided where applicable (see the following post for a compilation of these codes) but this should not be interpreted as the sole period of production for a company. The Hilborn-Hamburger firm, for example, currently employs the code 8220H24.8221 However, this company made emblems decades before the implementation of the code mark system. - All currently certified contractors who have been assigned a manufacturer8217s hallmark code have been included. However, a number of those do not make metal emblems and they are flagged with their specialty (textile, decal, bullion, plaque). See the code list for more detail. - Categories of emblems known to have been made by each manufacturer are abbreviated as follows: I Insignia (service arm, branch, distinctive unit, etc.) M Medals W 8220Wing8221 qualification badges (aviation, airborne) A A. B. Emblems and Caps (later A. B. EmblemsConrad Industries), Weaverville, NC. (A35) (textile) Ace, Japan. I Achievement Products, Inc. East Hanover, NJ. (A30) I Action Embroidery Corp. Ontario, CA. (A25) (textile) Alberti and Company, Firenze, Italy. I Allen Uniform Company. I AmcraftAmerican Metal Crafts Co. (snowflake pattern) I, W American Emblem Company, Utica, NY (AEAECo). I, M, W American Identification Products, Brooklyn, NY. (A29) I American Insignia Company, NY. (Amico, 8A) I, W American Military Supply Corp. New York. (12A, A28) I Amico (see American Insignia Company) Anataya Brothers, Inc. Japan and Attleboro, MA. (A26) I Angus amp Coote, Sydney, Australia. I, W Apollo Jewelry Mfg. Co. New York. (A27) F. A. Aquino, Manila, Philippines. I Charles Arista, Hawaii. (CRA) I (primarily 8220made for collector8221 and veteran8217s pieces) Army-Navy Equipment Co. I Aronoff Service Products Co. New York. (4A) F. W. Assman, Ludenscheid, Germany (8220A8221 with extended crossbar). I, W Augis, Lyon, France. I D. L. Auld Company, Columbus, OH. I, M Award Crafters, Inc. Chantilly, VA. (A37) (plaque) Bailey, Banks amp Biddle, Philadelphia, PA (BBampB). I, M, W Baldwin Ribbon amp Stamping, Woodside, NY. (B31) (Metal) L. G. Balfour, Attleboro, MA (LGB, B21). I, W Bally Ribbon Mills, Bally, PA. (B22) (textile) C. Balmberger, Germany. I J. Balme, Paris. W BampU Co. I Bastian Brothers, Rochester, NY. (B. B.Co.). I, M Bates amp Klinke, Inc. Attleboro, MA. I Jennot Beanne, France. I Bee-Kay Parade Equipment Co. Bronx, NY. (14B, B23) Bell Trading Post (signpost with bell emblem). (Note: some postwar Bell Trading items also bear the mark GI. This was The Institute of Heraldry certification mark, not an abbreviation for General Insignia.) W Bende amp Sons, Inc. Passaic, NJ. (B26) (textile) Berben Insignia Co. Philadelphia, PA. (12B) Arthus Bertrand, Paris, France. I Joe C. Bettencourt Company, San Antonio, TX. I Beverly Craft, Beverly Hills, CA. (palm tree logo) W Biederman Co. Bonn, Germany. I Wallace Bishop Co. Brisbane, Australia. I, W B. J. Co. (by Orber). I V. H. Blackinton Company, Attleboro Falls, MA (VHB, B24). I, W Blumberg Bros, New York, NY. W M. S. Bowman, New York City. I Bregonzio, Milano, Italy. I Brehmer, Germany. I Buerge, Germany(). I Fritz Buttner amp Sohn, Germany. I C C amp P Embroidery Co. Inc. North Bergen, NJ (C27) (textile, shoulder sleeve) Carolina Service Co. Fayetteville, NC. (C25) I S. D. Childs, Chicago, IL. I Citco. I CKS, Seoul, South Korea. I Classic Medallics, Inc. Long Island City, NY. (C31) I Clayton, Chicago, IL. I College Shops, Attleboro, MA. I Columbia Button amp Nailhead Corp. New York, NY. (C24) I Coro (Cohn amp Rosenberger), New York, NYProvidence, RI. (12C) I, M, W Craftens Inc. Chicago, IL. I Crest-Craft Co. Cincinnati, OH. (C23) I D Danecraft, Inc. Providence, RI. W Freeman Daughaday Co.(Norton, MA through 1946, then Providence, RI) M The Dawson Company, Cleveland, OH. I Denazio, Corizia, Italy. I Denmark8217s Military Equipment Corp. New YorkAstoria, NY. (6D, D22) I (5 A. J. Dennison, Riverside, RI. (5D, D23) I Deschler amp Sohn, Munich, Germany. I Dieges amp Clust, New York. I, M Dobbins. I Dodge Inc. Chicago, IL. I Dodge Trophy Co. Los Angeles, CA. I Dohmer, Germany. (D1) I Dommers, Germany. I A. H. Dondero, Washington. (D2, D21) I, W (2,6,7) Donner, Elberfeld, Germany. I N. C. Dorrety, Boston, MA. I Durocharm, New York City. I Dan H. Dunham, San Antonio, TX. W C. B. Dyer. I E Eagle Regalia Co. New York. (E24) I S. E. Eby, Philadelphia, PA. I, M, W Ebsco Industries, Inc. Birmingham, AL. (E28) I Eisenstadt Jewelry Co, St. Louis, MO (LE). I, W Eiseman-Ludmar Co. Inc. Hicksville, NY. (E31) (bullion) Emblem and Badge Co. Providence, RI. (E21) I Emblemcraft Ltd, New York, NY. (E25) I Emblem Supply Co. Inc. Central Falls, RI. (1E, E23) I Erffmeyer amp Son, Ind. Milwaukee, WI. (E27) I (2) Eveready Embroidery, Inc. Jersey City, NJ. (E26) (1) F Firmin amp Sons, London, England. W Gustave Fox Co. Cincinnati, OH. I, W August Frank. M Frank Brothers, San Antonio, TX. (2F) I Lorioli Fratelli, Milano, Italy. I Thomas Frattorinin, Birmingham, England. I John Frick Jewelry Co. New York. I G J. R. Gaunt amp Son, London, EnglandNew York, NY. I, W Gemsco (General Merchandising Co.), Milford, CT. (G2, G22) I, W General Display Co. Manassas, VA. (G25) (plaque) General Insignia, New York, NY. I (Note: care should be taken not to confuse this maker with The Institute of Heraldrys certification mark GI, which is unrelated) General Products, Providence, RI. M George amp Sidneys Brass Shop, Taipei, Taiwan (GampS Co). I Gerocastelli (Gero Castelli), Italy. I Ges. Gesh. (Not a company German patent mark). I George S. Gethen Co. Philadelphia, PA. I GGFXA (S. E. Eby Co.). I Gleason-Wallace, Albany, NY. I Goodwear