By Guest Blogger Doug Rowat
.
“Old age is like a plane flying through a storm. Once you’re aboard there’s nothing you can do.” – Golda Meir
My father once joked that young people think old age is a club that they can opt out of. Well, of course, there’s no opting out. We all age, and inevitably decline both physically and mentally. And, if we’re not careful, our finances may decline as well.
A client approached me recently concerned about his 75-year-old father’s erratic investment decisions and subsequent declining portfolio. I sat down with his father and we reviewed his self-directed investment accounts. As I feared, it was an incoherent mix of poorly performing securities. Despite an underlying bull market, the portfolio had meaningfully fallen over the previous five years. Regrettably, failed portfolios managed by elderly investors are something I see frequently.
Successful investing is largely ability-based. Luck, of course, sometimes plays a role, but investors who effectively process market variables and conduct thorough analysis, generally speaking, get results. In other words, if you have skill, you’ll do better. But, unfortunately, our investment skill declines as we age and declines very rapidly when we’re in our 70s and 80s.
I’ve touched on this subject before when I highlighted the work of David Laibson, an economics professor at Harvard University, who starkly illustrates how cognitive impairment, on average, begins at about age 52 and then rapidly accelerates from there:
“If the chance of getting a disease is 10%, how many people out of 1,000 would be expected to get the disease?”
Source: David Laibson, Harvard University, 2009
But his research is not unique. In the latest The Atlantic, journalist and academic Arthur C. Brooks highlights the work of Benjamin Jones, a professor at Northwestern University’s Kellogg School of Management. Jones examined major inventors and Nobel winners over the past 100 years and noted that the most common age for producing a magnum opus was in the late 30s. However, “the likelihood of producing a major innovation at age 70 is approximately what it was at age 20—almost nonexistent.”
Brooks goes on to highlight the work of others who have also studied age and declining ability:
Scholars at Boston College’s Center for Retirement Research studied a wide variety of jobs and found considerable susceptibility to age-related decline in fields ranging from policing to nursing. Other research has found that the best-performing home-plate umpires in Major League Baseball have 18 years less experience and are 23 years younger than the worst-performing umpires (who are 56.1 years old, on average). Among air traffic controllers, the age-related decline is so sharp—and the potential consequences of decline-related errors so dire—that the mandatory retirement age is 56.
In sum, if your profession requires mental processing speed or significant analytic capabilities…noticeable decline is probably going to set in earlier than you imagine.
Now, you might argue that you’re simply a private investor, not a major league umpire or an air traffic controller. But the decline in performance with age is similar. George Korniotis, a former financial economist at the Federal Reserve in Washington DC, and Alok Kumar, a finance department chair at the University of Miami, examined investment performance versus aging in a landmark 2007 study. They focused on the investment behaviour and performance of more than 62,000 investors who traded common stocks. While older investors do many things right, namely trade less frequently, they are ultimately hampered by their declining abilities. Korniotis and Kumar’s conclusions were blunt:
But consistent with the cognitive aging hypothesis, we also find that older investors have worse investment skill, where skill deteriorates sharply around the age of 70. Examining the economic costs of aging, we find that older investors earn about 3–5% lower returns annually on a risk-adjusted basis. Collectively, our evidence indicates that older investors’ portfolio choices reflect great knowledge about investing but their investment skill deteriorates with age due to the adverse effects of cognitive aging.
Their research results are shown graphically below. Note how closely the basic pattern and the rapid rate of decline mirrors David Laibson’s chart above.
Investing performance declines sharply as we age
Source: George Korniotis and Alok Kumar. Performance differential is the change in the performance between the last two and the first two years of the sample period. The individual investor data are from a large US discount brokerage house from 1991 to 1996. In other words, the differential is showing that the performance of older investors has rapidly gotten worse in a short period of time.
In short, cognitive decline is inevitable. No one is immune. It also probably happens much sooner and accelerates much faster than many expected. So, as we age, there’s absolutely nothing wrong with asking for help with our investments.
It can be tough to accept, but your best investment decision may be recognizing that you can no longer make good investment decisions.
Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.
83 comments ↓
So how old is Warren Buffett again?
If investing is ability based why do most managers fail to hit their benchmarks most of the time?
Lemme see now…..bathtub, scotch, razor blades….
Update from YVR pre-sale market
https://www.cbc.ca/news/canada/british-columbia/pre-sale-condo-buyers-back-out-of-contracts-as-market-slows-in-lower-mainland-1.5181676?fbclid=IwAR0fh3lyC-NyF0FeHDi_432lziNAHFhGi6ttZkt_5VnPj7pQ1L4eottkbfM
Today’s post brought to you by Screwed Canadian Millennial.
Your Professional Decline Is Coming (Much) Sooner Than You Think
https://www.theatlantic.com/magazine/archive/2019/07/work-peak-professional-decline/590650/
A client approached me recently concerned about his 75-year-old father’s erratic investment decisions and subsequent declining portfolio.-Doug
///////////////
Was your client Jonathan Sherman?
https://www.thestar.com/news/investigations/2019/06/27/barry-shermans-son-raised-concerns-about-apotex-founders-investment-strategy-and-business-competence-sources.html
At 52 I guess it’s all downhill from here @$%!
Clearly garth is way too old and swan diving into senility.
you younger guys best see to his disposal asap.
Phyyrrzztttt !
Not bad for 150 years old
For those true believers in passive investments there’s really little to decide. A single balanced ETF will remove all decisions beyond selecting that fund.
People don’t innovate at 70 anymore because they don’t need to. The urgency is gone when you only have a decade to live. Its about trying to keep what you have an enjoy it and leave it up to somebody else to save the world.
And older people might be a bit slower but their wisdom and experience makes up for it. There are millennials you can text a mile a minute and multitask to multiple platforms but don’t know how to change a light bulb. I think cognitive regression is pretty constant across generations now.
0 The Great Gordonski on 06.29.19 at 4:59 am
While you were sleeping The Donald hit a home run with China
___________
Not even a single.
He’s still at the plate , the pitches can resume but expect wild ones.
I wouldn’t dispute any of this. However, I have gone from day trading and swing trading and doing reasonably well to virtually no trading. Not because I can’t but because I don’t want to. As you start to run out of time, you find other uses for your time. Also, if you’ve got enough money, getting more isn’t as much of a priority. My serious money is with a wealth management team. Has been since I retired. I’m not going to take it back to see if I can prove you wrong. However, ageism is alive and well in Canada. I’ve had a book published in each of the last two years. Not self published, both with good publishers. The people I know who are in my age bracket aren’t the ones sweating bullets because of too large mortgages and over the top HELOCS. Most of us are still working because we love what we do.
I was going to comment but I forgot what we were talking about
#7 Penny Henny – I would have been more concerned with the $millions being spent on lawyers, and professional investigators that came up empty. What concerned me the most was the hundreds of $millions being lost elsewhere, and the number of people who had died from fraud.
Actually, researchers have discovered that elderly people (over age 70) continue to form the same number of new neurons in their brains as teenagers. What differentiates the two age groups is that older brains do not form connections as effectively as young brains do. The potential is there, just in the ‘slow lane’:)
Actual dementia & Alzheimer affected brains of whatever age do tend to have cognitive abilities lost or scrambled. That does not mean older investors can’t continue to make rational investment decisions. However as ‘prairie person’ correctly points out, many older people would rather spend the time they have doing other things than managing a portfolio. Unless of course it is their passion/hobby. Good luck with taking it over if that is the case.
So what’s the answer?
50?
14 crowdedelevatorfartz on 06.29.19 at 5:23
Ha ha, good one. I have (hopefully) six years left, I’d better make them count! For those of you over 52, that makes me 46.
At 52 less than 80% could answer correctly? Yikes. Not a good starting point.
#2 reynolds531 on 06.29.19 at 4:06 pm
If investing is ability based why do most managers fail to hit their benchmarks most of the time?
—
Because most portfolio managers don’t have ability (or charge too much). There’s research and data to back up this too.
