I look at the financial services industry as being a fish that swims with the current.

They don't care that the river ends around the next bend. They don't care that there is a waterfall right in front of them they just keep swimming.

I read a story years ago that made it very clear to me why it is that way.

An new investment analyst for a large firm came to the conclusion that the market was about to correct. He put out his recommendation to lighten up on equity investments...

As soon as the alert went out he was summoned to the CEO's office and was asked why he had put out the alert.

He explained in great detail the reasons for the likely correction in the equity market. He reasoning was sound...there was a good chance that there was going to be a correction the CEO could not disagree.

He was then told to never put out such an alert again. He asked why and the CEO told him, if you put out a sell alert, some people will sell if you are correct they will thank you and those that didn't sell will blame us. Some of the people who sold will move their accounts. If you are wrong the people who sold will blame us and maybe move their accounts. The people who didn't sell will think we don't know what we are doing and move some of their accounts....

No matter how it turns out putting out this type of alert will cost the company accounts and money....never do it again.......

Even if they keep some of their portfolios in cash..it's to easy to take out of the firm.

Keep them investing, talk about dollar cost averaging, buy the dips, talk about a balanced portfolio so we can sell part of their portfolio every year and keep making commissions.....

Once I heard this...I took all of my money out of brokerage firms and started investing for myself...