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Prioritising your spending

Prioritising your spending

Written by R. A. Stewart

Life is all about making prioritise and it is not all about money and how you prioritise your spending but about what you do with your time. We have different financial commitments and different levels of income but when it comes to time, we all have an allotted 24 hours in the day, no more and no less but our income and how we earn our income will have an effect on how much time we have to devote to the important things in our life.

Many people sacrifice their time for money by spending all of their time working leaving little time for anything else. They are out of balance.

If you have a specific goal in mind such as saving for a house deposit then the sacrifices may be worth it in the long term. Maybe because only you will know whether the long days were truly worth it. It al depends on what your priorities are.

What factors should you consider when setting priorities?

Here are several to consider:

Your commitments

Your commitments will have an effect on what you are able to spend your money on. Most people have commitments of some kind and these will having a bearing on your financial spending. 

Your debt levels

Any debts you may have will have a bearing on your spending. If you have a mortgage or other debt then saving up for an overseas holiday will not be on the radar nor will spending money on things which are considered to be wants rather than needs.

Your age

Your birthday will make a difference to how you spend your money. If you are in your 60s then you are not going to plan 30 years ahead. The young ones have tat luxury. Retired people are at the spending phase of their life. That does not mean to go out and blow your retirement fund all at once but rather enjoy life to the max by ticking off those items on your bucket list.

Your family circumstances

Your family situation will determine your priorities. A single person without any kids will have different priorities than someone who is married with kids. A married person is not going to make decisions based on themselves but has to consider their spouse and plan their journey together.

Your health

Your health is another factor to consider. If you have issues concerning your health then that will be a factor in how you prioritise your spending because you may not be able to work the hours you previously did which means that less money is coming in.

Your career

Another factor. Every career has its own unique set of challenges which have to be dealt with. 

Your pets

If you own pets then you have a responsibility to take care of their needs. However, it is important to think things through before deciding to get a pet because they can be a drain on your time, not to mention finances.

What now?

Who am I to tell you what you should do with your money but if your priorities in life always involves spending money and not investing it then somewhere down the road it will all catch up with you with that medical or dentistry bill and you do not have the funds to pay for it.

Hopefully this will at least serve as some kind of guide to setting goals for managing your money.

ABOUT THIS ARTICLE

The information contained in this article is of the personal opinion of the writer and may not necessarily be applicable to your personal circumstances. Please feel free to share this article. You may use this article as content for your blog/website/ or ebook.

www.robertastewart.com

 

Start investing on a shoestring

Sharesies makes it possible for anyone to get into buying and selling shares. It is an online share market platform where you have the option of purchasing shares in individual companies or in various funds (managed/mutual funds). You can even start with $5. This is a no brainer because it gives investors young and not so young the chance to improve their financial literacy. There is certainly no substitute for experience when it comes to learning and this is applicable to everything else, not just investing.

Join sharesies here: https://sharesies.nz/r/377DFM

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The averaging strategy in the markets

INTRODUCTION

Investors must realize that investing in the markets has its ups and downs (literally) that it is important to keep it all into the right perspective if investments do not go your way. There is a method of playing the markets in a way that you can take advantage of the market drops. 

The Art of Averaging 

Averaging is a term one may come across in the markets now and again; what this refers to is the average price paid for a particular share if you had bought shares in that particular company.

To calculate the average price paid for a particular share you add up the total amount you have paid for the shares and divide that by the number of shares you have bought in that company. 

The answer is the average amount that you have paid per share.

Try this mathematical question:

There are five numbers 10, 20, 30, 40, 50

What is the average number?

The calculation: 

Add up the five numbers:  10 + 20 + 30 + 40 + 50 = 150

Divide the total of the five numbers (150) by 5

150 divided by 5 = 30 (answer)

You can do this easily with a calculator.

There are so many share trading platforms available these days that investing directly into the sharemarket has never been easier for the ordinary man and women.

So how does averaging work?

If you purchase stock at regular intervals you will pay different prices for each stock because share prices go up and down. Imagine if you bought something at the supermarket last week at the full price then bought the same item this week on special. The average price you paid for the item will be somewhere between the higher price and the lower price.

The sharemarket works like that. By purchasing a particular stock at regular intervals you will manage to pick up some shares in it when the price is lower. This is the advantage of saving regularly. 

