I’ve posted Entry #141 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Even Stockbrokers Want to Feel That They Are Doing Good Work.
Juicy Excerpt: This fellow was calling from the brokerage firm that my dad used when I was a boy. I remember getting phone calls for my dad those many years ago. When the fellow used a name that brought back those memories, it softened my heart just enough for me to listen to what he had to say for a few minutes.
I don’t think stocks are worth buying at today’s prices. And, even if I did, I invest in index funds. So I don’t need the services of a broker. And even if I decided that I wanted to buy individual stocks, I wouldn’t use a broker’s advice to choose them. So there was zero chance that I was going to take advantage of the services that this fellow was offering. But I decided to hear him out, feeling that perhaps one of us or even both of us would learn something from the exchange.
I learned something.
I exited the exchange feeling sympathy for the guy.