The Man Who Bankrupted The Bank Of England Speaks:

May 1, 2012

George Soros single handedly broke he Bank of England. He is known for his support of progressive causes and is disliked by nearly every conservative on the planet. BUT love him or hate him, you can't discount the fact he is one VERY canny investor. There are three men whose opinions I will weigh heavily whether I agree with them or not (Warren Buffet USED to be a fourth before he became a gov't man). These three are Don Miller, Bill Gross and George Soros. Many talk good stories, but only a few actually perform.

George Soros said in an article recently that he believes "the Euro Crisis is getting worse. It's not over yet, and going in the wrong direction." Soros is of the opinion that the European Union hierarchy have mis-defined their problem and therefor their solutions are only feeding their crisis. He sees investment fleeing FROM Europe due to the discord between the countries themselves and the lack of plausible solutions being offered.

Bill Gross said the U.S. will be affected by Europe no matter how fervently we deny it. He said the U.S. needs 5% GDP growth to improve the jobs situation, yet the actual figure is only at 2.2%. The only way to hit the 5% is to have the European economy contribute. So far, they aren't and can't. This adds up to a very slow growth period for the U.S. which makes "buy and hold" or "asset allocation and diversification" strategies painful for retirement planning.

As an aside, Don Miller and Bill Gross have a lot in common. Bill Gross is probably the most successful mutual fund manager on the planet with his $250 Billion Total Return Fund. Bill used to be a professional poker player. You ever notice how its always the same guys who show up on the final table in all the major poker tournaments? Its because they know that poker is governed by the same laws as the market. When you aren't sure of your hand, you play conservatively. In other words, when you lose, just lose a little, but don't curb your ability to win big when the right situation occurs. Don Miller is also a big fan of poker and writes about the correlations with the market in his blog. These are two very successful people who disagree with the major tenets of Wall Street hype. Hallelujah.

Have a great day!!

John Norquay
CEO PivotPoint Advisors

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