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1) Stocks are really risky (really)
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2) U.S. stocks don’t give enough international exposure
A man looks up at an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai, India, on Friday, Jan. 27, 2017. India's Finance Ministry will recommend bold tax reform to ensure that Prime Minister Narendra Modi's growth-crimping cash ban wasn't in vain, people familiar with the matter said. Photographer: Dhiraj Singh/Bloomberg
Using ETFs, active managers have still been able to participate in the 10% rally since Donald Trump's election. Meanwhile, the growing heft of the funds has made them a key component of U.S. exchanges.
3) Stocks for the long run can be longer than clients can wait
The New York Stock Exchange (NYSE) is reflected in the mirror of a door in New York, U.S., on Friday, Feb. 3, 2017. U.S. stocks advanced Friday after Labor Department data showed U.S. employers added the most workers in four months. Photographer: Michael Nagle/Bloomberg
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4) Break the addiction to prediction
Attendees stand in front of a backdrop of the City of London at a "Paris Meets London" meeting organized by Paris Europlace, the French capital's lobby group, at the Shangri-La hotel in The Shard in London, U.K., on Monday, Feb. 6, 2017. Paris could lure as many as 20,000 workers from Britain's finance industry with the exodus potentially starting within weeks as the U.K. begins its withdrawal from the European Union, according to Europlace. Photographer: Jason Alden/Bloomberg
Despite being concerned about high asset prices, Bill Gross says he feels required to stay invested and sees value in some closed-end funds.
5) Don’t bail on bonds
Bill Gross, co-founder of Pacific Investment Management Co. (PIMCO), listens during a Bloomberg Television interview at the Bloomberg FI16 event in Beverly Hills, California, U.S., on Wednesday, May 25, 2016. Gross, who built a career and a $1.9 billion personal fortune trading bonds, is trying to go short on credit, a position that he said runs contrary to his instincts and training as an investor. Photographer: Patrick T. Fallon/Bloomberg
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6) Market plunges are not alike
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 13, 2017. U.S. stocks held steady as they kicked off a week dominated by central-bank updates including the Federal Reserve's rate decision. Photographer: Michael Nagle/Bloomberg
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7) Alternatives have had low correlation but bad returns
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Feb. 17, 2017. Despite Russia and Michael Flynn, the tweets and CNN, the stock market has sailed from one high to the next under President Donald Trump. Photographer: Michael Nagle/Bloomberg
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8) Narrow bets have worse market timing
A Wall Street sign is displayed in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Nov. 11, 2016. U.S. stocks fluctuated in whipsaw trading, with the Dow Jones Industrial Average spinning near a record, as investors speculate how Donald Trump's policies will impact the economy and interest rates. Small caps headed for the best weekly gain in five years. Photographer: Michael Nagle/Bloomberg
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9) Costs matter (part duh and part shocker)
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Feb. 27, 2017. U.S. stocks fluctuated near all-time highs, while the dollar and Treasuries retreated as investors awaited clues on President Donald Trump's spending priorities. Photographer: Michael Nagle/Bloomberg
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10) Investing based on the recent past is a mistake — which we keep making
Monitors display Snap Inc. signage on the floor of the New York Stock Exchange (NYSE) during the company's initial public offering (IPO) in New York, U.S., on Thursday, March 2, 2017. Snap Inc., maker of the disappearing photo app that relies upon the fickle favor of millennials, is going public at a valuation at least twice as expensive as Facebook Inc., and four times more costly than Twitter Inc. Photographer: Michael Nagle/Bloomberg