As many of my clients and readers already know, life as a money manager has been immensely stressful over the past few months. It isn’t that my clients have lost an amount of money beyond recovery, or that my business model has failed: it’s more a feeling of defeat not just as an investor in the market but as a passionate advocate of the free market system. However, I try to push my emotions aside and think beyond the next 30 days: money gets made during times like these. I can bring true value to my clients, friends, and family if I can get them to see the big picture. And at this point it seems this may be a very good opportunity to buy.
Russell Bailyn is a Wealth Manager with Premier Financial Advisors, Inc., an independent financial planning and investment advisory firm located in Manhattan. Mr. Bailyn is also a registered representative with First Allied Securities, Inc., a FINRA/SIPC member broker/dealer firm. Mr. Bailyn holds series 7, 63, and 65 licenses along with his Life, Accident, and Health Insurance License. He is currently sitting for the Certified Financial Planner (CFP) designation.
Mr. Bailyn is the author of Navigating the Financial Blogosphere, a personal finance book published by John Wiley & Sons in September, 2007. The book is based on his highly trafficked financial planning blog and addresses commonly asked personal finance questions. The book is available in Barnes & Noble and Borders bookstores in the United States, Canada, and the UK, and on Amazon.com. Mr. Bailyn also writes a personal finance column for the New York Law Journal.
Mr. Bailyn specializes in low-cost portfolio construction, 401k rollovers, and detailed personal financial analysis. His ideas and opinions have been featured in countless publications including Investor’s Business Daily, Wealth Manager Magazine, TheStreet.com, About.com, Forbes.com, Consumer Reports, Seeking Alpha, AM New York, Financial Advisor Magazine, The Journal of Financial Planning, and many others. His professional affiliations include The Author’s Guild and The Financial Planning Association. Mr. Bailyn holds a Bachelor of Science degree from New York University.
He can be reached via e-mail or by calling (212) 752-4343 *31
Last week Nancy Pelosi announced that the completed version of the Economic Stabilization Act of 2008 is now available on the House of Representatives website. I spent a few hours reading through the bill and would like to highlight what I think are the most important parts. What was immediately clear from my review was that the bill sends us into a new period of financial regulation after a decade of deregulation and leverage. As most of you may already know, the bill was passed late last week in both houses and was signed into law by the President. At this point, considering the market turmoil is worse than it was before the bill passed, we wait to see if these new provisions will be successful in the way of instilling confidence to a market system which by most measures appears nearly broken.