–Doug
And RE agents wonder why they are not respected:
Came home from errands and there is an open house for a unit in the building we live in. 29th floor, 850 sq feet. 2018 assessment is $666,000, down from the 2017 assessment. When I looked at the open house notice, i thought the asking price was high, so i googled it. $ 715,000 came up with the details of an open house today. That was less than I thought the notice said, so I went back downstairs and shot a pic of the listing. They are asking $850,000 using R2352456 as the listings code. So $135,000 *more* than the on-line listing. https://www.rew.ca/properties/R2384084/2903-7088-salisbury-avenue-burnaby-bc
Sleazy/dishonest does not *begin* to describe this ‘trade’.
#10 Yanniel on 06.29.19 at 5:07 pm
For those true believers in passive investments there’s really little to decide. A single balanced ETF will remove all decisions beyond selecting that fund.
—
Remaining invested in a volatile market is a decision too, and many investors, young and old, need guidance with this, regardless of what they own.
Nothing erodes investment performance faster than decisions based on emotion.
–Doug
At 45 I could be halfway down to runway with the terminal at 90.
Could get hit by a bus next week.
Hopefully I land somewhere in-between…
M45BC
Well that was depressing.
@#19 Phylis
“Yikes. Not a good starting point.”
*****
Yep.
10% of 1000…..
And people were wondering the other day why so many are one pay cheque from disaster…..
Math is hard.
#4 BC Renovator on 06.29.19 at 4:12 pm
Update from YVR pre-sale market
==============
COMMENT:
Can’t get blood out of a stone….multiply that by thousands of stones aka pre-sale buyers
Too much credit was created….which will backfire.
IMHO the pre-sale buyers..once they create a critical mass…will be in control.
In Richmond BC…city center looks like war zone..many projects still going forward in a collapsing market.
Only premise that makes sense is the developers have suckered in enough buyers to go forward…legal obligation..in desperation to avoid insolvency….but when they are completed few buyers will actually complete.
Seriously…if you were in the shoes of current pre – sale buyers….what would YOU do ???
Watch this trend….
Here comes another Flop post that probably like a high percentage of them won’t make any sense.
Something been bugging me the last couple of days.
A business man was murdered this week at his workplace.
The dude was 78, same age as my father in-law, who long since retired from his low paying job.
Jack McIver was a guy I never met, but had probably seen, he had a business in South Vancouver for 50 years that I tried to support, pointed out regularly to friends, family and work acquaintances that there was an alternative to the big boys when shopping for appliances.
They had a lot of old refurbished washers with no computers, supposedly less problematic and was my go-to place for when someone was having oven element troubles.
The guy was 78, still plugging away, most likely, because he still liked the work.
Business deal gone wrong? I guess we’ll find out over time, but man that’s cold.
This guy still contributing to society, employing people, paying taxes , helping people avoiding getting ripped off every day, to be murdered at work, that pisses me off.
I deliberately drove by the store this morning and dipped my head briefly in respect, crime scene tape was gone , small vase with flowers sat beside the door.
Well, I thought writing the post would be cathartic.
It wasn’t…
M45BC
https://globalnews.ca/news/5438816/vancouver-appliance-dealers-death-ruled-homicide-victim-of-main-st-shooting-identified/
@#23 Van Guy
That was depressing.
+++++
Talked to a lady the other day.
96 and sharp as a tack.
She could talk current events, politics, you name it.
Walking a bit slower but her mind was 100%.
Her advice for longevity and mental acuity…?
RUM!
Drink of rum every day.
The British navy must be on to something.
That explains all the the talk about preferred shares.
Isn’t the advice to just buy ETFs like VBAL and leave them alone?
A well-written article, Doug.
So who is younger?
You or Ryan??????
Darn I knew there was a reason my 60/40 portfolio was only up 11.2% ytd. I’m 73. I better find myself a portfolio manager real quick.
