Strategies and Tactics...Bake and Stir.

I have spent the last three weeks in Manhattan, shlepping the streets and the halls of banks and brokers helping to grow my portfolio.

I have not been very active in the markets, I back off when I know I can’t concentrate, but have been skimming away at the headlines.

Not a day goes by where the rotting in our financial institutions makes me cringe. The amount of banking layoffs that must be coming in the 4th quarter of this year will be staggering.

It is not enough.

The markets have been sold and sold and sold, but they don’t crash. It’s as I have called it since March 2009 – ‘The Inconceivable’ rally. I am so appreciative to have taken part in it. We will need a miracle for it to continue, but miracles happen.

Because I think it will take a miracle, I have been cautious and left money on the table. I have turned that into a strategy I can live with along with my limited partners and investors. They now expect that from me. If I hit a homerun they know I will look at them and just say we got lucky.

Strategies are not something you can pick out of thin air and just make your own. It takes time. You have to suffer defeats and you hopefully will have a few wins.

There are tactical ways to invest throughout your life where you chase the flavor of the day for your clients, but you will constantly be raising money from brand new faces at lower and lower fees to you.

I am grateful to have spent the hard time learning and now finding an overall strategy from the top down that is best for me and my partners. I wish that same success on everyone that reads my blog.