Very similar thing happened to me around that time with the...

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dgb99.94

557 Posts.

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20/09/18

06:50

Post #: 35713952
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Originally posted by AOF ↑

Facty said, “I should also point out that super is compulsory”

It might be compulsory, but, IMHO, it certainly isn’t providing value for money for the ‘punters’.
Just prior to the GFC I transferred all of my super into their cash option and was ..’grilled’.. for doing so by their ..free.. financial advisor. Three months later, in January 2008, I still had all of my super balance intact, and they, had sacked their ..free.. financial advisor.

I then withdrew all of my super from their fund, which, just prior to the GFC had been paying me between high single digit and low double digit returns and then proceeded to invest all of it myself in stocks of my own choosing and over the past 10 years I am now up by an average of 23 percent, per-year, for my own investing efforts, and that figure, does not, include, any short term ‘trading’ on my part during that time.

Moral of the story..?? is that Warren Buffett was right when he said that spreading your own limited investment capital across a multitude of stocks “for diversity” as is suggested, by very many financial advisors, is a recipe for mediocre ‘average super funds single digit returns’ and only suited to those, who really don’t know, what they are doing.

For those who do, know what they’re doing, it is simply a recipe for sub-optimal performance on their own investments, and, for what it’s worth, I will say right now, that I have never been more sure of any of my investments, than I am of my current investment in Galaxy Resources.

IMHO, Hold ‘em. Don’t Fold ‘em, Folks. Ohhhh, and, Buy the Dips..!

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Very similar thing happened to me around that time with the exception it was a managed fund not in super and my guys didn't have a clue either. I eventually got out 2 years ago , with the only positive being the capital loss which has offset the gains I have made . The mob I was with obviously didn't know about shorting . You would of thought a prime time if they had a clue what fundamentals were doing.

GXY Price at posting: $2.44 Sentiment: Buy Disclosure: Held
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