This past week not one but two clients asked if they shouldn’t be selling all their bonds now. Odd question and the second one sent off our radar. We smelled something rotten in Denmark, or maybe somewhere a bit closer to home. Which of the two sources was responsible? Jim or Suzie? We correctly guessed Jim. Yes, the client admitted, they had been watching Jim Cramer who suggested they dump all their bond holdings. We are going to say this to all who will listen-JIM CRAMER AND SUZIE ORMAN ARE NOT YOUR FRIENDS!!!!!

Their approaches are extremely different (Jim is certainly the more offensive of the two to us), but ultimately they both share only one goal-self promotion. They are the anti-fiduciaries. They do not put your best interests first. They are all about promoting themselves. If you perish as fodder in their self promotion scheme, they will not miss a meal nor feel a moment’s sorrow.  I am pretty sure if Warren Buffet listened in daily to Mr. Cramer and followed all his advice he could have had his home foreclosed upon by now. Cramer uses the shotgun approach, trying to hit a home run by taking 100 swings in every direction. So, he usually has a home run or two to remind you about. The other ideas strike out and are replaced by another hundred swings for the fences.

Suzie’s approach is far more demure but just as lacking in ultimate usefulness. She likes to make sweeping generalizations (“X is a bad thing to do as an investor”). The problem is she has not taken the time or effort to understand your unique situation and needs, so her “advice” might be right for over 50% of listeners but dead wrong for you. You become the fodder in her fame.

A fiduciary, plain and simple, is charged with putting your interests first. The person may be inept and may not give you good counsel. However, they at least must attempt to give you good counsel. That would seem like a good first step in evaluating who you should listen to.

We know it is a little late for New Year’s Resolutions, but………..How about it! Why not tune out Jim and Suzie and devote that time to something that will add to the quality of your life?