Today, strict land-use rules—whether framed as rules about parking, green space, height limits, neighborhood aesthetics, or historic preservation—make new construction difficult. Even as the American population has doubled since the 1940s, it has gotten more and more legally challenging to build houses. The result is that younger Americans are locked out of suitable housing. And as I’ve argued previously, when young people have to rent or live in more crowded housing, they tend to postpone the major personal events marking transformation into settled adulthood, such as marriage and childbearing.
But, of course, Boomers didn’t only make rules that nudge young people out of homeownership. They also made new rules restricting young people’s employment. Laws and rules requiring workers to have special licenses, degrees, or certificates to work have proliferated over the past few decades. And while much of this rise came before Boomers were politically active, instead of reversing the trend, they extended it.
https://www.theatlantic.com/ideas/archive/2019/06/boomers-are-blame-aging-america/592336/
The decline is not solely cognitively related. It is also has to do with a decline in confidence with aging as noted in the attached. There is a reason they send the young to war and not the mature. Because the young are generally willing to take greater risks the returns are usually greater returns. That doesn’t make them smarter just willing to take greater risks. Never heard the phrase “wise young owl”. Plus, wise old owls read this blog.
https://www.sciencedaily.com/releases/2010/04/100401125931.htm
#33 Ronaldo on 06.29.19 at 8:08 pm
Darn I knew there was a reason my 60/40 portfolio was only up 11.2% ytd. I’m 73. I better find myself a portfolio manager real quick.
—
Cognitive decline is a probability not a certainty. Prolonged or excessive underperformance would be the warning signs. But yeah, if it ain’t broke, don’t fix it.
–Doug
I think there are several factors that may not have been accounted for.
For instance, emotional considerations:
-those over 65 (ie. upon retirement), realizing that they don’t have a large ‘enough’ nest-egg, may be feeling pressure to outperform and ‘make up for lost ground’ (since time is running out.) They may choose higher risk investments knowingly, and not because of cognitive impairment.
The aformentioned studies, have they accounted for this and other parameters?
Ha, I do not know on whether to laugh or cry on this recent posting. My God, wake up, so much has to do on who has the passion and goal to make a go of it; it has nothing to do with age; ask Garth…. Hmm and Buffet!!
#27 Flop… on 06.29.19 at 7:28 pm
Here comes another Flop post that probably like a high percentage of them won’t make any sense.
Something been bugging me the last couple of days.
A business man was murdered this week at his workplace.
==========================
I don’t have hard copy news…nor watch much TV..so stumbled across the Jack MacGiver story on – line.
Loss of another Olde School businessman.
Listened to his interviews…and he stood by what he sold….if it was junk…he wouldn’t sell it..even if the brand had been reputable previously.
Hopefully his legacy will live on….
Skill for investing ?
Buy the SPY. Done.
Geriatrics can suffer from boredom .Start trading .By themselves . Not a lot can go good
Run the numbers before you buy a home. You won’t believe how much money gets wasted on interest and fees when you see how much of your hard earned cash etc, will get swallowed up & paid every month to the bank.
https://www.calculator.net/
Didn’t take a rocket scientist to know this. A new study has provided evidence linking unaffordable housing in Vancouver to foreign ownership, Chinese capital and millionaire migrants, according to the SCMP.
A white paper published by Josh Gordon, an assistant professor at Simon Fraser University’s school of public policy, found a stunning 96% correlation between metro Vancouver municipalities’ price to income ratios and the proportion of their detached houses in which at least one owner was a non-resident. The correlation was called “unimpeachable” by a leading research who commented on the paper.
In short, this means that the more that a Vancouver municipality was sought after by non-resident owners, the more unaffordable it became.
Gordon said: “When I plugged the numbers in it blew my mind … I mean, holy smokes.”
I think this will be my last post. The ideology on the current system is just broken. Here is a post of my favorite outspoken, just to the point journalist.
Post it or not; https://nationalpost.com/opinion/rex-murphy-canada-was-built-and-on-july-1-we-celebrate-that-inheritance#comments-area
Singer, Icahn, Soros, Mercer, Charlie and Warren, what the hell is wrong with you guys?
By the way, most of discoveries come “out of the blue” and often more than one person around the same time receives the download.
