Lizard King Posted January 30, 2021 Share Posted January 30, 2021 14 hours ago, southparkcpa said: What the hell does that mean??? Why would you want someone allocating money for you that isn’t going to profit from Your success. How are you going to keep that person motivated to do well for you Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted January 30, 2021 Share Posted January 30, 2021 5 minutes ago, Lizard King said: Why would you want someone allocating money for you that isn’t going to profit from Your success. How are you going to keep that person motivated to do well for you bad argument my friend. These clowns use models given to them by management , they are clueless. The models use funds that the funds companies pay the advisors company, Merrill for example. Your argument works in theory but not in real world. I’ve been in the biz as a CFP for 25 years and fairly successful. It ranks second to used cars as a scumbag business. It is full of thieves in suits. 2 Quote Link to comment Share on other sites More sharing options...
batman10023 Posted January 30, 2021 Share Posted January 30, 2021 On 1/28/2021 at 11:08 AM, Grandy said: It's satisfying watching wall street bozos sh*t their pants when a bunch of normal people decide to invest en masse and use a "free market" to their advantage. Especially after watching some of those guys at the top treat our Economy like a casino which landed us in economic turmoil many times before. Example being 08 which wrecked the lives of millions. This all Highlights a greater issue, and its fascinating to see it arise from redditors thinking it would be cool to invest in archaic companies. Most ws bozos have nothing to do with GameStop. A few folks got screwed. The story and narrative is good press. I shorted gme Wednesday and Thursday 5 time for fun. Made 40 points on average each time. Obvious very small but think ended up making 5k. Quote Link to comment Share on other sites More sharing options...
batman10023 Posted January 30, 2021 Share Posted January 30, 2021 On 1/28/2021 at 12:06 PM, IndianaJet said: Boys....we might just be in the end of times: 2021 the year of bipartisanship Quote Link to comment Share on other sites More sharing options...
batman10023 Posted January 30, 2021 Share Posted January 30, 2021 3 hours ago, Lizard King said: Yeah he is a notorious inside trader, made a living on it, and rumors of all sorts of stuff you see in the movies His incentive structure for employees led To some folks crossing the line. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 11 hours ago, southparkcpa said: bad argument my friend. These clowns use models given to them by management , they are clueless. The models use funds that the funds companies pay the advisors company, Merrill for example. Your argument works in theory but not in real world. I’ve been in the biz as a CFP for 25 years and fairly successful. It ranks second to used cars as a scumbag business. It is full of thieves in suits. That’s about as prejudiced a comment as I have seen in some time, maybe you need to talk to people in the industry who are a little more ethical and talented. 1 Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 8 hours ago, batman10023 said: His incentive structure for employees led To some folks crossing the line. “some folks” who paid the biggest fine in the history of the business which has still not even been remotely close to being matched Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted January 30, 2021 Share Posted January 30, 2021 7 minutes ago, Lizard King said: That’s about as prejudiced a comment as I have seen in some time, maybe you need to talk to people in the industry who are a little more ethical and talented. I work with many ethical advisors... I have been in the biz a long time. I've seen it first hand. I'll tell you, if you're (not you, in general) advisor is NOT a CFP, he is a charlatan. All these letters after a name? Meaningless. Only CFP or CFA matter. 75 percent of advisors aren't CFP's. Not willing to undergo a training program and a 2 day exam. Seriously, look at the advisors at your local Merrill office. Most are NOT CFP's. They passed a basic test and most of their training is in sales They use funds with expense rations above 25 basis points etc. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 17 minutes ago, southparkcpa said: I work with many ethical advisors... I have been in the biz a long time. I've seen it first hand. I'll tell you, if you're (not you, in general) advisor is NOT a CFP, he is a charlatan. All these letters after a name? Meaningless. Only CFP or CFA matter. 75 percent of advisors aren't CFP's. Not willing to undergo a training program and a 2 day exam. Seriously, look at the advisors at your local Merrill office. Most are NOT CFP's. They passed a basic test and most of their training is in sales They use funds with expense rations above 25 basis points etc. CFP is the greatest marketing gimmick imposed in financial services. Don’t even try and compare it the CFA. CFA has a board of standards, the CFP was busted last year for not monitoring the practices of their participants. they are not even in the same solar system i sat last year for an entry level course at fairleigh Dickinson for the CFP and the first thing the instructor said was “who here is being sponsored by their firm and what grade do you guys need to be reimbursed” and God forbid an asset manager suggest paying a decent fee for a manager in a segment of your portfolio that has been smoking their benchmarks for a decade, with quantitative models and rigorous auditing and which ironically employs a bunch of those CFA’s that you hold In such high regard also, when your advisor charges you daily To work with them and you maintain the ability to walk away with no penalty, where the advisors compensation is improved or worsened by your performance, and where there is a legal fiduciary standard imposed, to whose advantage is that? Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 Also, speaking of ethics, does your compliance officer know and monitor that you’re “holding yourself out to the public” as a financial professional on a Jets chat board? That’s a real term and you may want to look into it. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 Here you go, buddy, saved you some trouble. https://www.sec.gov/about/offices/oia/oia_investman/rplaze-042012.pdf 2. Engaged in the Business. A person must be engaged in the business of providing advice. This does not have to be the sole or even the primary activity of the person. Factors used to evaluate whether a person is engaged are: (i) whether the person holds himself out as an investment adviser; (ii) whether the person receives compensation that represents a clearly definable charge for providing investment advice; and (iii) the frequency and specificity of the investment advice provided.5 Generally, a person providing advice about specific securities will be “engaged in the business” unless specific advice is rendered only on a rare or isolated occasion.6 Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted January 30, 2021 Share Posted January 30, 2021 52 minutes ago, Lizard King said: CFP is the greatest marketing gimmick imposed in financial services. Don’t even try and compare it the CFA. CFA has a board of standards, the CFP was busted last year for not monitoring the practices of their participants. they are not even in the same solar system i sat last year for an entry level course at fairleigh Dickinson for the CFP and the first thing the instructor said was “who here is being sponsored by their firm and what grade do you guys need to be reimbursed” and God forbid an asset manager suggest paying a decent fee for a manager in a segment of your portfolio that has been smoking their benchmarks for a decade, with quantitative models and rigorous auditing and which ironically employs a bunch of those CFA’s that you hold In such high regard also, when your advisor charges you daily To work with them and you maintain the ability to walk away with no penalty, where the advisors compensation is improved or worsened by your performance, and where there is a legal fiduciary standard imposed, to whose advantage is that? I don’t disagree with any of that.... I simply believe the barrier to entry is so low, the biz is full of snakes. we all get paid on assets. In my case, my clients pay me a flat one percent, no fees, no account costs etc. All in there costs are below 125 bbs as I use mainly Vanguard. I review accounts weekly of other firms using funds with expenses around 40 bbs, they charge 1:25 on top etc.... you seem smart. have you read any Bogle books? It’s good stud. Enough is outstanding. BTW... yes 50 percent of all CFPs are salesman. I’m with you. But between a CFP and non CFP, chances are the CFP is you’re best bet. No guarantees. Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted January 30, 2021 Share Posted January 30, 2021 31 minutes ago, Lizard King said: Also, speaking of ethics, does your compliance officer know and monitor that you’re “holding yourself out to the public” as a financial professional on a Jets chat board? That’s a real term and you may want to look into it. Yeah... that’s cute. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 10 minutes ago, southparkcpa said: I don’t disagree with any of that.... I simply believe the barrier to entry is so low, the biz is full of snakes. we all get paid on assets. In my case, my clients pay me a flat one percent, no fees, no account costs etc. All in there costs are below 125 bbs as I use mainly Vanguard. I review accounts weekly of other firms using funds with expenses around 40 bbs, they charge 1:25 on top etc.... you seem smart. have you read any Bogle books? It’s good stud. Enough is outstanding. BTW... yes 50 percent of all CFPs are salesman. I’m with you. But between a CFP and non CFP, chances are the CFP is you’re best bet. No guarantees. You’re no different. You said in a previous post that you’re “fee only.” Unless terminology has changed, fee only means you charge for financial planning, literally just building personal wealth projections and making recommendations,and do not take any other business including asset management or commissions. So I don’t see how you’re any different than what you’re trying to rail against. Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted January 30, 2021 Share Posted January 30, 2021 2 minutes ago, Lizard King said: You’re no different. You said in a previous post that you’re “fee only.” Unless terminology has changed, fee only means you charge for financial planning, literally just building personal wealth projections and making recommendations,and do not take any other business including asset management or commissions. So I don’t see how you’re any different than what you’re trying to rail against. My basic premis is that a large portion of advisors, fee only or not, are not that smart. That’s all. I’m gonna go play golf. talk later. ? Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 3 minutes ago, southparkcpa said: My basic premis is that a large portion of advisors, fee only or not, are not that smart. That’s all. I’m gonna go play golf. talk later. ? Your basic premise was to try and grab what you considered was low hanging fruit, let us know you were one of the good guys, and got totally dismantled in the process. Sorry that didn’t go like you wanted it to. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted January 30, 2021 Share Posted January 30, 2021 21 minutes ago, southparkcpa said: Yeah... that’s cute. That’s not a rhetorical question. You’re pumping a chat board telling us you manage money. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 30, 2021 Share Posted January 30, 2021 On 1/25/2021 at 12:14 PM, Barry McCockinner said: interested in a high risk crypto that could be around $50 by march? UNI It's at about 11.50 right now. Uniswap is one of the most useful tools in the decentralized finance space right now and it's all starting to blow up. 18.50 just increased my position Quote Link to comment Share on other sites More sharing options...
