The Business Cycle
How will you weather the ups and downs of the business cycle?
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Chinese legend says that the Jade Emperor determined the order of animals in the zodiac by calling a race. The Rat and the Ox were in tight competition — until they arrived at a swift river. The Rat charmingly convinced the Ox to carry him across. But when they landed on the other side, the Rat leapt off the Ox and dashed across the finish line first.
Pundits go on and on about how “terrible” or “wonderful” annuities are, but they never talk about whether annuities are right.
Diversification is an investment principle designed to manage risk, but it can't prevent against a loss.