While Greg Smith’s letter contains little news about Goldman itself, it highlights a widespread and disturbing trend in American society: the death of the culture of professionalism. This passing has far greater impact than its effects on any one firm, even one as big, influential, and systemically important as Goldman. The change has sweeping consequences for our economy as a whole. Greg Smith, Goldman Sachs, and the Death of Professionalism - David Brodwin, Economic Intelligence
Most people confuse investing with gambling. Gamblers try to “beat the house.” Investors want to be “the house.” The Smarter Mutual Fund Investor: Are You Gambling or Investing?
Create a financial safety net. Having a financial cushion that’s worth at least three to six months’ of your living expenses will keep you safe if you lose your job or have an unforeseen emergency. This is so important because for many people, their only option in an emergency is to rack up high-interest credit card debt. Expensive debt can literally double or triple the cost of the emergency depending on how long it takes you to pay it off. Money Girl: How to Grow Wealth
The fear attribute of gold is off the table. Gold was becoming all things to all investors and it got overdone. And I saw rampant speculation. Douglas Coté, senior market strategist at ING Investment Management — What’s Next for Gold?