Tuesday, August 16, 2022

What My Mom Taught Me About Investing – That Wall Street Couldn't

By Nomi Prins

There are moments in life that define your path... In today's essay, I want to share one of those moments with you. I was a managing director at Goldman Sachs (GS) at the time. But it didn't happen in my office at the World Trade Center... Instead, it was a lesson I learned from my mom. It changed my life forever. And I believe it could have implications for you and your money. Let me show you how... Yesterday, I wrote about keeping patient in times of market turbulence. Today, I want to write about other tactics to help you become a better long-term investor... It has to do with my mom and a broker at Smith Barney two decades ago. Now, my mom is a smart, independent person. So, when she decided to invest her retirement funds with a brokerage firm called Smith Barney, she didn't ask for my opinion. Smith Barney was a prestigious institution. Its history went all the way back to 1873. You may even recall its motto from a TV commercial in the 1980s. In it, actor John Houseman said:


Empire Breakthrough Investor

Every month, Enrique Abeyta taps into his invaluable network of Wall Street contacts to identify and vet the highest-upside SPAC, IPO, and pre-IPO opportunities for his readers.

Empire Elite Growth

Empire Elite Growth is a long-term, buy-and-hold service focusing primarily on publicly traded, small- to mid-cap U.S. stocks.

Empire Elite Options

Empire Elite Options is a short-term options-trading service that draws from the Empire Financial Research universe of small- to large-cap U.S.-listed stocks.

Empire Elite Trader

The Empire Elite Trader is a short-term trading service that draws from a universe of around 100 mid- to large-cap stocks.

Empire Investment Report

In each issue of the Empire Investment Report, Whitney Tilson and his team share their top investment recommendations, ideas, predictions, and warnings.

Empire Stock Investor

Each month, editor Whitney Tilson taps into his two decades of experience on Wall Street to recommend a world-class investment opportunity to help Empire Stock Investor readers safely grow their wealth.

Herb Greenberg's Investment Opportunities

Herb Greenberg's Investment Opportunities is a monthly newsletter featuring the best ideas from Herb Greenberg, who spent nearly 40 years as a financial journalist at some of the country's leading news outlets.

Empire Financial Partnership

The Empire Financial Partnership is the greatest value in the newsletter business.

Empire Junior Partnership

With the Empire Junior Partnership, you can get lifetime access to your favorite premium service... and switch products whenever you'd like.

About Whitney Tilson

Prior to creating Empire Financial Research, Whitney Tilson founded and ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. Starting out of his bedroom with only $1 million, Tilson grew assets under management to more than $200 million.

Tilson graduated magna cum laude from Harvard College with a bachelor's degree in government in 1989. After college, he helped Wendy Kopp launch Teach for America and then spent two years as a consultant at the Boston Consulting Group. He earned his MBA from Harvard Business School in 1994, where he graduated in the top 5% of his class and was named a Baker Scholar.

Get Whitney Tilson's Daily delivered straight to your inbox.

Get Empire Financial Daily delivered straight to your inbox.

Whitney is one of the most connected investors I’ve met. He’s been able to tap into an infinitely deep and unique network of people to come up with great insights into ideas and develop them that other people just can’t do because they don’t have the kind of network he does.

—John Petry