Fabrics Gordons Fort Meade, Odenton, MD. (G13) I Graco Awards, Tomball, TX. (G27) M (2) M. M. Graham, Los Angeles. I Grannat Brothers, San Francisco, CA. I Great American Weaving Corp. Bally, PA (G31) (1) Greenduck, Chicago, IL. I The Green Company, Kansas City, MO. I (Green KC, 6G, G24). I (5) Ira Greene Co. New York, NYProvidence, RI. (3G, G3, G23) I H V. Haacke amp Co. Pforzheim, Germany. I Irvin H. Hahn Company, Baltimore (Hancorooster logo, 1H, H22). I Hallmark Emblems, Inc. (H27) (1) Haltom Jewelers, Fort Worth, TX. W Alvin H. Hankins, Seattle, WA. I Harding (Newell Harding amp Co.), Boston, MA. I Hartegen, Newark, NH. I A. J. Hawkins. I H. E. Heacock Co. Manila, Philippines. I B. Hecker, New York. I Heckethorn Mfg. amp Supply Co. Littleton, CO. M Jack Heller (H in a circle) Wilhelm Helding, Leipzig, Germany. I Henderson-Ames Co. Kalamazoo, MI. I Hess amp Albertson, St. Louis, MO. I Hilborn-Hamburger, New York, NYPassaic, NJ. (H-Heagle logo, H-H Imperial, H24). I, M, (3) Cal Hirsch amp Sons Iron and Rail Co. St. Louis, MO. I His Lordships Products, Inc. New York, NY. (H25) Homrichous Co, Memphis, TN. (HR). W Horstmann, Philadelphia, PA. I I Imperial Insignia Manufacturing Company (later Hilborn-HambergerImperial). I International Insignia Corp. Providence, RI. (I21) I (2) Irvine amp Jachens, San Francisco, CA. I J Jacqueline Embroidery Co. Toms River, NJ. (J23) (textile) Jaurez. W Warren Jay Products Corp. New York, NY. (1J) I Jostens, Inc. Princeton, ILOwatonna amp Minneapolis, MN. I, W Johnson National, New York. I K Kaag, Los Angeles. I Martin Kahn, Bronx, NY. (6K) Kalka, Augsburg, Germany. I K. B. Specialties, Bellflower, CA (KBS, K25). I The Kinney Co. Providence, RI (8220K Co.8221 in a shield, K24) W Harry Klitzner Co. Inc. Providence, RI Klammer, Innsbruck, Austria. I Karl J. Klein, Portland, OR. I Konwal (Western Military Supply), Japan. I Krew, Inc.,Attleboro, MA. (1K, K21) I, M, W L The Walter Lampl Co. (script WL in a shield), New York, NY. W Laorer, Los Angeles, CA. I L. Christian Lauer, Nurnberg, Germany. I Leavens Manufacturing Co. Attleboro, MA. (L21) I Leonard Embroidery Company, Philadelphia, PA. (2L, L23) I LeVelle, Philadelphia, PAWashington, D. C. I, W William Link amp Co. (WL Co in 2 linked ovals) W Linz Brothers Jewelers, Dallas, TX. W HLI Lordship Industries, Inc. Hauppauge, NY. (L1, L22) M Los Angeles Rubber Stamp Co. Los Angeles, CA (LARS). I Ludlow Co. London, England. W K. G. Luke Co. Melbourne, Australia. W W. Lutz, Furth, Germany. I Morrie Luxenberg, New York, NY. I, W M Maco-Boch Jerry Massey. W Joseph Mayer. M Jos. Mayr, Linz, Austria. I McCabe Brothers, New York, NY. (M23) I Gordons Fort Meade, Odenton, MD. (M24) I Medallic Art Co. New York, NY. I, M Mermod, Jaccard amp King, St. Louis, MO. I Metal Arts Co. Rochester, NY. (AMACO, M30). I G. C.Meyer Company, Indianapolis, IN. I N. S. Meyer, New York, NY. (9M, M22) I, M, W Meyers amp Co. Los Angeles. I Midwest Trophy Co. Del City, OK. (M29) I Military Art amp Emblem Co. Hyattsville, MD. (M29) I Military Manufacturers of Maryland (by Gordons Fort Meade). (G18, M24)) Military Post Suppliers, JapanNewark, NJ. (7M, M7, M21) I J. Milton, New York. I Minero-Newcome, Co, New York, NY. (1M, M28) I Minister, Columbus, OH. I Monarch Military Products Co. Inc. New York, NY. (M12) I Moody Bros. Los Angeles, CA. W Morgans, San Francisco, CA. I Motex Inc. West New York, NJ. (M36) (textile) Mourgeon, France. I Loren Murchison amp Co. Attleboro, MA. (M27) I N National Badge amp Insignia Co. JapanWashington, DC. (NBI Japan) I National Decoration Co. Shanghai, China (NDC). I National Guard Equipment Company, New York. (NGBC). I Naval Uniform Supply (NUS). W N. B.I. Japan. I Nelson, Long Beach, NY. I N. R. Newcome amp Co. New York, NY. I New England Trophy amp Engraving Co. Boston, MA. (N22) I Niderost amp Taber. I F. H. Noble amp Co. Chicago, IL. (Letter N in a circle) M Norsid Co. New York, NY. W Northern Stamping Co. M Northwest Territory Mint, Auburn, WA (N31) (2, 7) Nudelman Bros. I O J. OBrien Badge Co. (JO). W Officers Equipment Co. Madison, NJ. (OEC, OEC14-81) (O22) I (2) Oppenstein Brothers, Kansas City, MO. I Orber Manufacturing Co. Pawtucket, RI. (1O, O-1) I, W P E. P. Industries, Inc. Cranston, RI. (P23) I C. Pacagnini, Milano, Italy. I Paramount Jewelers, San Francisco, CA. I Parry amp Parry, Salt Lake City, UT. I Pasquale Uniform Company, San Francisco, CA. (3P) I, W Pauls, Buffalo, NY. I Pecas Embroidery Corp. North Bergen, NJ. (P25) (textile) Ed Pereia Inc. Foster, RI. (P24) I Philadelphia Badge Co. Philadelphia, PA. I Pichiani-Barlacci, Firenze, Italy. I Pichelklammer, Innsbruck, Austria. I E. P. Industries, Inc. Providence, RI. I Carl Poellath, Schrobenhausen, Germany. (P in a circle). I Polar Flight. W C. Polk Co. Polk Sales Corp. New York, NY. (CPampCo, 1P, P21) I, W Pollack Co. I Preisser, Pforzheim, Germany. I Princeton Industries, Inc. Providence, RI. I R Rainbow Emblems, Ind. Johnson, RI. (R25) I Rainbow Embroidery, Plainfield, NJ. (R27) (textile) Regal Emblem Co. New York. (R23) I Alois Rettenmaier, Germany. I Rex Products. M The Reynolds Co. Lincoln, RI. (R24) I Ricci, Firenze, Italy. I C. Ridabock amp Co. New York. I Rixtine, Lincoln, NB. I R. K. amp Co. Calcutta, India. I Charles R. Robbins Company, Attleboro, MA (R in diamond wwings, R21). I, W Roland I Rosenfield, Boston, MA. I Rota, Genoa, Italy (R). I The Roulet Company, Toledo, OH. I The Rowland Company, Philadelphia, PA. I Russell Uniform Co. New York. I S V. Saracino, Taranto, Italy. I Sayre Enterprises, Buena Vista, VA (S44) (1) Schreyer Embroidery Co. Fairview, NJ. (S33) (textile) (1) Schriade