In fact I think there is a case for purchasing more shares when the price is low. The average price paid per share is determined by calculations as explained earlier. 

The averaging strategy can also be used in cryptocurrency investing. 

Bitcoin is more volatile than the sharemarket so an astute investor who has an eye for a bargain can invest when the price has dropped.

There are so many share trading platforms available that playing the markets is accessible to everyone. I have joined two of them in New Zealand. Most countries have share trading platforms available. Signing up for them is easy; you require some form of identification. Just follow the directions and you are all set up.

TO SUMMARISE

Playing the markets requires a positive mindset and a cool head. If you have these you can profit from falling markets. Averaging is a method that takes advantage of falling markets. 

ABOUT THIS ARTICLE

Robert Stewart has a blog with other articles of a finance nature. Visit www.robertastewart.com Feel free to post this article on to your site, use it as part of your ebook, share it, print it, even sell it.

 

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Investing in share trading platforms

Investing in share trading platforms

Online share market platforms are gaining in popularity; they provide a terrific opportunity for ordinary folk to get involved in the share market on a shoestring budget. Just deposit $5, $10, $20, or more per week and given the benefit of time and patience this can all grow into a tidy sum.

The beauty of this is that your financial literacy increases as you get more and more involved in choosing which shares to buy.

In New Zealand Sharesies is the number one share market platform. It enables anyone of small means to invest directly into the share market and even in individual companies. 80% of sharesies investors are under 40 so it is appealing to the young folk. That is a good thing as it shows that the young are interested in matters of finance. It is also a good thing that the young are improving their financial literacy.

I cannot speak for other sharesies investors but here is my strategy. It may not necessarily be right for your personal circumstances but I will share it with you. 

I choose one company per year to invest in with sharesies and drip feed money into it every two weeks which means that whether its share price is up or down I have bought shares in it. If I had just made one purchase of the share then chances are that I have bought it at the higher price and its value has dropped a few weeks later but spreading my investment out means that I have bought some at the lower price.

You can use different strategies to suit your budget, goals and personal circumstances.

Here is the link to join Sharesies if you are keen to give investing a go. This is only for those living in New Zealand or Australia.

 

https://sharesies.com/r/377DFM

www.robertastewart.com

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The difference between assets and liabilities

ABOUT THIS ARTICLE

Knowing the difference between real assets and real liabilities and then setting your financial goals accordingly can be the difference between getting yourself financially sorted or the poorhouse. It underlines the value of financial literacy in helping achieve your goals.

The difference between assets and liabilities

Written by R. A. Stewart

An asset is something which pays you money while an asset is something that costs you money.

So let’s look at some examples.

Is property an asset or a liability?

Some people may say it is an asset because it is something you own, however, if you owe money on that property and are not getting a return on it then it is a liability because it is costing you money.

Is it an asset if you are receiving rent from that property?

Only if you are making a profit.

Some people would not agree saying, “The property is increasing in value over time.”

Lets not forget there are rates to pay plus maintenance costs and insurance to pay on that property so it could be costing you money in the long term but you will have to sit down and do your homework. 

Other investment times are less complicated such as the sharemarket so lets look at other investment types which are assets. 

Assets

Your retirement fund

Mutual Funds, also known as managed funds

Other investments

Business or farm

Learn to invest your money in items that can be quickly converted back to cash; some investments do not allow you to quickly turn the asset back into cash without jumping through several hoops.

Liabilities

Any item which has money owed on it and this is your form of transport, however there are circumstances where it may be an asset such as if the vehicle is used as a taxi, which therefore makes it an asset as it is producing an income. Such costs and the money owing on the vehicle can be tax deductible. The same applies to any vehicle used in a business.

Even though a vehicle used for work and business purposes may be classed as an asset, the money owed on that vehicle is a liability and will go into the accounts as such.

The reason why so many people are in such a poor financial state is that they borrow for stuff instead of saving for it and therefore pay more for that item in the form of interest payments.

A pet can be classed as a liability if it is costing you an arm and a leg to keep. Think of a dog for example; I read somewhere that it costs $20,000 to keep a dog during its lifetime. That is not just the food but vet bills and the like. A dog can be classed as a liability.

Do a stock take

Before you know where your money is going you need to do a stock take of all your spending.Your number one priority has to be the elimination of debt and plug up those leaks in your spending that is costing you money. In this way you will know where to make savings and redirect that money elsewhere.

