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Your Portfolio and 'Old Ironsides'
Copyright © 2005, Kemberly Wardlaw
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The USS Constitution first ventured into the waters in 1798.
From there she became an icon of durability and success.
In battle, the ship became known as "Old Ironsides" because the
shots fired from enemy ships seemed to bounce off her hull. She
may be best remembered for her service in the War of 1812.
Today, the loyal ship may be found resting quietly in the Boston
Harbor.
During the week of the Fourth of July, at the Boston Harborfest,
"Old Ironsides" makes her annual voyage down the harbor. This is
termed the "Turn-Around" cruise.
As investors, we can learn a lot from this old ship and its
history.
The first is longevity.
It is easy to be influenced by the short-term direction of the
market. A long-term perspective, if warranted, is best observed.
Of course if you have a short-term goal, aggressive investments
such as individual stocks may not be the best alternative.
However, if you have many years before retirement, you should
ignore the short-term volatility. As with "Old Ironsides," she
fought many a battle, but more than two hundred years later
remains afloat and above water.
A second point to remember, just like the ship, your portfolio
may require maintenance from time to time.
Positions may weaken and require your attention. Other positions
may grow to a point where profit taking is in order. As with the
strong currents of the seas, the market will take its direction
and you must adapt to it.
Finally, you should consider periodic reviews (i.e. monthly,
quarterly, annually) vital to your portfolio. Even the USS
Constitution has an annual appointment, with America, where she
makes her "Turn-Around" trip. This allows her to weather evenly
while at dock during the year and to keep her on active
commission. Onlookers, meanwhile, have the opportunity to view
all sides of the ship. You, too, should be familiar with all
areas of your portfolio.
This Fourth of July, when you reflect upon our independence,
remember to schedule a visit with your savings.
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Writer's Resource Box:
Wardlaw's belief is that familiar life elements best illustrate
practical investment strategies; not typical investment
jargon. With that philosophy, the author assists financial
planners/advisors, brokerage firms, periodicals, and other
investment information syndicates create informative and
entertaining articles. For comments and questions, please
contact the author at mailto:tools2invest@yahoo.com or visit:
http://www.tools2invest.com.
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