J. M. Schriade, Chicago, IL. I Schwertner amp Cie, Graz Eggenberger. I Sherman Manufacturing Co. Providence, RI. (3S, S24) I Shreve amp Co. San Francisco, CA. W Ben Silver, Inc. Manhasset, NY. (S30) I Silverman Bros. M Simba Awards, Ltd. Long Island, NY. (S35) I SimcoE. H. Simon Co. (diamond with vertical lightning). I, M Simon and Sons, Ltd. (SS Ltd), England. W, I N. G. Slater Corp. New York, NY, (S31) I Daniel Smilo amp Sons, New York, NY. M Snag-Prufe Fasteners, Louisville, KY. (S25) I Spies Brothers, Chicago, IL. I Stabilimenti Artistici, Firenze, Italy. I Starcrest (primarily 8220made for collector8221 and veteran8217s pieces) Stefano Johnson, Milan, Italy. I Stempel-Schutz, Darmstadt, Germany. I Franz Sturies, Germany. I Harry SugermanSusco. (S21) I Susco (see Harry Sugerman) The Supply Room, Anniston, AL. (S38) I (3) Sussman. I Swank, Inc. Attleboro, MA. M T O. C. Tanner, Salt Lake City, UT. W TampP. I Taxco. W Thomas Co. Attleboro, MA. I Tiffany amp Co. New York. I, W Tucker Shean, Lincoln, NB. I U Uncas Mfg. Co. Providence, RI. (Letter U with arrow through it.) M United Emblem Co. New York, NY. I United Military, New York, NY. (6U) I Uris Sales Corporation, New York. (4U) I Urschel Tool Corp. Cranston, RI. (U21) I U. S. Infantry Association, Washington, DC. I U. S. Specialty Co. New York, NY. I V A. Valcan, Japan (AA in quotes). I W. A. Valdez, Philippines. I Vanalen Company, New York and Kansas City, MO. I Vanguard Military Equip. CoVanguard Insignia Co. BrooklynNYCNorfolk, VACarlsbad, CA. (1V, V21)I, W (5) Van Wormer amp Rodrigues, San Francisco, CA. I Vargas Manufacturing Company, Providence, RI. Horizontal diamond with superimposed V. First use 1947. I VHB (see V. H. Blackinton) Volupte, Inc. New York, NY. I, M Vulcan, Tokyo, Japan (8220AT8221 in heart). I Vulcan Industries, Birmingham, AL. (V22)I W The Wallace Co. Inc. Providence, RI. (2W) C. H. Wallbank Company, Brookline, MA. I Wallenstein. I Warwick Emblem Supply, Warwick, RI. (W30) I (2) Waterbury Companies, Inc. M Wehing Bros Mfg. Detroit, MI. W Weidmann, Frankfurt, Germany. I Weingarten Gallery, Dayton, OHIndianapolis, IN. (W32) I, W. 2003- Wellington, Tokyo, Japan. I Wendell amp Co. Chicago, IL. I Western Military Supply Co. JapanSan Francisco, CA. (W23) I Weyhing. W Whitehead and Hoag, Newark, NJ. (WH in a shield) I, M, W Whittemore and Company, Attleboro, MA. I Wichman, Honolulu, HI. I F. M. Wickham. I Williams amp Anderson Co. Providence, RI. (WACO). (W25) I Wolf Appleton Co. New York, NY (WA-NY). W Wolf-Brown, Inc. Los Angeles, CA. (W22) I J. R. Wood Products Corp. M Wright and Street, Chicago, IL. I Z Crispulo Zamora, Manila, Philippines. I Zart8217s Inc. Pawtucket, RI. (Z21) I Logos - 8220A8221 with extended crossbar. F. W. Assman amp Sohn, Ludenscheid, Germany - F in vertical oval with crossed swords behind. Gus Fox Co. Cincinnati, OH. I, W - H in a circle. Attributed to Jack Heller. - H in a diamond. Haltom Jewelers. - J and O in upper left and lower right segments of a shield, surmounted by crown. Attributed to J. OBrien Badge Co. W - N in a circle. F. H. Noble amp Co. Chicago, IL. M - R in diamond wwing to right. Charles R. Robbins Company. M - U with arrow passing through it. Uncas Manufacturing. - WH in a shield. Whitehead-Hoag. W - WL Co in 2 linked ovals. The Walter Lampl Co. - WL in script on a shield. The Walter Lampl Co. - Signpost with bell symbol. Bell Trading Post. Some accompanied by GI, which was The Institute of Heraldry government issue certification mark. W - Snowflake pattern. Amcraft. I, W - Starburst pattern interspersed with diamond shapes. Gemsco. - Three cartouches in a row (right one has a bird, middle one has upraised arm with sword). Attributed to Charles R, Robbins. W - Horizontal diamond superimposed with V. Vargas Manufacturing Company, Providence, RI. First use 1947. I Unidentified - 8220C8221 with lightning - Coin Silver (Mexican-made) W - Goats head () in a shield. W - JO - (J. OBrien amp Co.) - 8220M8221 in a square - M in a vertical diamond. (early Pilot wing) - Made In Britain. W - MC767 - N in a circle - oTc - RUMEX - S in a circle - S in a shield - seashell pattern - S. S. Ltd. W - starburst and diamond - 1946 Sendai, Japan. W Copyright 2007 Verkuilen Ager Last edited by VerKuilen Ager 07-02-2009 at 08:58 PM. U. S. Manufacturer8217s Codes, 1950s 8211 Present See the previous post for a list of manufacturers in alphabetical order. Two-digit, numeral-alpha codes were introduced c.1953-54, with some reaching three digits where the number of manufacturers required it. Transition to all three-digit codes, with a new alpha-numeral orientation occurred c.1964-65. Many of these companies produced emblems prior to the 1950s and other hallmarks were used Most of these manufacturers made metal items. Some made patches, ribbons, and other things that may bear a code on the item or packaging. Current contractors are certified for manufacture of certain classes of items. These are indicated by the following numbers placed after the address. 