Your task needs to be to reduce liabilities which means reducing debt then once you have savings use it to build your wealth. This involves setting goals which will increase your wealth and not send you to the poorhouse.

There are a number of share market platforms where you are able to drip feed money into the markets. Take advantage of these as they are a great way to build your financial literacy.

ABOUT THIS ARTICLE

Accumulating assets instead of liabilities will lead to a more prosperous future. It is vital for investors to know the difference between the two. In this article Robert Stewart explains this difference. Check out his blog at www.robertastewart.com

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MISTAKES MADE BY INVESTORS

Mistakes made by ordinary investors

MISTAKES MADE BY INVESTORS

Written by R. A. Stewart

We all make mistakes; none more so than when we are making investments but it is important to learn from your mistakes in order not to repeat them. It is also important for investors to note that a financial mistake should not be a deterrent to making further investments. Just keep saving and investing and that will make life easier later on.

Mistakes made by ordinary investors

If you have money invested in your country’s retirement plan then you are an investor whether you know anything about the markets or not. Chances are you have your money investyed in some kind of mutual fund which is managed by a fund manager who invests on your behalf. It is up to you to decide on which fund to invest in and for how long.

1-Too Conservative

You have got to learn how to be an investor and take calculated risks; there are no two ways about it. You can manage these risks to take into consideration you age, goals, and your timeline. If you have your money in conservative funds and you are in your twenties then your retirement fund will fall far short of where it is likely to be when you retire. Investing in growth funds is all about achieving capital gains.

2-Too inconsistent

Lack of consistency as far as contributing to your retirement fund will cost you in the long run. It is easy to be consistent in your contributions when the share market is going strong but it is when the markets are bearish that you need to motivate yourself to keep investing because during the low points is when there are bargains in the share market. If you are working in some type of job then a percentage of your gross wages will be deducted and deposited into your kiwisaver account.

3-Too Emotional

Fear and greed is what drives the share market is an old cliche which rings true. Many investors react to the market’s swings and roundabouts and sell when they should hang on to their stocks. Investing in the share market is a long term game; it is not a sprint, it is a marathon. If you have some kind of retirement fund then your fund manager invests on your behalf, however if you are in New Zealand you are able to switch funds which some investors do in reaction to what the market is doing. If you have some kind of financial goals then this should take into consideration a possible share market crash.

4-Too Greedy

Many investors are simply too greedy; they invest in something offering high returns without paying any attention to the risk they are taking on, or worse still, they place all of their eggs in one basket hoping to make a killing. This all or nothing approach has destroyed several retirement plans. This was certainly the case when several investors saw their life savings disappear with the collapse of several finance companies. Diversification minimizes your risk.

5-Too Impatient

Patience is the name of the game in investing. It is time and not timing which will build your retirement riches. There will be ups and downs in the markets but a bit of patience will pay off in the long run. Something some people do not have so the invest in risky stuff offering quick returns and end up ,losing more often than not.

6-Too Gullible

There are offers or as the are called “opportunities,”promoted online mostly and sometimes in the print media as a way of making quick profits. If an investment seems too good to be true then it mostly certainly is. Usually the person or company promoted such offers are the ones making money out of it. You may have read stories about the amount of money such people have made from whatever it is being promoted but tey are in the minority.

It is up to investors to take responsibility for their own decisions and not try to find a scapegoat if things turn to custard.

ABOUT THIS ARTICLE

This article is based on the writer’s own experience and opinion and may not be applicable to your personal circumstances. Please do your own due diligence when investing. You may share this article or use it as content for your ebook or website.

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share market crashes

I posted this article on the site a year ago. Thought I would repost it.

INTRODUCTION

It is not a secret that the stock market can be volatile; history has shown us this. There are many factors which are the cause of a falling market; they could be a change of President in the US, correction in the market, or nervousness by investors resulting in them selling off their stocks. Whether a 1929 or 87 style crash occurs this decade or not, one thing is clear; it is still important to save and invest for the future because one thing is certain; you will cease working one day and need something to fall back on.

History of share market crashes

When one thinks of share market crashes two years spring to mind, 1929 and 1987, hopefully, such crashes on the scale which wiped out life savings are not going to occur in the foreseeable future. It is not guaranteed that it will not happen, but then nothing in this world is guaranteed apart from death and taxes.

