Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

Golf Keeps Your Financial Strategy on Par According to BMO Private Bank

PHOENIX, AZ -- (Marketwire) -- 01/30/13 -- Sports provide a microcosm of life and the biases that inevitably enter into our daily routines and decision making process. Perhaps no sport defines this reality more than golf.

Much like financial markets and planning, golf is a sport that places a premium on risk and reward decisions amongst a backdrop of ever changing conditions and outlooks. The professional golfer enters each round with a strategy for navigating through the course. This plan must be tweaked and altered as their position on the course and the leaderboard changes.

Brent Schutte, Market Strategist for BMO Private Bank, offers these lessons from the world of golf to help you develop your personal financial strategy.

1) Develop a game plan -- This outline or document will provide the roadmap for your financial affairs. This plan needs to be flexible and will evolve as the years pass. Your life and market conditions will change and your plan should also. Importantly, your reference point benchmark should not be your neighbor's portfolio but rather performance relative to your goals, objectives and risk tolerance.

2) Pay attention to your scorecard (investment portfolio) -- If your portfolio is properly diversified, there is a high likelihood that at any given point some of your investments may not be keeping pace with others. Don't segregate these individual birdies (gains) and bogeys (losses) but rather focus on the aggregate scorecard (portfolio). Stay focused on the long term. In the financial world, avoiding double and triple bogeys at the overall portfolio level has its benefits. The math dictates that it is more harmful to have a 20 percent loss than 20 percent gain. Remember, a 20 percent loss requires a 25 percent gain to get back to even.

3) Accurately measure risks and the downside of a "bad swing" -- While the 16th hole at the TPC in Scottsdale has become famous, the 17th hole offers a better lesson for investors. On the tee, golfers are faced with a decision to take a seemingly riskier route and "go for" a green or lay up short of the green and attempt to hit the green with an easier second shot. Interestingly, the average score for those who took the "risky path" and went for it at last year's Phoenix Open was 3.5, versus 4.0 for those who chose to lay up and made the "safe decision." Much like the golfer standing on the tee, don't be afraid to take calculated and appropriately sized risks if you have weighed the potential costs of the downside.

4) Keep your eye on the prize and don't let emotions change your plans -- While financial plans need to be tweaked, emotions should not be the guiding force. Prospect Theory shows that in the realm of a negative domain, individuals will engage in behavior (gambles) that they otherwise would not accept. As an investor, if you have sat out most of the recent market gains following the financial collapse early this decade, don't attempt to "get it all back" by taking unreasonable risks. If you are only now looking to re-enter financial markets, consider a dollar cost averaging program over a few months.

5) Consider hiring a coach (financial advisor) -- Like a golfer looking for guidance and help through a caddie, consider hiring a financial advisor to help guide you through the ever evolving market, tax and legal environment.

For a complete copy of the report, visit: Current Market Update

About BMO Private Bank, a part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

BMO and BMO Financial Group are trade names used by Bank of Montreal.

Contact:
Carey Allen
480-558-6383
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
Chris Matthieu is the President & CEO of Computes, inc. He brings 30 years of experience in development and launches of disruptive technologies to create new market opportunities as well as enhance enterprise product portfolios with emerging technologies. His most recent venture was Octoblu, a cross-protocol Internet of Things (IoT) mesh network platform, acquired by Citrix. Prior to co-founding Octoblu, Chris was founder of Nodester, an open-source Node.JS PaaS which was acquired by AppFog and ...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...