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Citibank is running ads that promise clients cautious, loyal stewardship and business as usual, with no mention of the frozen credit market and Citigroup's multibillion-dollar bailouts, let alone bonuses and corporate jets.
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One explanation is the "hand-holding principle"; choosing funds is tricky and clients feel cautious about doing it on their own.
"Most of us have clients who are cautious or conservative or older, and we want to keep money in cash -- in a no-risk investment," said Malcolm H. Gissen, who runs his own investment firm in San Francisco.
After a good year for trading, helped by low interest rates, clients became more cautious this year.
John C. Bailey, the founder and chief executive of Spruce Private Investors, which manages $3.2 billion for a group of ultra-affluent families, said his clients were particularly cautious about any leverage today.
Now, with stocks trying to rally for the third time this year, Mr. Cliggott is again warning his clients to be cautious.
Well, one way might be to compare it to a hypothetical "sixty-forty" investment portfolio — sixty per cent stocks, forty per cent bonds — of the sort that regular investment advisers have been recommending to their cautious clients since the year dot.
Well, one way might be to compare it to a hypothetical "sixty-forty" investment portfolio sixty per cent stocks, forty per cent bonds of the sort that regular investment advisers have been recommending to their cautious clients since the year dot.
But Mr Hannon says he will be advising his business clients to be cautious.
As [the stock] gets to the mid-to-high thirties we advise clients to be cautious because at that point most of the upside is already in the stock, so there isn't much left for investors".
Instead, they found a few cautious clients sizing up the limits of the new service.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com