1 textiles 2 metal 3 metal and textile 4 decals 5 all items 6 hand-embroidered bullion 7 plaques distinctive insignia shoulder sleeve insigniaA 1A American Emblem Co. Utica, NY 4A Aronoff Service Products Co. New York 8A American Insignia Co. (AMICO) 12A American Military Supply Corp. New York 15A Apollo Jewelry Mfg. Co. New York A23 Aronoff Service Products Co. New York. A25 Action Embroidery Corp. Ontario, CA. (1) A26 Anataya Brothers, Inc. Japan and Attleboro, MA. A27 Apollo Jewelry Mfg Co. New York, NY A28 American Military Supply Corp. New York, NY A29 American Identification Products, Inc. Brooklyn, NY A30 Achievement Products, Inc. East Hanover, NJ A35 A. B. Emblems and Caps (later A. B. EmblemsConrad Industries), Weaverville, NC (1) A37 Award Crafters, Inc. Chantilly, VA (7) B 1B L. G. Balfour Co. Attleboro, MA 12B Berben Insignia Co. Philadelphia, PA 14B Bee-Kay Parade Equipment Co. Bronx, NY B21 L. G. Balfour Co. Attleboro, MA B22 Bally Ribbon Mills, Bally, PA (1) B23 Bee-Kay Parade Equipment Co. Bronx, NY B24 V. H. Blackinton amp Co, Inc. Attleboro Falls, MA (2) B26 Bende amp Sons, Inc. Passaic, NJ (1) B31 Baldwin Ribbon amp Stamping, Woodside, NY (2) C 12C Coro, New York, NYProvidence, RI. C23 Crest-Craft Co. Cincinnati, OH C24 Columbia Button amp Nailhead Corp. New York, NY C25 Carolina Service Co. Fayetteville, NC C27 C amp P Embroidery Co. Inc. North Bergen, NJ (1) C31 Classic Medallics, Inc. Long Island City, NY (2) D D1 Dohmer, Germany D2 A. H. Dondero, Inc. Washington, D. C. (2, 6, 7) 5D A. J. Dennison amp Co. Riverside, RI 6D Denmark8217s Military Equipment Co. New York, NY (5, , ) D21 A. H. Dondero, Inc. Washington, D. C. (2, 6, 7, ) D22 Denmark8217s Military Equipment Corp. AstoriaNew York, NY (5) D23 A. J. Dennison amp Co. Riverside, RI E 1E Emblem Supply Co. Inc. Central Falls, RI E21 Emblem and Badge Co. Providence, RI E23 Emblem Supply Co. Inc. Central Falls, RI E24 Eagle Regalia Co. New York E25 Emblemcraft Ltd, New York, NY E26 Eveready Embroidery, Inc. Jersey City, NJ (1) E27 Erffmeyer amp Son, Ind. Milwaukee, WI (2) E28 Ebsco Industries, Inc. Birmingham, AL E31 Eiseman-Ludmar Co. Inc. Hicksville, NY (6) F 2F Frank Brothers, San Antonio, TX G 3G Ira Greene Co. New York, NY G2 Gemsco, Milford, CT G3 Ira Greene Co. New York, NY 6G The Green Company, Kansas City G13 Gordons Fort Meade, Odenton, MD G18 Military Manufacturers of Maryland (by Gordons Fort Meade) G22 Gemsco, Milford, CT G23 Ira Greene Co. New York, NYProvidence, RI (5) G24 The Green Company, Kansas City, KS G25 General Display Co. Manassas, VA (7) G27 Graco Awards, Inc. Tomball, TX (2) G31 Great American Weaving Corp. Bally, PA (1) H 1H Irvin H. Hahn Company, Baltimore, MD H22 Irvin H. Hahn Company, Baltimore, MD H24 Hilb orn-Hamburger, Inc. Passaic, NJ (3) H25 His Lordships Products, Inc. New York, NY H27 Hallmark Emblems Inc. Tampa, FL (1) I I21 International Insignia Corp. Providence, RI (2) J 1J Warren Jay Products Corp. New York, NY J23 Jacqueline Embroidery Co. Toms River, NJ (1) K 1K Krew, Inc.,Attleboro, MA 6K Martin Kahn, Bronx, NY K21 Krew, Inc.,Attleboro, MA (2) K24 The Kinney Co. Providence, RI K25 KB Specialties, Bellflower, CA L L1 HLI Lordship Industries Inc. Hauppauge, NY 2L Leonard Embroidery Company, Philadelphia, PA L21 Leavens Manufacturing Co. Attleboro, MA L22 HLI Lordship Industries Inc. Hauppauge, NY L23 Leonard Embroidery Company, Philadelphia, PA M 1M Minero-Newcome amp Co. New York, NY 7M Military Post Suppliers, JapanNewark, NJ 9M N. S.Meyer, New York, NY M7 Military Post Suppliers, Newark, NJ M12 Monarch Military Products Co. Inc. New York, NY M21 Military Post Suppliers, Newark, NJ M22 N. S.Meyer, New York, NY M23 McCabe Brothers, New York, NY M24 Gordons Fort Meade, Odenton, MD M24 Military Manufacturer of Maryland (by Gordons Fort Meade) M27 Loren Murchison amp Co. Attleboro, MA M28 Minero-Newcome amp Co. New York, NY M29 Military Art amp Emblem Co. Hyattsville, MD M29 Midwest Trophy Co. Del City, OK (2) M30 The Metal Arts Co. Rochester, NY M36 Motex Inc. West New York, NJ (1) N N22 New England Trophy amp Engraving Co. Boston, MA N31 Northwest Territory Mint, Auborn, WA (2, 7) O 1O Orber Mfg. Co. Pawtucket, RI O-1 Orber Mfg. Co. Pawtucket, RI O22 Officers Equipment Company, Stafford, VA (2) P 1P C. Polk Co. Polk Sales Corp. New York, NY 3P B. Pasquale Co. San Francisco, CA P21 C. Polk Co. Polk Sales Corp. New York, NY P23 E. P. Industries, Inc. Cranston, RI (2) P24 Ed Pereia, Inc. Foster, RI P25 Pecas Embroidery Corp. North Bergen, NJ (1) R R21 Charles M. Robbins Co. Attleboro, MA R23 The Regal Emblem Co. New York, NY R24 The Reynolds Co. Lincoln, RI R25 Rainbow Emblems, Inc. Johnson, RI R27 Rainbow Embroidery (later Rainbow Emblem), Plainfield, NJ (later North Bergen, NJ) (1) S 2S 3S Sherman Manufacturing Co. Providence, RI S19 S21 SuscoHarry Sugerman Inc. San Antonio, TX S24 Sherman Manufacturing Co. Providence, RI S25 Snag-Prufe Fasteners, Louisville, KY S30 Ben Silver, Inc. Manhasset, NY S31 N. G. Slater Corp. New York, NY S33 Schreyer Embroidery Co. Fairview, NJ (1) S35 Simba Awards, Ltd. Long Island City, NY (2) S38 The Supply Room, Anniston, AL (3) S44 Sayre Enterprises, Buena Vista, VA (1) U 4U Uris Sales Corp. New York, NY 6U United Military, New York, NY U21 Urschel Tool Corp. Cranston, RI V 1V Vanguard Military Equipment Corp. Brooklyn, NY V21 Vanguard Military Equipment Corp Vanguard Industries East, Norfolk, VAVanguard Industries West, Carlsbad, CA (5) V22 Vulcan W 2W The Wallace Co. Inc. Providence, RI W22 Wolf-Brown, Inc. Los Angeles, CA W23 Western Military Supply Co. JapanSan Francisco, CA W25 Williams amp Anderson Co. Providence, RI W30 Warwick Emblem Supply, Warwick, RI (2) W32 Weingarten Gallery Z Z21 Zart8217s Inc. Pawtucket, RI Copyright 2007 Verkuilen Ager Last edited by VerKuilen Ager 02-21-2009 at 11:06 AM. Manufacturers Marks on Wings and Other Badges Notes on the Listings - Listings are compiled from a variety of sources that confirmed actual examples. However, voids undoubtedly exist and forum members are urged to report additional information. - Maker8217s names are abbreviated and do not necessarily indicate exactly how they appear on manufactured items. Actual marks appear in