Deadline Now: Alan Lancz
Friday, April 26 at 8:30 p.m.
Besides being alluring, the science of making money is, to many of us, bewildering, baffling, and terrifying. Not, however to toledo’s own Alan Lancz, who became fascinated with investing when he was just ten years old.
That was back in the 1960s. Today, he is nationally recognized as one of this nation’s leading investment strategists. He’s president of Alan B. Lancz and Associates, a registered investment advisory firm, and is also director of research at Lancz Global LLC., and is a familiar commentator on economic issues on many national news programs.
Here are Jack Lessenberry's Final Thoughts for this edition of "Deadline Now:"
Years ago an elderly friend of the family advised me to stick money in a Roth IRA. I knew he had done well investing, and so I dutifully stuck two thousand dollars in a Roth account.
Two years later, I noticed that my two thousand dollars had become sixteen hundred dollars. I guess you were wrong, I told him.
“No, I wasn’t,” he said. “That was true then. But you should have pulled your money out of the Roth twelve weeks later,” he said.
I learned from this, by the way. I learned that I didn’t have either the time or the inclination to do investing on my own. And I hired a professional. Unfortunately, that professional wasn’t as professionally competent as I could have wished. So
I did some research and found a better firm, and now feel better about my money. In fact, I expect to have enough to retire by the year 2089.
At which time I will be only one hundred and thirty-seven years old.
Speaking seriously, I do think everyone ought to get some financial advice, no matter what your income situation. But I think anyone who is mentally competent needs to learn some basics about money and the markets, as well as the world economic and political situation. America has never been entirely an island unto itself.
And we are completely bound up with the world economy today. If you aren’t aware what’s been going in with Greece, and the EuroZone; if you are in the dark about China’s next move, you are unlikely to make sound long-term or even short-term decisions.
There’s something else you ought to remember as well. Nobody always gets it right, and anyone who claims to be able to see the economy years ahead is almost certainly blowing smoke.
This year alone, I have seen one TV investment advisor predict that the Dow-Jones average would fall to five thousand by year’s end, and another who said it was headed for twenty-five thousand.
My guess is that it will be somewhere in the middle. By the way, thirty years ago today, the Dow broke a record milestone when it reached … twelve hundred. That, by the way, was three years before a struggling and virtually unknown company went public.
It was called Microsoft.