This is G&G Associates Tax & Financial Consulting Services e-Newsletter
AIG LOSES $61.7 BILLION! LARGEST LOSS IN HISTORY! MAJOR NEW PROFIT OPPORTUNITIES FOR CONTRARIAN INVESTORS AHEAD! Dear G&G Newsreaders, If you're waiting for this bear market to end any time soon, please do NOT hold your breath ... Yesterday, Washington announced that AIG, our nation's largest insurer, lost a staggering $61.7 billion in the last three months of 2008 ... That's the single largest loss ever suffered by a U.S. corporation, larger than the record losses at Bank of America and Citigroup COMBINED! Worse: To keep AIG from going belly-up, Washington is giving the company another $30 billion, bringing the total bailout for this one company to a staggering $180 billion. That's equivalent to nearly HALF the U.S. government's entire budget deficit for all of 2008! Worse still: The company's stock, which sold for nearly $50 per share last May is now only 49 cents. Any investor who bought $10,000 of AIG stock eight short months ago now as a meager $98 left. The rest -- a whopping $9,902 -- is gone with the wind. You have to wonder: If this is what happens to companies that are seized and operated by Washington bureaucrats, what's going to happen to Citigroup now that those same people have controlling interest? What's going to happen to Bank of America? To GM? To Ford? To all the other stocks getting money from Washington? And what's going to happen to the millions of investors stubbornly sticking with bull market buy-and-hold strategies -- who are still hanging on to these doomed stocks -- as this crisis continues to intensify? More importantly, it makes one wonder ... WHY ARE SO MANY SMART INVESTORS DOING SO MANY BRAIN-DEAD STUPID THINGS? Take Warren Buffet, for example. The Wizard of Omaha's Berkshire Hathaway just put in its worst year ever. Its shares have plunged 48% in value. To his credit, in the letter Mr. Buffet sent to investors over the weekend, he freely admits that "dumb investments" have cost his company about $7.5 billion so far. But has Buffett learned his lesson? Apparently not! Although his letter admits that "the economy will be in shambles throughout 2009, and, for that matter, probably well beyond," Buffet continues by saying, "But that conclusion does not tell us whether the stock market will rise or fall." Is this his rationale for continuing to own billions in companies that are almost certain to get hammered by "an economy in shambles?" Won't the "economy in shambles" also devastate his holdings in retailers, furniture and jewelry stores, real estate firms and so many others? My view: Buy-and-hold investing is risky enough when you have a reasonable assurance that the economy will be stable. But in an economy that's admittedly broken -- and in a stock market that's been falling or six straight months -- it's utterly insane!
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For those of you who have their money tied up in your company's 401K, Thrift Savings Plans (TSP) for those government employees: whatever you do, "DON'T" put any more money into those accounts. It just doesn't make any since to keep throwing your hard earned money down the drain. Keep that money and start getting those investments I mentioned above.
For those who say, but I get a tax break or my employer is matching what I put in to my retirement? Well, to reference the employer matching excuse, what's 6% of 0? You got that right...0. And for the tax breaks, 'please' I could easily show you how to save that same amount of money or more by getting your self a business and taking advantage of the 422 tax deductions allotted for business owners.
For more details on how to keep 30-45% of your paycheck, listen to the audio on my website titled "Job vs. Business" and you can instantly turn around your financial situation.
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Read quote below!
Thanks, Gary Gray Tax & Financial Consultant, RFC G&G Associates 877-817-6031 toll-free 866-361-3872 toll free fax www.gngassociates.net
"Knowledge is a form of food, nourishment at the higher level" Dr. S Epps
LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility. Also, please note that due to our commercial relationship with Publc Gold, G&G Associates may receive compensation from a membership purchased at www.publicgold.com/gngpreciousmetals.
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