youth is a blunder, middle-age a struggle and old-age a regret.—Benjamin Disraeli


Gold Inverse ETN DGZ
Gold Double inverse ETN DZZ
Gold Double Upside ETN DGP

‘A Huge Amount of Financial Folly’ – WSJ.com

I should mention that people who expect to earn 10% annually from equities during this century—envisioning that 2% of that will come from dividends and 8% from price appreciation—are implicitly forecasting a level of about 24,000,000 on the Dow by 2100. If your adviser talks to you about doubledigit returns from equities, explain this math to him—not that it will faze him. Many helpers are apparently direct descendants of the queen in Alice in Wonderland, who said: “Why, sometimes I’ve believed as many as six impossible things before breakfast.” Beware the glib helper who fills your head with fantasies while he fills his pockets with fees.

We paid the IRS tax of $1.2 billion on our PetroChina gain. This sum
paid all costs of the U.S. government—defense, social security, you
name it—for about four hours.

The best anecdote I’ve heard during the current presidential campaign
came from Mitt Romney, who asked his wife, Ann, “When we were young,
did you ever in your wildest dreams think I might be president?” To
which she replied, “Honey, you weren’t in my wildest dreams.”