I’m a “Pre-Boomer” So, aware and in full agreement !!
(just told to complete my I.D. properly by this blog)
Also, really worried about all these 70 yr plus politicians in the world with their thumbs on buttons, making decisions for all of us.
Guiding lights.
#2 reynolds531 on 06.29.19 at 4:06 pm
If investing is ability based why do most managers fail to hit their benchmarks most of the time?
—
Because most portfolio managers don’t have ability (or charge too much). There’s research and data to back up this too.
–Doug
With each passing day portfolio managers are replaced more and more by factors. Do you think this is a trend that will reverse? I don’t.
On one side lower prices. On the other side lots of portfolios managers at the end have screens or automated models in place and just add a little of discretionary (many times questionable and biased) decision making on top.
Doug you are really missing the mark on this one, I feel. In fact your remarks smell badly of ageism. I hate ‘isms. If truly scientific criteria were applied to the studies you have referred to in this piece, there would be so many holes, they would outdo Blackburn, Lancashire, (apologies to The Beatles).
Something very important to be aware of.
There are some false comparisons in your post, but the point is useful.
–Doug
With each passing day portfolio managers are replaced more and more by factors. Do you think this is a trend that will reverse? I don’t.
On one side lower prices. On the other side lots of portfolios managers at the end have screens or automated models in place and just add a little of discretionary (many times questionable and biased) decision making on top.
What do you think of the future Doug? Bitch about automation, join it, fight it, I am going the way that it will not turn out well; hell I am an optimist but also a realist! Hell of a fight coming!
34 Thanks – from the article
“these developments are part of a wider social trend toward increasing control and regulation across all walks of life.”
This is hardly a “boomer” thing. There are of course a number of boomers who would be guilty of this, but it will continue to increase over time with all generations.
I’ve been doing my job for 30 years now, and the regulation just continues to expand, even though most of my colleagues would prefer to do with less oversight
and restrictions. I find it’s mostly the younger set that wants to “save us from ourselves”.
Thanks Doug! Of course there are people in their 80s and 90s who are sharp as tacks. I’ve just never met any.
Most healthy adults feel their mental faculties are just fine thank you. However, in our late 60’s and early 70s many of us start to notice a few skipped beats. We keep the bad news to ourselves (if we can).
Various forms of dementia are not a ‘normal part of aging’. However, as we live longer than previous generations, many of us will succumb to Alzheimer’s and other related diseases.
Even if we are fortunate to have excellent brain health it can be a challenge at any age to make correct investment decisions. I often smile when I read Garth’s advice regarding ‘rebalancing’.
Nothing wrong with getting a reliable financial advisor. While you’re at it, set up ‘power of attorney’ and a ‘health care directive’. Save your loved ones unnecessary agony!
Thanks again Doug.
I disagreed. Successful investing has nothing to do with ability. It has to do with understanding the market (low cost index funds/ETFs) and staying the course. Thats not ability
Tyberius on 06.29.19 at 8:29 pm
I think there are several factors that may not have been accounted for.
For instance, emotional considerations:
-those over 65 (ie. upon retirement), realizing that they don’t have a large ‘enough’ nest-egg, may be feeling pressure to outperform and ‘make up for lost ground’ (since time is running out.) They may choose higher risk investments knowingly, and not because of cognitive impairment.
The aformentioned studies, have they accounted for this and other parameters?….
……….
Along the lines that I was thinking.
Doug, brilliant post. Thank you
Happy Canada day you fake bastards.
Differance I’ve found between Canadians and Americans.
The yanks are not ashamed of their screwed up kids. They are honest and seek advice. Canadians use helocks for deposits to show the world they brought their kids up right the house is the symbol of success in the land of fakeness.
So happy I escaped……
Wow, I’m looking forward to that certain age when my brains falls through my ass and I’m left surrounded by millions in piles and a circling scourge of drooling money managers who couldn’t make a million on their own if you gave them specific stock picks every week for years and stapled them on thier forehead. Speaking only for myself, the reason I can’t hire a money manager, even now in my dotage, is that I’ve yet to meet one who can make as much or money as I do sitting around in my pajamas. Show me the money. I’ll gladly spend less time researching and more time watching the perky bikini models playing splash splash splash.
