Richard C. Young & Co., Ltd. is a Naples, FL and Newport, RI based financial advisory firm. We have been ranked by Barron’s as one of the top independent financial advisors in the nation for the last eight consecutive years. We manage portfolios for individuals, families, and small businesses throughout the United States.
Several years ago, when my family was considering taking our first cruise, many of you encouraged me to set sail, promising I would not be disappointed. We started research on various cruise lines and destinations and were ready to make our deposit. Then COVID hit, closing the cruise industry for most of 2020 and half of 2021 and leading to disappointment for a lot of us.
My copy of Bogle on Mutual Funds by investment giant and founder of The Vanguard Group, John Bogle, sits on my desk as it always has during my 30 years in the investment management business. Bogle’s first chapter begins with our favorite investment strategy, compound interest. Clients know that the process of having money make money by way of reinvesting dividends and interest year after year is one way to achieve investment success.
One of the more endearing characteristics of a stock, in our view, is its belonging to a company with a history of raising its dividend. That’s because if you own the stock, consistent dividend increases raise the yield on your original cost basis. Patient investors realize that a modest yield today can grow significantly in the future.
A year ago, when cryptocurrencies were trading at their all-time highs, I was interviewed by CNBC. According to CNBC, financial advisors like me were divided on whether it was too soon or too risky to put clients’ money into cryptos. The article looked to establish whether to invest or not.
By year-end 1993, I had about 18 months experience in the investment industry. During that short period, I had it relatively easy. The U.S. economy was enjoying its 33rd straight month of economic expansion, interest rates were still on the low side, and inflation was tame. As we rolled into 1994, it appeared we could have another year of market stability.
Here in Naples, we are already a month into the new school year. With our youngest son Jack now a freshman, we again have two kids in high school. Rick, a senior, has a study hall during first period, which allows him to stay at home until second period. This leaves me on morning-carpooling detail for Jack.
Fortunately for me, the worst part of getting COVID-19 was the effect it had on my fitness program. As I wrote in my last letter to you, I have been exercising consistently since my Peloton bike arrived in April 2021. But a combination of unexpected travel and a mild form of the virus led me to miss many weeks of workouts…
When I turned 50, my mom offered to buy me a Peloton bike. Initially, I was hesitant to accept the gift. I didn’t want a piece of equipment in the house that might go unused or, as my dad would say, become a very expensive clothes hanger. Plus, once owned, there would be zero excuses to not exercise.
NAPLES, FL
5150 Tamiami Trail North, Suite 400
Naples, FL 34103
Phone: (888) 456-5444 Fax: (239) 213-0770
NEWPORT, RI
98 William Street
Newport, RI 02840
Phone: (800) 843-7273 Fax: (401) 849-0002
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