Mixing vegetables together may be fine for food (although it’s not my favorite), but it’s nonsense in the investment world. When you hire a money manager (e.g., a mutual fund), do you really care how good his or her sibling managers are if he or she is awful? Do your due diligence on the fund, not the family.

07-2019_01

THE LEAST EXPENSIVE U.S. CITIES FOR RETIREES

07-2019_02

Y’all come!

https://www.thestreet.com/personal-finance/real-estate/least-expensive-us-cities-for-retirees-14956443

ON THE OTHER HAND…DEPRESSING

Florida is the No. 1 state for fraud and the No. 4 for identity theft. Florida was the top state for formal reports of fraud to the federal government in 2018. Floridians made about 205,400 fraud reports last year, amounting to an average loss of $400.

https://www.floridatrend.com/article/26849/wednesdays-afternoon-update

MOUTH AGAPE FROZEN

Also balderdash and horsepucky!

From InvestmentNews:

SEC commissioner Hester Peirce said the proposal to raise advice requirements for brokers will result in a standard for them that is stronger than the fiduciary duty investment advisers must meet.

“We have this new standard, which is something more than suitability,” Ms. Peirce said at an Institute for Portfolio Alternatives conference in Washington on Tuesday. “When you lay it side-to-side against the fiduciary standard, I think one could argue that it’s a stronger standard because it does require mitigation or elimination of conflicts in a way the fiduciary standard does not.”

I won’t bother to detail what insulting nonsense this is, but I would be happy to chat with anyone who is interested. Alternatively, ask any knowledgeable attorney how the “new suitability” standard can possibly be stronger than the RIA standard of the Investment Advisers Act of 1940.

It obviously begs the question: if it is indeed a stronger standard, why does the brokerage industry spend millions of dollars trying to prevent the enactment of a fiduciary standard? Why not just make brokers subject to the ’40 Act? A cheap and simple solution.

https://www.investmentnews.com/article/20190508/FREE/190509930/sec-commissioner-hester-peirce-says-reg-bi-is-stronger-than