Your Survival Guy sees this latest move as a push to a higher fee advisor service, or else. According to Think Advisor's Dinah Wisenberg Brin, Vanguard is warning clients that if they use phone support too much, their accounts will be canceled. Wisenberg Brin writes: Vanguard Group’s aim to steer brokerage customers toward online engagement rather than phone contact became clearer recently when the firm warned that, come Monday, too many calls could lead to account termination. This change, taken with recently announced fee additions at Vanguard Brokerage Services, has raised questions … [Read more...]
The Great Elephant Migration in Newport, RI
I have invited you to Newport, RI, and you have listened. Here’s another reason to come see me. Chadd Scott of Forbes tells his readers that through September 2, 2024, The Great Elephant Migration can be seen along Newport’s famed Cliff Walk hugging the Atlantic Ocean with groups installed at Salve Regina University, The Breakers, the Rough Point mansion, and a lone “tusker” at the Great Friends Meeting House in town. He writes: India has experienced a remarkable population explosion over the past 40 years. Several actually. One is well known. India’s human population has more … [Read more...]
WARNING: Your Survival Guy and Gal in the Fog
Your Survival Guy and Gal were returning to Newport by boat Sunday and ran into some thick fog. Having spent the weekend seeing good friends for the passing of a father, it was a bittersweet reunion. At the celebration of his life, one of his sons reminded us of what his dad considered a pentathlon day: fishing, golf, tennis, hockey, and sailing. He taught us through example what it means to live life. Sitting on my parents’ deck Sunday morning, talking about the weekend, and taking our last sips of coffee, it was time to get ready to head back to Newport. It was a typical hazy, hot, and … [Read more...]
The Uphill Battle at Vanguard
You know there's a new CEO at Vanguard. Salim Ramji is the company's first outside hire for CEO in its history. Now, he's facing the challenges left for him by the former Vanguard executives who pushed out John Bogle. Andrew Welsch notes in a piece in Barron's that customers are unhappy with both Vanguard's service and technology. He writes: Vanguard’s new CEO Salim Ramji takes the helm today, becoming the company’s first chief executive hired from outside its ranks. Ramji is unlikely to make big changes at the start of his tenure. For example, he previously confirmed to Barron’s that he … [Read more...]
SUPER STATE: Utah’s Silicon Slopes
You can't blame Silicon Valley tech workers who are fleeing California to states like Utah, where there families are safe, the air is clean, and they're not forced to pay punitive taxation to a state government that cares more about its own political agenda than serving its residents. Jessica Flint explains in The Wall Street Journal why so many tech workers are flocking to Utah's newly dubbed "Silicon Slopes," writing: The U.S.’s hottest job market in 2023 was Utah’s tech sector, nicknamed Silicon Slopes for its proximity to the Wasatch Mountain Range. Heavily concentrated in the state’s … [Read more...]
Turning $100k into $1.6 Million
In my conversations with you, you tell me about the trips you’re taking this summer. Trips to the grocery store, to the mountains, to the shore, and to the lake—to name a few. It’s all quite expensive, which makes times like these the perfect opportunity to explain to a young one about creating generational wealth and keeping it. Turning nickels into quarters is hard. It takes time. But when the dollar ain’t worth a dime, you need to figure out how to put time on your side. This doesn’t have to be painful. Putting one foot in front of the other can cover some serious ground. The key is to … [Read more...]
I’m Hearing This All the Time from Vanguard Customers
You have made yourselves heard, at least to Your Survival Guy. Vanguard's service isn't what it once was. Now, Vanguard's new CEO, former BlackRock exec, Salim Ramji, is being told the same thing. Will he listen? Don't get your hopes up. Jack Pitcher reports in The Wall Street Journal: Vanguard won an army of loyal customers by cutting fees to the bone and promoting simple index-tracking investing. Now many of those fans are fed up. New Chief Executive Salim Ramji will be the first outsider to take the helm of the beloved fund manager on Monday, and many clients are hoping he will finally … [Read more...]
Taxpayers Continue to Flee Blue States
Annual IRS data from 2022 has been released, and it was more bad news for high-tax blue states like California, New York, Illinois, New Jersey, and Massachusetts. Those states combined lost $57 billion in adjusted gross income. The Wall Street Journal's editorial board reports: The pandemic lockdowns accelerated flight from Democratic-run states with onerous taxes and a high cost of living. The latest data from the Internal Revenue Service shows that the exodus has continued after life got back to quasi-normal. The IRS last week published its annual data on the migration of taxpayers and … [Read more...]
Your Survival Guy and Gal in Wicked Tuna Waters
Your Survival Guy and Gal visited friends recently up in the north shore of Massachusetts. We cruised all through the area where many of the boats you see in the show Wicked Tuna are docked, including where they weigh their catch. We even had some luck of our own with this beautiful striper just under the size limit (slot) of 28-31 inches. Hope you’re getting out and about with your loved ones this holiday weekend. … [Read more...]
The Case for Individual Stocks: Now More than Ever
UPDATE 07.05.2024: Here’s a worthwhile trip down memory lane. It’s good to be greedy when others are fearful. UPDATE 11.18.2020: Has there been a company better positioned for the pandemic than the Home Depot? If your fire pit is more like your new outdoor living room, you know exactly what I'm saying. It's almost impossible to find those neat outdoor heaters. The same goes for pressure-treated wood. We're all trying to make our involuntary staycation one worth remembering. During a talk with Dick Young yesterday, he recalled graduating from Babson in 1963. Home Depot co-founder … [Read more...]