full or are abbreviated in various ways, may or may not have had some form of address, and (ending roughly in the Viet Nam era) typically included a 8220 Sterling 8221 or other silver mark. See the manufacturer8217s listing above for full names and locations. - Most early wings were not hallmarked but known makers include the following: Dunham, Eisenstadt, Halston, Homrichous, Linz. Robbins, Shreve, and Tiffany. - Prior to introduction of The Institute of Heraldry8217s certification program many items were marked only with metal content marks (e. g. 8220 Sterling 8221, 8220120 10K GF8221) or bore no mark at all. Current regulations (AR 672-8) require use of the manufacturers8217 8220hallmark8221 (TIOH certification code) on Army items. Use of the Army codes, followed by 8220-N8221 or 8220-CG8221 have been used for some Navy and Coast Guard items. - Pin versus clutch fasteners: 8220Contrary to the opinions of some collectors, clutch fasteners were indeed placed on wing badges as early as 1940 8211 possibly a little earlier 8211 and these are contemporary with pin backs. Many sterling silver wings with clutch backs were worn throughout World War II.8221 J. Duncan Campbell, Aviation Badges and Insignia of the United States Army 1913-1946. 8220A note on clutch back insignia 8211 for years, collectors (including myself) have preferred pin back wings, perhaps feeling that they were more certain to be of wartime vintage than clutch back style wings. The esteemed dean of American wing collectors and noted author Duncan Campbell set me straight on this point in a 1985 letter. In this letter he stated, 8216In September 1942, the Secretary of War approved the wing badge for Army Air Crew Member, except for the pin back. He decreed that this wing badge, and all future government purchases, would have clutch backs.8221 Mr. Campbell had found this information in the micro files at Carlisle. As all QMC government purchases of wings from September 821742 on were of the newly authorized style, he concluded in his letter, 8216collectors who think less of WWII clutch backs are wrong to do so.8221 George B. Harris, Military and Historical Americana . catalog 29. 8220It is also easy to see how a significant amount of conflicting, and inaccurate, information could have circulated after fifty years or so. One piece of information which is purported by some, yet totally untrue, is that World War II wing badges are all 8216pin back8217 and 8216clutch back8217 wings are postwar.8221 Jon A Maguire, Silver Wings Pinks amp Greens: Uniforms, Wings amp Insignia of USAAF Airmen in World War II. 8220Army Regulation 600-25, 31 December 1926. authorized the first clutch fastener. This new special clutch fastener was first advertised by N. S. Meyer in the Army and Navy Register dated 27 November, 1926. page 517.8221 Ron Willis and Thomas Carmichael, United States Navy Wings of Gold: From 1917 to the Present. ARMY AVIATION RATING BADGES 1917-1947 November 16, 1915 (14K gold, plated 24k gold) - Military Aviator (pinback bar with Military Aviator suspending eagle with Signal Corps flags): Rock Island Arsenal, Blackinton August 14, 1917 (bullion embroidery) - Military Aviator (wingsshield wUS) - Junior Military Aviator (half wingshield wUS) - Enlisted Pilot (wings4-bladed propeller) October 27, 1917 (bullion embroidery) - Military Aviator (wingsshield wUSstar above shield) - Junior or Reserve Military Aviator (wingsshield wUS) - Observer (half wingshield wUS) December 29, 1917 (bullion embroidery specified but metal components in common use for MA, JRMA, and Observer) - Military Aviator (wingsshield wUSstar above shield) - Junior or Reserve Military Aviator (wingsshield wUS) - Observer (half wingshield w letter O) - Military Aeronaut (wingsballoon wUSstar above balloon - bullion) - Junior or Reserve Military Aeronaut (wingsballoon wUS - bullion) December 21, 1918 (fine silver, oxidized gold US ) - Military Aviator and Junior and Junior Reserve Military Aviator (wingsshield wUS): interlocking ovals logo (Link), Halston (39mm miniature) - Observer (half wing letter O - bullion known) - Military Aeronaut and Junior and Reserve Military Aeronaut (wingsballoon wUS) January 25, 1919 (fine silver 8211 like prior designs but star at top of shield and gilt US deleted) - Military Aviator and Junior and Junior Reserve Military Aviator (wingsshield): BBampB (no shoulders on shield) - Military Aeronaut and Junior and Reserve Military Aeronaut (wingsballoon) - Airplane Observer, Balloon Observer, Aerial Bomber, and Aerial Gunner (half wing circle enclosing US) November 12, 1920 (addition to 1919 designs) - Observer, Qualified as Airplane Pilot (full wings circle enclosing US): Meyer October 14, 1921 (99 fine silver - Herbert Adams design used through 1957) - Airplane Pilot (wingsshield): Amcraft, A. E.Co. Amico, Dondero, Eby, Gemsco, H-H, LGB, Meyer, Orber, Polk, Vanguard - Airplane Observer (wingsO)8221: A. E. Co, Amcraft, Amico, Gemsco, Josten, Officer8217s Equipment Co. LGB, Luke, Luxenberg, Wallace-Bishop - Balloon Observer (wingsballoon): LGB, Meyer - Airship Pilot (wingsairship): BBampB Bronze, Blackinton, Made in Britain( Source is unclear whether this indicates an actual mark or simply information on the point of origin), Meyer. September 24, 1937 (99 fine silver - addition to 1921 designs) - Military Airplane Pilot (wingsshield with star above): A. E.Co. Amico, Dieges amp Clust, Gemsco, Luxenberg, Polk, Vanguard November 10, 1941 (92.5 fine silver) - Command Pilot (wingsshield with star in a wreath above): A. E.Co, Amcraft, Amico, Angus amp