Friday Brexit Posbang

Submitted by father fisch on June 24th, 2016 at 6:03 AM
Happy Friday, everybody. Have some extra coffee to help deal with your 401k losses today from the Brexit!

Comments

xtramelanin

June 24th, 2016 at 6:15 AM ^

the buh?

Image result for picture of buh bye skit

or the bye?

i have no idea if it was a smart move or not, but hopefully in the end it turns out well for britain even if they have some short term upset.

you all have a great friday.  warm and sunny all weekend.  get out and enjoy michigan. 

sULLY

June 24th, 2016 at 9:21 AM ^

Certainly didn't see this vote going the way it did, but fortunately, I moved my 401k holdings from mutual funds to cash when the Dow hit 18k over a week ago.  My biggest question is, should we invest today, Monday, or wait even longer?  If the impact on US markets is a blip, I imagine it would be prudent to get in sooner than later.

 

Would love some advice from finance saavy mgoblogger, but my strategy at this point is to reinvest in safe dividend-paying blue-ship stocks.  I would mix my investments across various industries of course, but would look for dividends in the range of 2-4%.

ND Sux

June 24th, 2016 at 9:43 AM ^

do NOT try to time the market.  Select a mix that is age-appropriate and stay with it long-term, adjusting as you get closer to retirement.  Not investment savy?  Target Retirement Date funds may be your best bet over the long haul.  The fees tend to be lower, and the fund manager rebalances and adjusts your mix, while you party naked with your friends on a boat. 

BlueMan80

June 24th, 2016 at 1:32 PM ^

Lost my job in late April and moved my previous employer's 401K to my financial advisor (the guy that has helped me invest outside of my 401k) about 2 weeks ago.  He's been sitting on the cash looking for opportunities, so hopefully he finds something that works.

aratman

June 24th, 2016 at 10:21 AM ^

That advice cost me in the last down turn.  Buy is the word or sell doesn't matter pay the finance guy either way,  just do something.  Same thing Enron was saying, we are down now would be a great time to buy, better off investing in beer because atleast you have .10 when you are done.  I know by the book you are right, but I am not so sure the book is right, I will be setting pat as we have no idea what this means.

aplatypus

June 24th, 2016 at 11:00 AM ^

the whole markets are dropping due to uncertaintly and discord, not a specific company like then. The markets will recover over long haul regardless, and if not then there may be bigger issues and causes than Brexit. As long as you're not investing short term and aren't looking to cash out next week, any invested money will be fine and not a big loss if left alone. 

Thee Message B…

June 24th, 2016 at 4:42 PM ^

But I LOVE these guys and their, "I know the market, it will recover, in the long run"

The Lil Guy has not recovered from 2008. The stock market is a rigged ponzi scheme where the Rich Boys play socialism with the money they legally extort from unsuspecting "investors".

Yes, the market will recover. It will recover for the guys who can control the money, the stock prices, and for those who have made this house of cards their personal sandboxes since Reagan. They're golden, and "The Market" always recovers for them.

The Lil Guy? Not so miuch. Done. 

Surveillance Doe

June 24th, 2016 at 6:24 AM ^

Thanks a lot, Britain.

Seriously, though, if you're still in the accumulation stage, this should be a great time to load up at a discount. Might be a great time to max your IRA and HSA cobtributions for the year.

M-Dog

June 24th, 2016 at 6:33 AM ^

On the old Hollywood Squares game show (which is just Tic-Tac-Toe), whenever a contestant did something really stupid, the MC would not call them out on it directly.

Instead, he would politely say "Interesting strategy. Maybe this will work out."

 

Interesting strategy, UK.  Maybe this will work out.   

LSAClassOf2000

June 24th, 2016 at 6:39 AM ^

Yeah, one of the funds that I have money in within my 401(k) is heavy into European stocks, so I will probably be putting off retirement for another few years as a result now. That basically means I will not retire now until age 134, Indeed, when she got home from work last night, my wife asked if I would get out of that fund and I told her that at this point I am willing to watch the world burn and that the coffee can of cash buried out back - like some people seem to do - would have been so much simpler. 

 

father fisch

June 24th, 2016 at 2:44 PM ^

Same here...darker when it's colder out.

The other day I tried something from Short's called Soft Parade, a berry infused ale that is 7.5% ABV.  It was a 90 degree day and it was pretty good!  Last night I was offered something called Cranium Crush from Petoskey Brewing.  It's a raspberry cream with 6.9% ABV. 

Both were refreshing and suprisingly potent.  Do try if you like fruit beers.

jdon

June 24th, 2016 at 9:34 AM ^

I will be in alpena this weekend... want to hit lumbermans monument on sunday with the kids on the way home.  

Lumberman's Monument is my center, my refresh button... a  trip up north is literally soul saving in my mind...