Leverage is no substitute for long-term discipline
By Ben McLintock
Clients trust their financial advising team to offer guidance tailored to their needs and goals. That team can also provide a critical historical perspective when clients are considering different investment options which may not align with their goals or their long-term best interests.
An example of this is the idea of margin, where investors use existing investments as collateral to purchase more securities than their readily available cash allows. For instance, someone wants to buy $2 million of a stock they think will increase in value, but they only have $1 million of cash. That person can ask their brokerage firm to loan them an additional $1 million.
Leverage is no substitute for long-term discipline
Author summary: Leverage is not a replacement for discipline in investing.
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