Coote, BBampB, Blackinton, Firmin, Gaunt, Gemsco, H-H, Josten, Levelle, LGB, Luxenberg, Meyer, Robbins, Taxco, Vanguard - Senior Pilot (wingsshield with star above): A. E.Co. Amcraft, Amico, Angus amp Coote, Assman (8220A8221 logo), Balfour, Blackinton, Dondero, Firmin, Gemsco, Josten, Levelle, LGB, Luxenberg, Meyer, Vanguard - Pilot (wingsshield): A. E.Co, Amcraft, Amico, Angus amp Coote, Balfour, Balme, BBampB, Beverly Craft (palm logo), Bishop, Blackinton, Blumberg, Coin Silver, Eby, Firmin, Fox, Gaunt, Gemsco, H-H, Josten, Levelle, LGB, Ludlow, Luke, Luxenberg (3 patterns, plus use of Luxenberg die with A. E.Co. mark), Meyer, Norsid, Robbins, Taxco, Vanguard, Wallace-Bishop, 8220F8221 in a circle, 8220FO8221 monogram, shield with 8220JO8221 - Combat (Aircraft) Observer (wingscircle): Luxenberg - Technical Observer (wingsO bisected vertically by letter T): Gemsco, Luxenberg, Meyer, 8220snowflake8221 pattern (Amcraft) - Senior Balloon Pilot (wingsballoon with star above) - Balloon Pilot (wingsballoon): LGB, Meyer - Balloon Observer (wingsballoon with superimposed O) September 4, 1942 (addition to 1941 designs) - Service Pilot (wingsshield with letter S): A. E. Co, Amcraft, Balfour (50 mm), Blackinton, Gemsco, Levelle, LGB, Luxenberg, Meyer, Moody, Norsid - Glider Pilot (wingsshield with letter G): A. E. Co. Amcraft, Amico, Balfour, Beverly Craft (palm logo), Coin Silver, Firmin, LGB, Ludlow, Luxenberg, Meyer - Liaison Pilot (wingsshield with letter L): A. E. Co. Amcraft, Amico, Luxenberg, inverted triangle (AE Co die used by BBampB) - Aircrew Member (wingscircle with eagle): A. E. Co, Amico, Angus amp Coote, Balfour, Beverly Craft (palm tree logo), Blackinton, Coin Silver, CP, Gaunt, Gemsco, Levelle, LGB, Ludlow, Luke, Luxenberg - Bombardier (wingscircular target superimposed by drop bomb): A. E. Co, Amico, Balfour, BBampB, Beverly Craft (palm tree logo), Blackinton, Firmin, Gaunt, Gemsco, LGB, Luxenberg, Meyer, - Navigator (wingsshield with armillary sphere): A. E. Co, Balfour, Beverly Craft (palm tree logo), Gaunt, Luxenberg, Meyer February 11, 1943 (gold plated sterling silver, - addition to 1941 designs) - Flight Surgeon (wingsletter O sup erimposed with Medical Corps insignia): A. E. Co, Amico, Gemsco, LGB, Luxenberg, Pasquale - Aerial Gunner (wingscircular target superimposed by winged projectile): A. E.Co. Amico, Balfour, Gemsco, Goodwear Fabrics, Levelle, LGB, Luxenberg, Meyer, Moody November 30, 1942 (addition to 1941 designs) - Senior Service Pilot (wingsshield with letter S topped by star): Meyer - Senior Aircraft Observer (wingsshield with letter O topped by star) December 15, 1943 (gold plated - addition to 1941 designs) - Flight Nurse (wingsMedical Corps insignia superimposed by letter N): Amico, Pasquale September 12, 1944 (sterling silver - addition to 1941 designs) - Flight Nurse: Meyer - Flight Surgeon (sterling silver - wingsletter O superimposed with Medical Corps insignia): Amico, Dondero, Luxenberg Early 1945 (authorized by QM Drawing 4-4-57, approved by Army Headquarters, early 1945) - Flight Engineer (radial aircraft engine with 4-bladed propeller): Assman (8220A8221 logo), Balfour, Luxenberg, Meyer OTHER W. W.II ARMY WING BADGES (official, semi-official, unofficial) - Women Airforce Service Pilot (W. A.S. P.) (wingsshield with class number topped by scroll with 319th for W -1 and W-2 or 318th for W-3 through W-7) - Class 43-W-1: sterling. - Class 43-W-2: sterling. - Class 43-W-3: converted sterling Pilot wing by LGB. - Class 43-W-5: converted sterling Pilot by Balfour (2) - Class 43-W-7: converted Jaurez pattern wing marked sterling. - Women Airforce Service Pilot (W. A.S. P.) (wingsvertical diamond) - Class 43-W-8: converted sterling Pilot wing by Amico. - Subsequent classes: Amicosterling pinback, Jostenssterling clutchback. - PilotFlight Engineer (wingsshield with 8220E8221): Beverly Craft, Blackinton - Enlisted ReserveCPT (Civilian Pilot Training): Danecraft - Ferry Command Civil Pilot: Robbins - Crash Crew (crossed axes amp ladder): Gemsco - CAA War Training Service: Pat. Pending (by Danecraft) - ATC Pilot: (unmarked but 8220Wright amp Street8221 on manufacturer8217s card) 27 July 1950 - Army Aviator (wingsshield) - Senior Army Aviator (wingsshield with star above) 28 December 1956 - Army Aviation Medical Officer (8220Flight Surgeon8221 after 22 Nov. 1973) (wingsshield with medical emblem) 12 February 1957 - Master Army Aviator (wingshield with star in wreath above) 16 May 1962 - Aircraft Crew Member (8220Aviation Badge8221 after Feb. 2000) (wingsshield with Army eagle) - Senior Crew Member (wingsshield with Army eagle and star above) - Master Crew Member (wingsshield with Army eagle, star in wreath above) 12 August 1963 - Flight Surgeon (wingsshield with medical emblem and star above) - Senior Flight Surgeon (wingsshield with medical emblem and star in wreath above) 22 November 1973 - Flight Surgeon (former 8220Army Aviation Medical Officer8221) - Senior Flight Surgeon (former 8220Flight Surgeon8221) - Master Flight Surgeon (former 8220Senior Flight Su rgeon8221) 17 May 1983 - Astronaut device for Aviator badges (affixed to shield) ARMY AIRBORNE QUALIFICATION BADGES 10 March 1941 - Parachutist (wingsparachute): A. E. Co, Amcraft, Amico, Angus amp Coote (Australia), L. G.B, BBampB - Baily, Banks amp Biddle, Bell Trading Post, Wallace Bishop (Australia), Durocharm, Thomas Fattorini (England), Firmin (England), Gaunt (England), Gemsco, GP, Hillborne Hamburger, H in a circle, Leonard Jewelers, Ludlow (England), Luke (Australia), N. S. Meyer, Norsid, Orber, Simon Brothers, SS LTD (England), Tiffany, Robbins, Weyhring. Postwar Occupation era: Poellath (Germany), Assmann (Germany), Sendai (Japan), Aoki Metals (Japan), Kyoto Japan. June 1944 - Glider Pilot (wingsglider): Assman (Germany), Firmin (England), Gaunt (England), LGB, Ludlow (England), Meyer, Poellath (Germany), Sendai (Japan) 1949 (authorized), 24 January 1950 (announced) - Senior Parachutist (wingsparachute star at top): D22 Sterling, - Master Parachutist (wingsparachute star in wreath at top): Vanguard 22 May 1964 - Pathfinder (torch with wing cloth) 11 Oct. 1968) - Pathfinder (torch with wing metal) OTHER ARMY BADGES 28 July 1933 (approved) 23 August 1933 (announced) - Army General Staff Identification Badge (8220Army Staff Identification Badge8221 after 1982) (star with leaves between the arms overlaid with Army eagle) 28 July 1942 - Driver and Mechanic (cross with wheel in center) 7 October 1943 (approved 27 October 1943 (announced) - Combat Infantryman (rectangle with musket over a wreath) - Expert Infantryman (rectangle with musket) 14 February 1944 - Second Class Diver (diving helmet) - First Class Diver (diving helmet and porpoises) - Master Di ver (diving helmet with porpoises and trident) - Salvage Diver (diving helmet with letter 8220S8221) 25 March 1949 - Secretary of Defense Identification Badge (Dept. of Defense Identification Badge after 28 Aug. 1950, 8220Office of Secretary of Defense Identification Badge after 20 Dec. 1962) (rayed circle overlaid with eagle holding arrows) 9 November 1950 - Ranger tab (cloth) 31 July 1957 (see also June 1969) - Explosives Ordnance Specialist (laurel wreathbomb, lightning) - Explosives Ordnance Supervisor (laurel wreathbomb with star, lightning) 9 September 1957 - Guard, Tomb of the Unknown Soldier (wreath, monument, 8220Honor Guard8221) 15 January 1958 - Trainer Personnel. U. S. Army Training Activities (d. i. only oval with armor, torch, 8220This We8217ll Defend8221) See 1964, 1969 below. 2 April 1963 - Joint Chief of Staff Identification Badge (laurel wreath enclosing shield, crossed swords, 8220Joint Chiefs of Staff8221) 1964 - Trainer Personnel d. i. authorized for Drill Instructors at training commands as larger breast badge (colored metal, colored and subdued cloth. Color cloth version cancelled in 1969) 18 June 1965 - Nuclear Reactor Operator, Basic (silver square with symbol for planet Uranus) - Nuclear Reactor Operator, Second Class Operator (silver square with Uranus emblem, partially surrounded by wreath) - Nuclear Reactor Operator, First Class Operator (silver square with Uranus emblem, completely surrounded by wreath) - Nuclear Reactor Operator, Shift Supervisor (gold square with Uranus emblem, completely surrounded by wreath) 7 November 1966 - U. S. Army Recruiter Identification Badge (eagle and torch in circle with 8220Army Recruiter8221 various design changes through present) 1 May 1969 - Scuba Diver (scuba diver head and mask: replaced by Special Operations Diver Badges in 2004) June 1969 - Explosives Ordnance Disposal (laurel wreathbomb, lightning) - Senior Explosives Ordnance Disposal (laurel wreathbomb with star, lig htning) - Master Explosives Ordnance Disposal (laurel wreathbomb with star, lightning, wreath with star at top) October 1971 - Career Counselor Identification (eagle, spears, wreath with 8220Career Counselor8221) 18 January 1978 - Air Assault (wingshelicopter: formerly 8220Air Mobile Badge8221 authorized by 101st Airborne for local wear 1 April 1974) 17 June 1983 (approved) Oct. 1983 (authorized) - Special Forces tab (cloth) 25 June 1986 (established) 10 Oct. 1986 (effective) - Physical Fitness Badge (cloth only for sport outfit) 25 November 1984 - Ranger tab (metal for mess amp dress) - Special Forces (metal for mess amp dress) 9 June 1986 (retroactive to 1951) - Parachute Rigger 17 September 2004 - Special Operations Diver Badge (scuba diver head, sharks, crossed daggers) - Special Operations Diving Supervisor Badge (scuba diver head with wreath and star, sharks, crossed daggers) Obsolete - U. S. Army Reserve Recruiter - U. S. Army National Guard Recruiter - Army Student Nurse Program C opyright 2007 Verkuilen Ager Last edited by VerKuilen Ager 04-02-2008 at 06:01 PM. Manufacturers of U. S. Medals Abbreviations (alphabetical order, not order of precedence) DFC - Distinguished Flying Cross DSC - Distinguished Service Cross DSM - Distinguished Service Medal EAME - European-African-Middle Eastern Theater Medal LOM - Legion of Merit MOH - Medal of Honor S. G. Adams Stamp amp Stationary Co. St. Louis, MO. Box Marked with manufacturers name and Contract No. 9087-S March 30, 1920 American Emblem Co. Inc. - Bronze Star medal (29 January 1945 dated box) - Purple Heart (26 April 1933 dated box) - Womens Army Corps service medal (13 March 1946 dated box) - American Defense service medal (12 September 1945 dated box) Art Metal Works, Inc. - WWI Victory Medal (1920 dated box) The D. L. Auld Company, Columbus, OH - DSM, W. W.II - American Defense - WWII Victory - Army of Occupation, W. W.II Bailey, Banks amp Biddle (BBampB, BBB) - DSC, early issue - Silver Star, 1932 Issue (BBampB on reverse, above top star point) - DFC, 1st Issue (BBampB on the reverse) - Legion of Merit Chief Commander, early issue (hallmarked BBampB - pre-WWII Soldiers Medal, 1st issue - Purple Heart (1932 and 1937 dated boxes) - Porto Rican Occupation medal (12 October 1931 dated box) - Pre-WWII Naval Academy Short Range Battle Practice (Great Guns) medal L. G. Balfour - Army DSM - LOM during WWII. - LOM Commander Grades ( 1951 Dated Box). Bastian Bros Co, Rochester, NY - Good Conduct - Legion of Merit, Legionnaire (3 September 1943 dated box) - Air Medal (18 August 1943 dated