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    The Wolf of Wall Street

     

    Trader's Corner

    TSW Hot List for Wednesday 07/31/2013

    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.

    Industry News

    Meet the new wealthy: The cash hoarders

    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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