Best of 2005: Minyanship
Editor's Note: This article was published on 11/9/2005
Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next discussion with that very intent.
It sure is great to be a retail broker and reading on the site how bad we are at managing people's risk, money, 401k's, etc. It really makes me really want to spread the word on the "Ville" to all my broker friends.
For every bad Trust or 401K story, I can give you multiple positive stories as well. I read the "Ville" to make myself a better investor, which I pass on to my clients. Please let people know that there are some postives out there as well!
Minyan John, founding citizen #27"
Thanks for sharing your vibes as they provide a perfect segue into a few topics I want to touch on. I have frequent discussions with my "Circle of Trust" regarding the evolving acrimony, both in our industry and in the world at large. It's hard not to see but easy to ignore until it touches us personally. And when your chosen mission is predicated on filtering, interpreting and synthesizing the financial landscape, it adds elements of discretion and judgment to the mix.
During the post-bubble "corporate malfeasance" witch hunt, I championed the benevolence in our industry as it was painted with the broad based corruption brush. Enron. Tyco. Worldcomm. You know the names and you know the pain. The liquidity induced, debt-fed rally pushed the bad guys to the back burner but as long as there's money to be made, some will cut corners to capture it. And the scarcer profits become, the sharper the angles they'll take.
You are correct in saying that there are alotta good people out there. If I didn't believe that in my heart, I would shut these doors and pursue another passion. We walk a fine line in Minyanville as we strive to improve fiscal literacy and financial education. At times, we'll offer opinions that don't sit well with the existing media oligopoly. Other times, there will be insights that upset our core contingency. But make no mistake, our goal is to expose the mechanism rather than indict it.
There are times that our message will be lost in translation or taken out of context. We try to provoke thought rather than shape it and we're simply attempting to communicate where hidden caveats exist. We live in an evolving learning curve and the onus is on each of us to arrive at our own conclusions. We're hopeful that, as Minyans, you're being armed with the information necessary to make more educated choices. But pointing out inherent inefficiencies in no way implicates our industry. In many ways, it should serve to validate it.
I've been talking about the long, hard road since 2000. I would be lying if I didn't admit that I expect the landscape to get much tougher before it ultimately improves. That's not a market call as much as an admission that we're in for some lean years where capital preservation and self-interest will dominate the collective psyche. I'm betting big chips on the fact that this dynamic will serve to fortify our Minyanship rather than isolate it. And feedback like yours is instrumental in assuring that we stay on track.
Thanks JD-and fare ye well.
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