There have been other financial meltdowns outside of the two main ones. Asian Financial Crisis of the 90s and the GFC of 2008 wiped billions of dollars off share values. 

The next major financial meltdown in the markets could be caused by the very people who will be most affected by it, Baby Boomers.

Why?

Because as more and more of them retire, they will withdraw their savings out of the stock market causing a major selloff.

This has been predicted in the past but there has not yet been any sign of this happening with the markets at record levels, however, who is bold enough to predict which direction the stock exchange will head in the future?

One thing you can guarantee is that there will be another market crash in the future; investors just need to be prepared for it.

Here are the most notable share market crashes within the last 100 years.

1929-The Wall Street Crash

The Wall Street crash lasted for over four years. Investors borrowed money to buy shares and when shares were sold off to repay the money to their creditors investors were left out of pocket. The 1929 crash led to the 1930s Great depression.

1962-The Kennedy Slide

The stock market had enjoyed a steady rise since the 1929 crash with the ten years prior to 1962 being good ones for the stock exchange. This all changed in January when share prices plummeted. President Kennedy attributed the decline as a correction for the rises of the past ten years.

1973-74-Stock market crash

The Dow Jones fell by 45% during the stock market crash which lasted two years between January 1973 and December 1974. The UK markets feared even worse losing 73% of it’s value during this time. The collapse of the Bretton Woods System was to blame. This is a system devised many decades earlier on an agreed fixed currency rate. 44 countries met in Bretton Wood to discuss the currency issue in 1944 hence the name Bretton Woods System.

1987-Black Monday

19th October 1987 will always be known as “Black Monday,” after the biggest one day fall in the stock market in history took place. Leading up to the crash many traders borrowed money to purchase shares and as share prices rose they borrowed more money using the value of their shares as security, however, when the stock market dropped by 20% in one day many investors owed more money than the value of their shares and found themselves in financial turmoil.

1997-Asian Financial Crisis

Many stock markets in Asia fell dramatically between July and October due to an overheated market. Many who bought shares on credit or with borrowed money were hit hard by the crash.

2007-2008-Global Financial Crisis

The failure of several financial institutions in the United States.

2020-The Covid Market Crash

Stock markets dropped 34% in one day on March 23 2020 as Covid-19 was starting to take hold. This started a worldwide recession caused by the Covid-19 pandemic.

Who knows when the next share market crash will occur; one thing is for certain, it will be out of the control of investors. It is up to each of us to plan our finances in such a way as to minimise the effect of a financial meltdown in the markets. This can be done by diversification; that is by having your money invested in a range of industries. This way you are not placing too many eggs in the one basket.

ABOUT THIS ARTICLE

This article does not represent financial advice, but rather is the opinion of the writer. It is strongly advised that you seek independent advice from a qualified person. Feel free to share this article. You may use this article as content for your ebook or website. Visit my site www.robertastewart.com for other articles.

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Share Market tips

Here is an article I put on the site in 2020 and I thought I would repost it but have made some changes to it.

This article is solely based on the writer’s own opinion and knowledge and is not to be taken as financial advice. If you need the advice of a professional see your bank manager or financial advisor.

Share Market tips

Written by R. A. Stewart

It is crucial for investors to invest in companies which are going to withstand the covid-19 recession which could last for two or three years. It makes me wonder how many companies are still going to be around after this pandemic is over.

So which companies are worth investing in and which ones to avoid?

My picks are:

Genesis Energy

Power companies have to be a good investment since everyone uses power.

Trustpower

Same as for Genesis

Meridian Energy

Same as for Genesis & Trustpower

Spark

Have hosting rights to several sporting events and most people use cellphones. Has to be a good investment.

Fonterra

The milk payout is expected to be low next season so this is a share to snap up when they bottom out.

PGG Wrightson

Farmers are propping up the economy so expect Wrightson Shares to be steady

Westpac Banking

Long term investment. The banking selector thrives off the back of a thriving economy so they are a long term investment.

Warehouse Group

Best of the retail outlets but likely to be affected by the buying online trend.

Fletcher Building

This is one company I am looking at to add to my sharesies portfolio. It is affected by a shortage in building materials but still a good investment.

The companies I am a bit hesitant to invest in are those connected to travel and tourism, insurance, and manufacturing. The travel industry is rebounding but it is still a volatile industry to invest in. Insurance companies are prone to taking a hit from climate change events while manufacturing often suffers from cheap imports.

