Michael Smerconish: Humble millionaire’s advice? Invest and hold

Michael Smerconish: Humble millionaire’s advice? Invest and hold
News from Post-Bulletin:

“Don’t peek.”

Parents with children prone to snooping for presents aren’t the only ones urging that. It’s also the recommendation of Jack Bogle, founder of the Vanguard Group, who has just published his 10th book, “The Clash of the Cultures: Investment vs. Speculation,” in which he offers 10 simple investment tips, including “Remember reversion to the mean” and “Buy right and hold tight.”

Most important, Bogle told me last week, investors should resist impulsiveness. “One of the worst mistakes investors make is paying too much attention to the daily ups and downs on Wall Street,” Bogle said.

“All too often, we get caught up in the cacophony of the market and make impulsive, emotional, and simply bad investment decisions — we feel the urge to buy after the market has risen up to the heavens, and to sell after it comes tumbling back to Earth.

“My simple advice is this: Turn off the TV, and don’t pay much attention to the regular quarterly statements for your retirement plan. Maybe glance at them once a year, or every five years. And if you toss them all away until you retire, when you open that final statement after all those long years of saving and investing, you’ll exclaim: ‘Where did all that money come from?’ You will be completely astonished by the size of your nest egg.

“More importantly, you will have saved yourself from all those…………… continues on Post-Bulletin

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