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The Wolf of Wall Street
Watch List for Wednesday 07/31/2013
PLPL – News
http://finance.yahoo.com/q?s=plpl&ql=1
Plandai Benefits From the Dangerous Side Effect Profile of Competing Malaria Drug
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GRPR – Volume Alert
http://finance.yahoo.com/q?s=GRPR&ql=1
Form 8-K for GRID PETROLEUM CORP.
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AEGY – Momentum
http://finance.yahoo.com/q?s=AEGY&ql=1
AEGY Appoints Chief Technology Officer.
It seems so long ago. But in 2009, many of the wealthy were stunned to find themselves in a cash crunch. Despite all the talk of cash cushions and risk management, many of the wealthy suddenly realized that they had overborrowed, overspent and overconcentrated on a single asset or industry.
We had suddenly entered the new age of the High-Beta Rich, where the wealth was volatile and far more cash was needed to absorb the shocks of financial markets.
Four years later, the lesson still holds.
A study from Spectrem Group asked wealthy and affluent investors “what do you wish you had done differently in the crisis.”
(Read more: Retirement, the rich and the superrich )
For the top earners-those making $750,000 or more-the No. 1 answer was “saved more.” Ranked second was “done more research about finances on my own” and then “not taken on as much debt.”
Their regrets have turned into real action-with possible impacts on the broader economy. Since the financial crisis, the wealthy have become the nation’s top cash hoarders, filling up deposit accounts and money markets at a rapid clip.
(Read more: What is rich? Study takes a crack at the answer )
According to research from American Express Publishing and Harrison Group, the savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter. That’s up from 34 percent in the second quarter of 2012-and more than three times their savings rate in 2007.
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