Most people have retirement savings scheme of some kind and in New Zealand that is called kiwisaver which are managed funds or mutual funds as they are called in America. The fund manager is making the investments on behalf of the fund owner but there is one kind of investment where you are able to make your own decisions and that is www.sharesies.nz This is a New Zealand share trading platform where you are able to join for as little as $1 as their TV ads state. The beauty of sharesies is that you can invest in managed funds or individual companies. It is a great way for the young and not so young to add another string to your financial portfolio and gain some knowledge of the markets at the same time. In the US there is www.robinhood.com There are other share investment platforms which are  cropping up. In NZ there is also Hatch, Kernel, Invest now, and Tiger Trade. They are a great way to get involved in the sharemarket for little outlay and gain experience. 

MY STRATEGY

My strategy with sharesies is to choose a particular share to invest in that throughout the year. I purchase some shares every two weeks in that particular company. That way I will have bought some shares when the price of it is low. This year the company I chose was Fonterra; in 2021 it was Spark, and 2020 Genesis Energy. I am looking at Fletcher Building for next year. All of these are New Zealand companies.

www.robertastewart.com

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Timing the Market

Would you have been much better off if you had timed it just right?
2022 has not been a good experience for investors with some commentators saying that the first six months of the year has been the worst six month period for at least 50 years.
A little over 5% of the funds in New Zealand have shown a positive return during the six months to June 2022 according to research house Morningstar but what we do not know is what type of fund this 5% had invested in because it is almost certain that if they had been invested in growth funds then they would have joined the other 95% of funds which have shown a negative return.
So are you able to time the market perfectly every time?
The short answer is “No.”
The reason why this is so is that the odds of getting it right every single time is stacked against you.
If there was a method of timing the market perfectly every time then someone would have discovered it by now and you can guarantee that they are not going to share their secret with everyone.
we all have an opinion of some kind n what the markets will do; at the end of the day the markets are driven by market sentiment.
One cannot expect to be an expert on the markets overnight; it is no different to being knowledgeable about anything else. It all takes time and a bit of reading but knowledge does not involve just reading and listening; it involves doing. That is, investing; there is no better teacher than your own personal experience.
Warren Buffett recommends against obsessing over finding a perfect time to buy a stock.
“Don’t worry about what the market is doing or might do, or what the economy is going to do,” says Buffet. “Instead, think about the things you can control. Why am I investing? When do I need to use the money? Then set up an investment plan for your personal circumstances-because your goals can’t wait, but emotive headlines can.”
There is no doubt that investors jump on a bandwagon when a particular stock is rising.
The market is driven by emotion but whether a particular stock will rise or fall is not the only consideration. There is the matter of taxation. If stocks are held for a short period then sold your tax status may have changed to a trader but this area is a bit murky. A capital gains tax is in force in some countries so some of your gains could be reduced by a tax liability.

from time to time you might read of stories of investors who made a killing by timing the market just right but you never hear of the occasions of when these same investors who tried the same thing since and got their fingers burned. Greed eventually gets the better of speculators.
Timing the market correctly can sometimes be down to luck and that’s something to keep in mind if you see an advert from some guru who made a one time killing. Anyone can achieve a one off success but it is doing it consistently which is the problem. It is for this reason why spreading your investment among various forms of assets is the best way forward.
ABOUT THIS ARTICLE
You may use this article as content for your ebook or website. Feel free to share this post on social media.
www.robertastewart.com
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How to Finance Books Book Review

How to Finance Books Book Review

Your Money Your Future by Frances Cook

There are some very good financial how-to books written by New Zealand authors which are a good read. If you come from a country outside of New Zealand then maybe you can find these listed on Ebay. You will almost certainly find these listed on the New Zealand auction site trademe. One such author whose books are worth reading is Frances Cook.

Frances is a top-rated pod caster and personal finance journalist. Her book, YOUR MONEY YOUR FUTURE is worth a good read. “The best time to plant a tree was twenty years ago. The second best time is now.” according to Frances. The book contains practical advice which anyone can use to achieve better financial outcomes.

There are several interesting points made by the author; some interesting ones being:

The 4 percent rule

This is how much you can spend on your savings per annum after you retire from working.

