Phil Cannella • Phillip Cannella
Phillip Cannella • Phil Cannella
Historically, the markets in this country haven’t increased for more than five years consecutively. The exception came in the 1990s, a decade that enjoyed nine years of off-the-chart climbs. Billions of dollars were poured into the technology sector and anything dot-com much to the delight of countless visionaries and their shareholders. Phil Cannella reminds us that prosperity has the tendency to blind. It led these entrepreneurs and investors to forget history, statistics and the cyclical nature of the market. On March 10, 2000, the market tumbled down in an instant to the horror of all those involved. And it kept spiraling down for nearly three years.
“The most fundamental financial commandment in investing is “get in low, get out high.” Yet, most advisors didn’t. In the months leading up to the crash, did you get a phone call from your advisor saying, “I’m concerned that the market is at an all-time high and I noticed some of the profits we’ve had are starting to dwindle. Let’s take some money off and put it into a temporary money market account where it’ll be safe”? If you didn’t, it’s time to take a serious look at your financial general practitioner,” said Phil Cannella in his book, Crash Proof Retirement: The Planning Isn’t Over.