Take Something Off the Table

No wonder brokerage houses never recommend selling anything. The clients hate it! I have been beating this "take something off the table" drum for three weeks now and all I do is repeatedly field the question "Why bother?"

People think nothing could be more stupid. Taxes, lack of return in a cash account, the poor performance of municipal bonds vs. equity, the need to have as much money in a great market as possible -- they all add up to a resounding "no" to any selling.

They think that my advice is tantamount to market timing, which is a sin. They think that taking some money and putting it in a safe place away from the market is like quitting work; it can't be done safely. It is too dangerous and flies in the face of the conventional wisdom that gets dispensed every day in this country. ...