I don’t usually listen to CNBC but just happened to have it on in the car today. Maria Bartiromo was interviewing a money manager who went to 100% cash ahead of the Fed announcement. The first words out of her mouth were “That’s not what you get paid for”.
That is what is wrong with the financial services industry and media. Protecting clients from large declines is exactly what we SHOULD get paid for. Anybody can make money in an up market. The reason the average investors hasn’t made any money (if they are lucky) the past 10 years is that they give back all of their gains in down markets.