I moved to a new financial advisor in July 2022. Portfolio value at the time was $800K. They sold all but two of my existing stocks (AAPL, AMZN) and invested heavily (but not exclusively) in consumer discretionary stocks. Results: 2022 down 11%, 2023 down almost 9% YTD. Overall, down close to 20%.
The new portfolio is extremely volatile, usually 1-2% swings each day, but today it went down ~4% due to huge losses in just two stocks. Some individual stocks are down 55-70% YTD; few are in the black. Just about every stock is performing worse than its respective market index.
In the case of the biggest losers, the chief investment officer basically went to the sunk cost fallacy - we (I) have lost so much we should just hold to see what can be recovered.
Right now I’m so angry about today’s loss (I didn’t mention the stock that lost 25% yesterday) that I dare not call or email until I can get a grip on my emotions.
I know that maybe except for the S&P 500, the market’s performance has not been great this year, but my portfolio’s losses just seem so extreme that I think I need to stop working with these folks.
Any constructive advice? Thanks.
Submitted November 09, 2023 at 11:40PM by bocageezer https://ift.tt/Mv2oYCl
