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Can anyone offer any thoughts on him as a money manger? I've been following his blog for a while and tend to agree more or less with his ideas on general economy and the direction of real estate. Would appreciate any feedback or other recommendations for helping to invest.

http://www.nbf.ca/en/tomensonturner/
 

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I enjoy how he always attacks young couples horny for real estate, but when he shares investment advice it is pretty atrocious.
 

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Can anyone offer any thoughts on him as a money manger?

I've been following his blog for a while and tend to agree more or less with his ideas on general economy and the direction of real estate. Would appreciate any feedback or other recommendations for helping to invest.

http://www.nbf.ca/en/tomensonturner/
No ... though some of his cable TV shows had outlandish content make me think he wouldn't be a good money manager. However, getting people to watch so he has ratings is more important in that format (similar to Don Cherry who is more interested in getting viewers).

The other question is who actually makes the decisions? He may be the "known face" to attract investors while others make the investing decisions.


Cheers
 

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I will attempt to make this story brief. A few years back, Mr. Turner made an offer, in one of his columns, that, if anyone requested it, they could contact him and he would refer them to a financial advisor. Suffice it to say that he referred me to a certain advisor who turned out to be a mutual fund salesperson who talked a good game but who, when all was said and done, made money off of my money for himself while I only lost money. After some time, I noted that Mr. Turner often showed up as a guest speaker at seminars put on by said mutual fund salesperson. It's a long story but, after falling for the trap and going with this 'advisor', in the end, I had no good opinions of either Mr. Turner or of his friend and acquaintance, the self-serving salesperson. Now, I wouldn't bother listening to anything that he has to say or write. The only good thing to come out of the entire experience was that I ended up so angry that dumped the salesperson and vowed to manage my own investments after that based on the 'Couch Potato' formula. Now, at least no salesperson is getting rich on my money.

From the July 2012 issue of 'Consumer Reports': "Over a lifetime of saving, fees can really scramble your nest egg. An American household of two median-income investors found that they will pay, on average, almost $155,000 in investment fees over 40 years. And because mutual funds take fees off the top before reporting rates of return and share prices, account holders generally have no inkling how much all of this costs them. Compare for example the net expense ratios--operating costs--of a top fund in the U.S. and a popular index fund benchmarking the same financial index. The managed fund charges $13.90 per $1000 invested annually while the index fund charges $2. Growing at 9 percent annually over 20 years (optimistically!), $10,000 invested with the index fund would grow to $53,847 compared with just $42,358 with the managed fund. In Canada, the difference would be even greater given the higher fees generally charged here. Not only that but a 2010 Morningstar study found that low-cost funds consistently performed better than high-cost funds, regardless of asset class or time period."

This then leaves me wondering why Mr. Turner, when contacted by me, referred me to a mutual fund salesperson who proceeded to build a portfolio for me of high fee managed funds and subsequently switched me from fund to fund over the time that I was with him. The result was that I was paying big fees while losing money while the salesperson and mutual fund companies continued to make money off of my money. It's nice work if you can get it!!

Suffice it to say that the entire experience left me a complete cynic when it comes to the self-interests of the entire financial services industry and those who make a living off of writing about it.

I realize that the topic-starter was not asking for any of this but the mere mention of Garth Turner just sets me off

Take charge of your own money because nobody cares about it as much as you do and assume that nobody involved in the financial services industry will put your best interests ahead of theirs. It's a tough, cruel world out there!!!

Live and learn.
 

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He generally recommends a balanced portfolio of etfs, reits, preferred shares.
His advice tends to be more generic, oversimplified and cliche. And in this industry, it's the reason you get screwed over. I've yet to understand his like of REITs and at the same time talking about real estate doom and gloom. He has also said that you shouldn't put money into an RRSP unless you're going to loot it in the short term.
 

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Regardless of whether his predictions around RE are right or wrong, the fact is that this guy is a radical nutbar.
You don't invest your money with a radical nutbar.
Just look at his political record - this guy was the laughing stock of the parliament, and has the dubious distinction of having been a member of each of the 4 political parties (and kicked out by each).
His economic predictions have fared no better.
Including his doom and gloom predictions about RE (which, BTW, have been going on for nearly 8 years now).

A money manager needs to be a responsible, balanced, unpretentious and reliable individual.
Not a loose cannon, radical, nutbar
 

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I will attempt to make this story brief. A few years back, Mr. Turner made an offer, [ ... ]

Suffice it to say that the entire experience left me a complete cynic when it comes to the self-interests of the entire financial services industry and those who make a living off of writing about it.