Income – expenses = savings

You just need to create a gap between your income and your expenses whichever way suits you, in order to save money; “a very simple equation”says Cook.

Chapter nine is titled, “To understand money, think of it as time.” The more time you have on your side, the more you want to invest in risky assets. It is not risk such as investing in a new cryptocurrency which may make you a packet one year only to lose it the next. Everything comes down to time. It is the key to unlocking the key to what you do and when. Older people need more cash on hand, because they’re in the spending phase of life.

Debt was another topic covered. “Spending money you don’t have is called debt”, says Ms Cook. “It is a monkey on your back. Your debt is standing between you and a better savings rate. The money you can’t have today as a debtor has to pay for the life you lived in the past. The debt needs to go first so that the future doesn’t keep being held back.”

Without knowing your personal situation I believe that even if you are in debt it is still important to contribute to your country’s retirement scheme in order to take advantage of the incentives your government provides, not to mention the captain gains on your money but it is a balancing act and as Frances Cook points out. Debt is a hindrance to your financial well-being and has to go beginning with the debt which you are paying the most interest on.

increasing your income through side hustling is covered. One piece of advice given is to look at other industries and see if you can adopt and repurpose the idea to your own area.

Also covered in the book is retirement and Frances says “You are either retiring from something or retiring to something.”

What do you do with your life if you don’t need your job anymore? It might be volunteering for a charity or community group. If you focus on retiring from something, you focus on what you are leaving behind. If you’re retiring to something instead, you have an end goal in sight. You may have a business you want to launch in an area of your passion. You are creating a life, not just quitting the one you currently have. If all you are focusing on is retirement from the life you had then you will find life very empty afterwards.

Frances Cook really puts things into perspective and asks a few hard questions. At the end of the day, a book such as this, may have a lot of useful snippets of information but it really is up to each individual to establish what their personal goals are and incorporate ideas from the book which are appropriate to your situation.

www.robertastewart.com

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Mistakes made by ordinary investors

If you have money invested in your country’s retirement plan then you are an investor whether you know anything about the markets or not. Chances are you have your money invested in some kind of mutual fund which is managed by a fund manager who invests on your behalf. It is up to you to decide on which fund to invest in and for how long.

1-Too Conservative

You have got to learn how to be an investor and take calculated risks; there are no two ways about it. You can manage these risks to take into consideration your age, goals, and your timeline. If you have your money in conservative funds and you are in your twenties then your retirement fund will fall far short of where it is likely to be when you retire. Investing in growth funds is all about achieving capital gains. 

2-Too inconsistent

Lack of consistency as far as contributing to your retirement fund will cost you in the long run. It is easy to be consistent in your contributions when the share market is going strong but it is when the markets are bearish that you need to motivate yourself to keep investing because during the low points is when there are bargains in the share market. If you are working in some type of job then a percentage of your gross wages will be deducted and deposited into your kiwisaver account.

3-Too Emotional

Fear and greed is what drives the share market is an old cliche which rings true. Many investors react to the market’s swings and roundabouts and sell when they should hang on to their stocks. Investing in the share market is a long term game; it is not a sprint, it is a marathon. If you have some kind of retirement fund then your fund manager invests on your behalf, however if you are in New Zealand you are able to switch funds which some investors do in reaction to what the market is doing. If you have some kind of financial goals then this should take into consideration a possible share market crash.

4-Too Greedy

Many investors are simply too greedy; they invest in something offering high returns without paying any attention to the risk they are taking on, or worse still, they place all of their eggs in one basket hoping to make a killing. This all or nothing approach has destroyed several retirement plans. This was certainly the case when several investors saw their life savings disappear with the collapse of several finance companies. Diversification minimizes your risk.

5-Too Impatient

Patience is the name of the game in investing. It is time and not timing which will build your retirement riches. There will be ups and downs in the markets but a bit of patience will pay off in the long run. Something some people do not have so they invest in risky stuff offering quick returns and end up losing more often than not. 

6-Too Gullible

There are offers or as they are called “opportunities,”promoted online mostly and sometimes in the print media as a way of making quick profits. If an investment seems too good to be true then it mostly certainly is. Usually the person or company promoted such offers are the ones making money out of it. You may have read stories about the amount of money such people have made from whatever it is being promoted but they are in the minority. 

It is up to investors to take responsibility for their own decisions and not try to find a scapegoat if things turn to custard.

www.robertastewart.com