Doug, when these investors/politicians etc reach 70-80-90, they may be have cognitive decline, but it seems like they are not accepting it or aware of its or a combination of both? IE. Stronach, Buffet, Biden, etc. Their level or stubbornness seems to go up to compensate for this decline. With this age group on the rise in the years to come, what type of reflections will we see in the markets because of it?
#54 Smoking Man on 06.30.19 at 2:51 am
So happy I escaped……
*******************************
And we’re glad you’re gone. See? It’s all good!
What is the automation really measuring, market factors or manager behaviours? Most models are wrong and require constant adjustments. Wait for the emotional, my model is better than your model sales pitch.
money management has changed significantly over last 25 years.
thats why there are less brokers and brokerage firms for variety of reason
reason 1, the people with money are fewer and fewer
reason 2, with online trading and etf anyone can be a manager for next to nothing.
reason 3, old time advisors who dont understand the reality that the future is in the clouds not the land, where most of the 60 year old advisors still play in.
reason 4, canada is a very bad place to invest , very poor securities and management as example in the us there are mega mergers and acqusitions almost daily, in canada why are there no oil and gas mergers , just a bunch of zombies, painted pony, baytex etc etc, why arent shareholders in all these companies saying man, do something merge, sell of stuff make stuff happen.
it doesnt.
poor advisors who advise to invest in poor companies in a poor country in terms of investing. so thats it. go to the usa.
I thought I was noticing a lot more typos in old man Garth’s posts lately…oh, wait a minute…I’m 57, I can’t count anymore…
#47 enarhem on 06.29.19 at 10:50 pm
Doug you are really missing the mark on this one, I feel. In fact your remarks smell badly of ageism. I hate ‘isms.
—
‘isms’ occur when you feel you’re better than a particular group of people. I will not only, of course, get older, but I will almost certainly suffer from cognitive decline myself.
I understand there are exceptions (how many times has Warren Buffett’s name been mentioned as a rebuttal in the comments section?). But the collective data speaks for itself. Being aware of the data is an opportunity to prepare oneself.
–Doug
I love it, a nice positive article on the Canada Day long weekend!!!!
Good column, Doug. I find that a lot of Boomers who are now in their eighth and possibly final decade (and those close behind them) seem to harbour great resentment towards Millennials.
This may well be, as you suggest, not just jealousy or resentment but a sign of cognitive decline. I can see this spilling over to bad investment decisions as well, trying to keep ahead of the younger generations.
Good advice to the Boomers, get a professional advisor and counselling if you need it.
No worries, those charts are in dog years.
woof
@#92 Aag50
“Age 52 – rapid decline in mental ability and not able to do good investment decisions..
Garth – is it true? From your personal experience?”
+++++
Well….
After observing your comment posted erroneously with the previous day’s topic…… yeah…in your case….it’s true.
@#55 The Great Gordonski
“Speaking only for myself, the reason I can’t hire a money manager, even now in my dotage, is that I’ve yet to meet one who can make as much or money as I do sitting around in my pajamas. Show me the money. I’ll gladly spend less time researching and more time watching the perky bikini models playing splash splash splash.”
*****
…and I here I thought Hugh Hefner was dead…….
I will take my ass down to the harbor and watch the homecoming of our garbage from the Phillipines.
Oh Canada.
Glory days.
Hey Alberta,
Happy Alberta day!
2 Doug Rowat on 06.29.19 at 6:59 pm
#10 Yanniel on 06.29.19 at 5:07 pm
For those true believers in passive investments there’s really little to decide. A single balanced ETF will remove all decisions beyond selecting that fund.
—
Remaining invested in a volatile market is a decision too, and many investors, young and old, need guidance with this, regardless of what they own.
Nothing erodes investment performance faster than decisions based on emotion.