batman10023 Posted January 31, 2021 Share Posted January 31, 2021 10 hours ago, Lizard King said: “some folks” who paid the biggest fine in the history of the business which has still not even been remotely close to being matched All these pod structures have strong incentives to cheat. It’s hard to police. Quote Link to comment Share on other sites More sharing options...
jetstream23 Posted January 31, 2021 Share Posted January 31, 2021 5 hours ago, Barry McCockinner said: 18.50 just increased my position Where do you buy and sell your crypto? Coinbase, Grayscale? I just started buying into Bitcoin for the first time these past few months using PayPal. I don't think UNI is available there though. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 31, 2021 Share Posted January 31, 2021 8 minutes ago, jetstream23 said: Where do you buy and sell your crypto? Coinbase, Grayscale? I just started buying into Bitcoin for the first time these past few months using PayPal. I don't think UNI is available there though. as long as you can buy ethereum you can buy UNI. Youtube metamask. Send a very small amount of eth to your metamask wallet first as a test so you are comfortable w/what you're doing. Once you have eth on metamask you can swap for UNI or any other ERC20 token. I'd recommend looking into hardware wallets too. 2 Quote Link to comment Share on other sites More sharing options...
jetstream23 Posted January 31, 2021 Share Posted January 31, 2021 22 minutes ago, Barry McCockinner said: as long as you can buy ethereum you can buy UNI. Youtube metamask. Send a very small amount of eth to your metamask wallet first as a test so you are comfortable w/what you're doing. Once you have eth on metamask you can swap for UNI or any other ERC20 token. I'd recommend looking into hardware wallets too. Just don't be that guy that loses his hardware! I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin. It's in a landfill or something and the city won't let him dig. 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 31, 2021 Share Posted January 31, 2021 2 minutes ago, jetstream23 said: Just don't be that guy that loses his hardware! I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin. It's in a landfill or something and the city won't let him dig. you have to be smart about securely storing your seed phrase in more than one location Quote Link to comment Share on other sites More sharing options...
IndianaJet Posted January 31, 2021 Share Posted January 31, 2021 Someone explain to me this whole seed phrase, wallets etc. i bought a bunch of Bitcoin on Coinbase in the spring when it tanked, sold it in the fall....way too early but still made a nice profit. Coinbase seemed real easy...the cash went straight into my bank account. I have a “seed phrase” but have never been asked to enter it anywhere. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 31, 2021 Share Posted January 31, 2021 8 minutes ago, IndianaJet said: Someone explain to me this whole seed phrase, wallets etc. i bought a bunch of Bitcoin on Coinbase in the spring when it tanked, sold it in the fall....way too early but still made a nice profit. Coinbase seemed real easy...the cash went straight into my bank account. I have a “seed phrase” but have never been asked to enter it anywhere. If you store it on an exchange you don't own the keys and so you wouldn't need a seed phrase. A seed phrase is something you get when you have your own wallet. It is used to recover the wallet if you ever lose the physical version of it. The problem with storing it on an exchange is that they control your coins. If they get hacked, your coins go bye bye. If they decide you are a bad person for whatever reason and don't want to give you your coins back say bye bye. There are many horror stories of people losing their coins storing them on exchanges. The most famous, is probably Mt. Gox. Most people recommend storing your own coins in a hardware wallet if you have a significant amount. 1 Quote Link to comment Share on other sites More sharing options...
