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March 2007
Sales Ideas: The Power of Diversification
The power of Diversification. To diversify is to produce variety. To fail to diversify is to court disaster.
In too many cases, clients do not or will not appreciate that sentiment.
Don't put all your eggs in one basket. I have met on many occasions people who work for a public company and own primarily that one stock in their retirement plan or non-qualified account. These people may have always worked for that company and bought their company's stock faithfully over the years, feeling they were keeping an eye on things by being there every day. Even after retirement they continued to buy the stock or hold the stock because they like and trust the young people who work there.
The reality. I ask them a question. "Mr. and Mrs. Client, let's suppose you came to me with a beautifully balanced and diversified portfolio. You want to know what I think and I say that I think you should liquidate 80% of this portfolio and put the proceeds in one stock. What would you tell me? You would tell me I was crazy. And I would say to you that's exactly what you have done for yourself."
I cannot even recall all of the once-fabulous companies that have come and gone during my career. Some names that come to mind are Prime Computer, Digital Equipment, Wang and W. T. Grant. Once-great companies like these get eclipsed with alarming regularity...
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