box) V. H. Blackington - Medal for Merit Consolidated Jewelers Mfg. Corp. - Indian Wars campaign medal (23 March 1936 box) Freeman Daughaday Co. (Norton, MA through 1946, then Providence, RI) - Purple Heart, 8-16-43 dated box Di eges and Clust - US Army Medal of Honor, from WW2 or before - Legion of Merit, Officer (4 February 1952 dated box) S. E. Eby - Army Civil War campaign (23 May 1933 dated box) August Frank - DSC, early - DFC, 1st issue (August Frank on the reverse) - Cuban Occupation medal (31 December 1931 dated box) - Mexican Border Service Medal (31 December 1931 dated box) General Products, Providence, R. I. - Army Occupation - National Defense service medal (1950s box) - Armed Forces Expeditionary Medal - National Guard Armed Forces Reserve medal Graco Awards, Tomball, TX (A primary government supplier, since 1981) - Most current medals and ribbons - Many vintage campaign medals Heckethorn Mfg. amp Supply Co. Littleton, Colo. - American Theater Medal - WWII Victory Medal (21 June 1946 dated box) Hilborn-Hamburger Inc, NY. His Lordship Products (HLP) - Air Force Cross, early issue (HLP on edge of one cross arm) - MOH, Air Force (HLP on reverse) - Mexican Border Service Medal (1968 dated box) Krew Inc. - National Defense Medal, 9-57 dated box HLI Lordship Industries, Hauppage, NY (LI, HLI) - Army Philippine Campaign (1980 dated envelope) Joseph Mayer - Pre-WWII campaign medals Medallic Art Co. 210E, 51st Street NYC - EAME - Silver Star (numbered w wrap brooch 13 August 1942 dated box) - Soldiers Medal (19 July 1945 dated box) - Air Medal (1943 dated box) - Army Good Conduct Medal (several WWII contracts) - Many pre-WWII Army and Navy campaign medals (struck during the - 1950s) - Asiatic Pacific Campaign medal - WWII Victory Medal (21 June 1946 dated box) - Korean Service medal (1955 dated box) - Navy Armed Forces Reserve medal (1950s box) - DSC (1942 contract, Numbered in the 20,000 range) - Army DSM (9-18-45 amp 12-3-45 contracts) Metal Arts Co. Inc. - pre-WWII Soldiers Medal - Purple Heart (16 August 19 38 and 18 August 1939 dated boxes) - pre-WWII Naval Reserve medal N. S. Meyer Inc. - Silver Star, 1943 dated box - Bronze Star (13 April 1944 dated box) Northern Stamping Company - Pre-WWII campaign medals Rex Products - Purple Heart - WWII Victory Robbins Co. - Good Conduct, 5-11-44 dated box - DSC (1945 dated box) - Purple Heart (numbered, 1 July 1942 dated box) - Army Civil War Campaign (24 December 1941 dated box) - Army SS 60,000-75,000. if not a bit broader, 1942 contract) Silverman Brothers - Army Good Conduct Medal (11 May 1944 dated box) SimcoE. H. Simon (diamond with S-lightning bolt logo) - Airmans Medal, SIMON NYC on rim Daniel Smilo amp Sons Inc. New York, NY - National Defense Medal - Humane Action Medal - Army Reserve Medal Swank, Inc. Attleboro, Mass. - Bronze Star Medal Tiffany and Co. New York, NY - Dewey Medal Uncas Mfg. Co. Providence, RI - Army Good Conduct Medal - Silver Star (1943 dated box) - Bronze Star (7 February 1945 dated box) U. S. Mint - USNUSMCUSCG Campaign Medals - WWII USNUSMCUSCG decorations - All pre-WWII numbered campaign medals with a No. or M. No. prefix Volupte, Inc. New York, NY - Antarctica Service Medal - National Defense Waterbury Companies, Inc. - W. W.II Victory (6-6-47 dated box) Whitehead amp Hoag - USMC 2nd Haitian Campaign (hallmarked on brooch) - Bronze Star (1944 dated box) - Medal of Freedom (21 January 1946 dated box) - Spanish War Service Medal - Mexican Border Service Medal - WWI Army of Occupation medal (6 September 1945 dated box) J. R. Wood Products Corporation - WWII Victory Medal Unidentified CN-GI (National Defense Medal) (CNColumbia Button and Nailhead) Last edited by VerKuilen Ager 04-27-2007 at 05:35 PM. ARMY AIRBORNE QUALIFICATION BADGES 10 March 1941 - Parachutist (wingsparachute) BBampB - Baily, Banks amp Biddle Tiffany Amcraft Amico A. E. Co. (American Emblem) L. G.B (L. G. Balfour Co.) Bell Trading Post (General Insignia) Durocharm Gemsco (General Merchandising) Thomas Fattorini (British) Firmin (British) Gaunt (British) Ludlow (British) SS LTD (Simon amp Sons British) GP H in a circle (no idea) Hillborne Hamburger Leonard Jewelers N. S. Meyer Angus amp Coote (Australian) Luke (Australian) Wallace Bishop (Australian) Norsid Simon Brothers Robbins Sterling by Orber Weyhring Occupation Made pieces - Poellath Assmann Sendai Aoki Metals Kyoto Japan June 1944 - Glider Pilot (wings w letter G) Glider Pilot - Meyer Amico LGB Glider Badge-Wings with frontal view of glider LGB Meyer Sendai Ludlow Firmin Gaunt Assman Poellath Last edited by Allan H. 03-08-2005 at 08:58 PM.
Codificação de ajuda com d8217Alembert Forex EA Eu tento codificar uma EA que lida com a progressão de dalembert (para todos que não conhecem a progressão dalembert: bettingexpertcasino. Lembert-system) O plano é começar com 0,01 lotes e SL 13 pips TP 14 pips. Cada vez que um comércio se encerra com uma perda, um novo comércio abre imediatamente com lotes adicionais de 0,01 e depois de um comércio de ganhos próximo comercial aberto imediatamente com 0,01 lotes menos do que o lotes antes até chegar em 0,01 lotes. 1. comércio 0,01 lotes perda 2. comércio 0,02 lotes perda 3. comércio 0,03 lotes perda 4. comércio 0,04 lotes perda 5. comércio 0,05 lotes ganhar 6. comércio 0,04 lotes ganhar 7. comércio 0,03 lotes ganhar 8. comércio 0,02 lotes ganhar 9. Comércio 0.01 lotes de vitórias Então, aqui está a minha primeira tentativa de código, mas não funciona no testador startegy. - (Por favor, não há comentários como quotBlow sua conta de distância. Blablaquot Apenas compartilhando uma estratégi...
Comments
Post a Comment