[ ... ]

Take charge of your own money because nobody cares about it as much as you do and assume that nobody involved in the financial services industry will put your best interests ahead of theirs. It's a tough, cruel world out there!!!

Live and learn.
That's sort of the impression I had where GT is the "celebrity" to draw in clients for the back office types.

As for cynical about the entire financial services industry, I've had some give good advice. However, this may be because I've at least attempted to understand the product before talking to anyone. As part of the discussion, I'm asking questions like "how do you get paid" and "for this product, what limits my return" etc. The smoke & mirrors are usually put away or I walk away.

+1 on taking care of your own money. Though this can mean refusing to invest without understanding as opposed to necessarily DIY.


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Discussion Starter · #12 ·
I feel stuck. I sold out a portion of my RE holdings and need to put it to use. I don't plan on re-buying in the short term and don't feel totally confident about doing a couch potato portfolio at the moment. I am interested in investing for immediate dividends to supplement the income I used to have from running rental property. Because it's a decent amount of money, I feel that I should get some help doing this. My bank has been "bugging" me to talk to their advisers (free service via TD). I will go in and hear them out at least. I've done a lot of research but coming from a RE background feel a bit baked. Too bad RE seems to be headed on a down-stroke, but that's my sense. Appreciate your thoughts on Garth and am listening. A lot of what was said has crossed my mind although I'm not quite as enthusiastic about the negative aspects as I can empathize from where he comes from. What sort of alternatives are out there?

By the way, Garth charges 1% management fee on the lot, or can offer advise on a fee basis (few hundred an hour). Yes, he does seem like the front man, as his blog is aimed at reeling in investors tired of RE and obviously he's teamed up with others with more specific credentials. He used to be finance minister, so I do think that counts for something.
 

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He was once a politician? Well, that is the final nail in the coffin!! Politicians and financial services salespersons (including bank salespersons) are both at the bottom of my trust index--just under used car salespersons and lawyers.

P.S. You could consider putting some of your money to work in some U.S. large cap dividend payers but don't do it all at once.

One ETF to consider:

http://www.google.ca/finance?client=ob&q=NYSEARCA:DLN
 

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ETF's is a good place to start to get a selection of companies and sounds suitable for your investment level. Check out some of the posts on Canadian Couch Potato, I found them very informative myself.
 

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I do read his blog, and agree with him that everything isn't as rosy in RE as most seem to think it is, and that real estate agents/companies are being deceptive about the real current state of the market. But he's too sensationalistic, and I wonder if all the facts he comes up with are true. It's as if he just wants to draw attention to himself. Which he is succeeding at... look at the herd of sheep that profess their unending faith and admiration in him and his cause each time he posts. His humour is occasionally funny, but a financial blog that has PG-13 rated pictures takes away its credibility, to me. I like what Harold said: "A money manager needs to be a responsible, balanced, unpretentious and reliable individual."

I like the smiley face hidden in Belguy's link hehe...

 

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The guy is a loon, and refuses to admit any errors in his opinions or his forecasting. He's been bearish on gold since at least $1200, and he proudly bleats on about how people should have listened to him when gold drops a few percent on the day, and because it has corrected from $1900. Would have been impressive if he called the top at $1900 without also calling it at $1800, $1700, $1600, $1500, all the way down to $1200 and below. He also lumps Apple in the overvalued category with NFLX and AMZN. His lack of accountability and understanding of valuation means he will never manage a cent of my money.

His style is destined for average gains, which may not be bad in this market but I believe I can do a lot better on my own, and have so far.

Still read his blog because it's entertaining and does contain some good info on real estate, although an open mind is needed to extract the good stuff while ignoring the large amounts of rubbish, especially when he starts veering away from real estate.
 

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Not sure how he is in a micro investing scenario.
I read one of his books and his macro economic sense is moronic.
Missed the mark by a mile.
He takes care of Garth.
 

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His advice tends to be more generic, oversimplified and cliche. And in this industry, it's the reason you get screwed over. I've yet to understand his like of REITs and at the same time talking about real estate doom and gloom. He has also said that you shouldn't put money into an RRSP unless you're going to loot it in the short term.
I'd understood that REITs invested in commercial real-estate (the malls that Walmart, Sobey's, Futureshop et al have 30 year leases to occupy), comparatively sound investments vice residential real-estate.
 

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I'd understood that REITs invested in commercial real-estate (the malls that Walmart, Sobey's, Futureshop et al have 30 year leases to occupy), comparatively sound investments vice residential real-estate.

Yes but when interest rates change, valuations change and so does the economy. Rates can go nowhere but up from here.
 
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