ERROL PARKER | Editor-at-large | Contact
A local private wealth manager has been rehearsing her part in the inevitable phonecall she’s going to have to make today to explain to her clients that going to the snow this year might be a bad financial idea.
From her desk in our town’s Old City District, Libby Tyler, a portfolio manager at Tyler Asset Management’s Betoota office, has watched local markets double down on their losses yesterday to open 2% down this morning.
“Bad,” she says.
She spoke to our reporter in the smoking area of the office building Tyler shares with The Advocate on Daroo Street.
“It’s not that they can’t afford it,”
“It’s just that this market correction might get a bit worse before it gets better. It’s a good time to re-diversify your portfolio. Dump and bunch of stocks you don’t need, buy some nice blue-chip ones on the cheap to ride out 2020 – which is going to be pretty up and down if you ask this old cowgirl,”
“One client, I need to give him a ring this afternoon to tell her taking the kids to Thredbo this year might be a bit unnecessary. This lady loves to go ham at the snow, get the best places, eat at the nicest feedlots. Her husband, who’s unemployed, eggs her on, too. It’s really a perfect storm. I need to let her know that she might start scraping into the principal if she’s not careful,”
“At the end of the day, it’s just advice. She could tell me to get fucked – and she probably will.”
The Advocate asked Libby for advice on what they should do with their portfolio. Libby declined the request unless The Advocate was prepared to pay for said advice.
More to come.
