As 2013 draws to close, the print and broadcast media are filled with stories of what was this year and what will be in 2014. It is clear that 2013 was tough for the global economy, stock market performance notwithstanding, and the investment management industry. The news of the year was a big mix of good and bad stories from around the globe.
And while we all continue to think how the tapering will affect the economy and the actions of a post-Bernanke Federal Reserve, there is quite a lot of work to be done to prepare for the New Year. Managers need to look back and dissect what worked and did not work in their portfolios. They need to learn from their mistakes and work to find solutions.
As investors, our job is to talk to managers and get a real picture of what they did with our money over the last 12 months. It is time to ask questions. If answers are not forthcoming, well then, it is time to fire them. Remember, it is your money, you have a right to know how it is being managed and managers unable to articulate their investment strategy in simple, easy-to-understand language aren’t worthy of your money. So after you kick back and relax with family for a couple days, I suggest you gather as much information as possible about everyone you have allocated your assets to and begin a thorough and thoughtful review of those allocations.
If you are looking for some light reading over the next few days check out the Operations for Alternatives website. There is a lot of good information there for those looking to expand into new products and develop new distribution channels. Join the OFA Community and Register for the event.
The next HEDGEAnswers Conference Call is January 15, 2014 at 10 am. Register now and get in on the discussion!
THINGS THAT DRIVE ME CRAZY
I am sick and tired of ordering a large ice coffee and getting two-thirds ice and one-third coffee. Now, I know some of you are asking, “Does he really order ice coffee in December?” The answer, of course, is that those of us who hail from the place they call New England order, drink and thoroughly enjoy ice coffee 12 months of the year. From my experience at both Starbucks and Dunkin Donuts, it seems that their corporate policy is to make ice coffees that are full of ice and lack any real amount of coffee. This really drives me crazy. I have taken to ordering ice coffee with just a little bit of ice at both places. This extra-ice policy is almost as bad as those people who talk on the phone during the ordering process — almost as bad.
This is the last post of 2013. Thank you all for reading and paying attention to my blog. I truly appreciate it. I wish everyone a happy, healthy and prosperous 2014.