Avoid the Next Big Thing
Resist speculation, whether on the upside or the down. --Paul H. Sutherland
To hold on to a healthy dose of skepticism, assess your client portfolios critically—and enlist your most mania-prone clients in the effort. Ask yourself, if these portfolios were made up of 100% cash, how I would invest them today? Then get a second opinion about the portfolios' composition from seasoned managers with consistent long-term track records. Ask them if your recommended investment strategies appear objective. Resist speculation, whether on the upside or the down. All investing is made into an uncertain future and decisions are always made with incomplete data.
-Paul H. Sutherland, president of FIM group/manager of the Utopia Funds, in Mania and Its Aftermath
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