IRA company called me to ask why I went cash

Russ Smith

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Found this interesting. Last week I decided to go essentially 100% cash in both my IRA's with the market appearing to be overbought. I got not one but two calls from someone at Fidelity. Both were messages the first I assumed they were calling to verify the trades were me. But the 2nd one the message said they wanted to talk to me about my transactions and offer me their expertise in decisions.

out of curiosity I talked to them today and they were actually calling for both, to verify I made the transactions, I did, and then to try and persuade me to change my mind.

Thought it was really interesting.
 

jefftheshark

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Found this interesting. Last week I decided to go essentially 100% cash in both my IRA's with the market appearing to be overbought. I got not one but two calls from someone at Fidelity. Both were messages the first I assumed they were calling to verify the trades were me. But the 2nd one the message said they wanted to talk to me about my transactions and offer me their expertise in decisions.

out of curiosity I talked to them today and they were actually calling for both, to verify I made the transactions, I did, and then to try and persuade me to change my mind.

Thought it was really interesting.

I don't know if you are following the MF Global disaster but in reality everyone probably should. Basically they "lost" a large chunk of the segregated funds of their investors, an act which was thought to be impossible if not highly illegal. Of course Holder hasn't filed a single charge (big surprise, if this doesn't tell you all you need to know about Obama I don't know what to tell you).

This is killing mainly farmers, who used the brokerage for their hedging and futures activities. It should make everyone nervous for it says that the big banks like JP Morgan can seize the assets of brokerage houses to pay off their bad bets, stealing the funds from people who had no idea that they were at risk.

I'm sure that funds like Fidelity as getting thousands of requests like yours, Russ. They most likely are trying to find out how systemic this fear truly is.

JTS
 
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Russ Smith

Russ Smith

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I don't know if you are following the MF Global disaster but in reality everyone probably should. Basically they "lost" a large chunk of the segregated funds of their investors, an act which was thought to be impossible if not highly illegal. Of course Holder hasn't filed a single charge (big surprise, if this doesn't tell you all you need to know about Obama I don't know what to tell you).

This is killing mainly farmers, who used the brokerage for their hedging and futures activities. It should make everyone nervous for it says that the big banks like JP Morgan can seize the assets of brokerage houses to pay off their bad bets, stealing the funds from people who had no idea that they were at risk.

I'm sure that funds like Fidelity as getting thousands of requests like yours, Russ. They most likely are trying to find out how systemic this fear truly is.

JTS

Mine was just the market at large not any one specific fear. I just have a feeling it's going to correct and 10-15% is 1300-2000 on the Dow. I sort of decided if it hit 13K, I was going all cash for awhile just to be careful of a correction.

We'll see if I'm right or not.

I just found it really interesting the guy was actively telling me I shouldn't be all cash right now, he wasn't saying you're an idiot but he was really trying to nudge me back into stocks. Surprised me.

At least for today, looks like I may be right.
 

RugbyMuffin

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I don't know if you are following the MF Global disaster but in reality everyone probably should. Basically they "lost" a large chunk of the segregated funds of their investors, an act which was thought to be impossible if not highly illegal. Of course Holder hasn't filed a single charge (big surprise, if this doesn't tell you all you need to know about Obama I don't know what to tell you).

This is killing mainly farmers, who used the brokerage for their hedging and futures activities. It should make everyone nervous for it says that the big banks like JP Morgan can seize the assets of brokerage houses to pay off their bad bets, stealing the funds from people who had no idea that they were at risk.

I'm sure that funds like Fidelity as getting thousands of requests like yours, Russ. They most likely are trying to find out how systemic this fear truly is.

JTS

You can thank New Jersey's real life super villian Jon Corzine for that.
 
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Russ Smith

Russ Smith

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Took awhile but starting to look like I was right at least for the short term. Dow is off 200 today with 30 min left, about 600 off the high which is roughly 5%.
 
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