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Bernard R. Wolfe & Associates’ Bernie Wolfe on the lessons investors can learn from hockey to improve their investment strategies.
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Let's get to the overall picture of your portfolio we know that after the financial crisis hit many of you probably felt like hockey players after the playoffs.
Bloodied bruised and beaten down but can you actually learn to grow your money.
By behaving like a hockey player financial advisor and former NHL goalie Bernie wolf this break here with me he's chairman and CEO.
-- So the lessons of hockey -- -- every college football Coach in basketball Coach write a book about the lessons of teamwork please tell me there's more to this than just that.
Well you have to learn to be a good team player but I learned to look -- few other things how to adapt to change.
And we've seen play any of that in the financial world -- learn to.
Be.
Able to adjust.
Like when we used play hockey.
They would be different teens that would lead they would know they would do certain things should parts more often and stick candle and I had to.
Adapt.
And.
Discipline is the key.
And and and the investor hats to.
Being much much more disciplined today and not just making moves.
Based on today's news -- when you talk about adapting -- talking specifically about adapting to all of the issues that you see out there on the financial landscape such as.
The problems that we see with Europe may be -- China slowdown and does not mean that you have to be way more active investor.
Exactly.
The old fashioned way buy and hold.
I think it only works today if you have an eighty year time horizon -- if I don't have that.
I think.
It's happening now every ten years.
And because of that.
We need to be.
It's no longer good enough to be diversified.
Amongst asset classes like stocks and bonds but you have to be diversified.
In bear market strategies.
Bull market strategies and -- what we call alternative investments that are not.
Fluctuating daily based on the stock market -- Let's get to some of those so you're saying that it's no longer good enough you know that we should all -- really had been learning from new experiences and and moving forward it appeared pleased to simply eat by the food pyramid -- we know now that that's totally -- Got to change it up and add more vegetables rather than just somebody carbohydrates in grades but let's get to some of the ideas the investment ideas that you feel work best now.
Well.
Alternatives now you can't.
All too much of anything is not good done.
But we Yale and Harvard endowments have I've been told seventy plus percent in alternatives today.
B.
Things that I consider alternatives are.
Senior debt portfolios that are paying monthly -- come to our clients senior debt gets paid before everybody except the IRS.
So relatively safe.
Leasing transactions.
Because there are companies out there that are raising a lot of money and making.
Buying equipment in leasing -- to major corporations.
Because the banks aren't doing it and a lot of companies don't want to carry equipment on their balance -- so.
These are all providing investors 78%.
Current -- what -- -- tell people to avoid right now that's on your radar where you say forget it.
Well I'm nervous even though the Fed has talked a little bit today about.
Making.
You know real loosening up a little bit more but I am nervous about buying long term bonds one you're not getting any yield for it.
And there's always been an inverse relationship between.
Interest rates in the value of the bonds so I'm worried about that I'm also worried tonight -- client clients not.
I don't think we're in a bull market now I really think we're in a secular bear market.
It's and I think stocks might be overpriced so I don't want them jumping on the bandwagon.
At this point.
Bernie wolf he played goalie for the Washington Capitals in the seventies and and could you pick for the -- -- -- Stanley -- into any thirteen well I know now I know you're a Los Angeles Kings fans and I'd say well they'll be the -- current favorite but I'd love to see my old Washington Capitals where is -- to actually do have mustache fact that oh wow yeah.
I didn't know I want -- shock so effective yet though he woods I know -- the end but but that's what the Booth school in those days but it got -- great lots of pressure lots of pressure on a goalie but with half a billion in assets under management seats are doing pretty well thank you Bernie well thank you for having me very well this Bernard.