Maxman Posted February 1, 2021 Share Posted February 1, 2021 On 1/30/2021 at 10:17 PM, jetstream23 said: Just don't be that guy that loses his hardware! I think he was in England or something and dumped an old computer that has (in today's prices) millions of $$ in Bitcoin. It's in a landfill or something and the city won't let him dig. He says it is worth 220 million. Offered to split it with the town if they let search and find it. I think they said now, which means they are just searching on their own lol. Quote Link to comment Share on other sites More sharing options...
Maxman Posted February 1, 2021 Share Posted February 1, 2021 I am on a watch list now boys lol. 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted February 2, 2021 Share Posted February 2, 2021 3 hours ago, Maxman said: I am on another watch list now boys lol. Fyp Quote Link to comment Share on other sites More sharing options...
RutgersJetFan Posted February 2, 2021 Share Posted February 2, 2021 It's actually been a pretty dope week to play risk-free with winners the last week. Thank you GameStop nerds. Quote Link to comment Share on other sites More sharing options...
Lizard King Posted February 2, 2021 Share Posted February 2, 2021 6 hours ago, Maxman said: I am on a watch list now boys lol. Philip, I mean Max, get margin. It means you have the right to borrow money to buy extra stock but it’s simpler than that, it just allows you to sell something the same day you bought it. Otherwise in a pure cash account they will penalize you for your astute risk management. Your mind is way ahead of the game, doing what you did. Just make sure you tighten it up by not getting frozen out for not having the proper type of account for short term trading. And if you’re going to trade in and out of the same stock in a day, keep your account balance north of $25k if that’s a possibility. Quote Link to comment Share on other sites More sharing options...
Maxman Posted February 2, 2021 Share Posted February 2, 2021 6 hours ago, Barry McCockinner said: Fyp FYP? F U Phil? LOL. 1 Quote Link to comment Share on other sites More sharing options...
Maxman Posted February 2, 2021 Share Posted February 2, 2021 3 hours ago, Lizard King said: Philip, I mean Max, get margin. It means you have the right to borrow money to buy extra stock but it’s simpler than that, it just allows you to sell something the same day you bought it. Otherwise in a pure cash account they will penalize you for your astute risk management. Your mind is way ahead of the game, doing what you did. Just make sure you tighten it up by not getting frozen out for not having the proper type of account for short term trading. And if you’re going to trade in and out of the same stock in a day, keep your account balance north of $25k if that’s a possibility. Kid # 3 starts college in the fall. We have 4 private school tuition payments left (high school for youngest son). But that wraps up 20 years of catholic school payments. Those are all a longer way of saying, the account doesn't have 25k in it. I am not much of a day trader. I have money mostly in Index funds. Just don't have the time to feel safe managing stock investments. Not until I sell JetNation anyhow lol. 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted February 2, 2021 Share Posted February 2, 2021 4 hours ago, Maxman said: FYP? F U Phil? LOL. Fixed your post 1 Quote Link to comment Share on other sites More sharing options...
Lizard King Posted February 2, 2021 Share Posted February 2, 2021 4 hours ago, Maxman said: Kid # 3 starts college in the fall. We have 4 private school tuition payments left (high school for youngest son). But that wraps up 20 years of catholic school payments. Those are all a longer way of saying, the account doesn't have 25k in it. I am not much of a day trader. I have money mostly in Index funds. Just don't have the time to feel safe managing stock investments. Not until I sell JetNation anyhow lol. Well, either way, under 25k you can still do this; that way if you need to manage your risk for some reason, they don’t freeze you out 1 Quote Link to comment Share on other sites More sharing options...
Biggs Posted February 2, 2021 Share Posted February 2, 2021 On 1/29/2021 at 10:51 AM, Lurker89 said: I did the same .... Good to see others are thinking similar.... Now hopefully we are thinking correctly ?. As of last week I had about a 35% profit in a few months on the growth fund. I took out the profit and moved it to emerging markets and left my initial investment in. It wasn't really a rebalance I'm just not as comfortable with the low inflation long term model that seems to overwhelmingly favor growth stocks. Quote Link to comment Share on other sites More sharing options...
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