–Doug
Sure. By the same token I can make the argument that letting someone take care of your money is a big decision as well. Possibly more far reaching than riding the ups and downs of the market with a balanced and diversified fund.2 Doug Rowat on 06.29.19 at 6:59 pm
#10 Yanniel on 06.29.19 at 5:07 pm
For those true believers in passive investments there’s really little to decide. A single balanced ETF will remove all decisions beyond selecting that fund.
—
Remaining invested in a volatile market is a decision too, and many investors, young and old, need guidance with this, regardless of what they own.
Nothing erodes investment performance faster than decisions based on emotion.
–Doug
Sure. By the same token I could make the argument that letting someone take care of your money is a big decision. This decision is in my opinion more far reaching than riding the ups and downs of the market in autopilot with a well balanced and diversified fund.
My take on this is that one should diversify across varios managers. But this needs to be done mindfully as well as to avoid inefficiencies and other Pitfalls.
Wow. That was depressing. So we should not get a financial advisor older than 60?
#63 Millennial Realist on 06.30.19 at 9:18 am
Good column, Doug. I find that a lot of Boomers who are now in their eighth and possibly final decade (and those close behind them) seem to harbour great resentment towards Millennials.
This may well be, as you suggest, not just jealousy or resentment but a sign of cognitive decline.
—
I didn’t suggest this at all. It could simply be that they find millennials annoying.
–Doug
@#63 Millennial Surrealist
“I find that a lot of Boomers who are now in their eighth and possibly final decade (and those close behind )…
*****
Wishful thinking my obese, diabetic , tattooed, younger wanna be Boomer.
The Boomers may be the greediest generation but they’re also healthier than the “stay at home gobbling packaged processed foods from the microwave” generation…..Boomers probably going to be sitting next to you in the ‘assisted living” home.
The only difference between you and them will be….they’ve been there longer so they control the tv remote….Good Times.
https://www.youtube.com/watch?v=s6gNo4-1r6k
Not to worry.
Medication time is at least once daily….
:)
Oh God..has anyone noticed the age of people running for Prsident
Americans value experience and accumulated wisdom in their leaders, rather than picking the shiny new thing. – Garth
#54 Smoking Man on 06.30.19 at 2:51 am
… the land of fakeness…
Pretty much sums it all. I would trademark it with your permission.
The world of lie, pretend and ‘social status’.
I am amazed at the ability to consistently attract serfs/ idiots in order to support it, despite the fact that the guy who I buy popcorn from is more intelligent than 95 % of our ‘elite’.
So, hang up the car keys and enjoy the fade to black.
74 Stan Brooks on 06.30.19 at 2:45 pm
You are amazed because you are delusional.
Millions outside celebrating this long weekend and you are here complaining. Beyond pathetic.
Go away already.
MF
Americans value experience and accumulated wisdom in their leaders, rather than picking the shiny new thing. – Garth
-lol is that a sardonic expression?
No judging though. I liked Bush Jr, but wasn’t too fond of Obama.
MF
Also, Americans are a lot smarter than social justice virtue signaling Canadians.
Also, they have a real country, and what a country it is.
8 Re chris/73 on 06.30.19 at 3
-Looks like you haven’t been paying attention to what is happening on US campuses.
Makes our SJW’s look like a bunch of nuns.
But that fact doesn’t fit your BS narrative of course.
MF
#66 Crowded. I don’t envy Hugh, locked up with all that silicone. I won’t pick on any one of Hugh’s wives, but sheesh, can you imagine having to talk to one Betty Boop on helium after another?
But, I gotta say, the upscale pool scene in Bali these days, oh boy! It deserves my undivided a-tent-tion. Twenty something Swedish models in featherweight thongs are a big part of my day. I don’t understand why they have to keep the bottoms on when they never wear the top? I like these new one piece suits.
The last two paragraphs revealed the goal of this assault Just advertising, nothing personal :-)
Great column. I think it is tough enough to get ahead in the markets without the age related concerns.
Made me think how I will treat this in the future
I don’t care what STUDIES say… they are wrong. Good thing I didn’t listen to anyone since retiring. My returns have been at least 10% better!!!! All advice out there IS WRONG!!!!!!