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Capital one investing short selling wiki

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capital one investing short selling wiki

It uses Wikipedia visits as investment signals for long and short positions to check the predictability power of this indicator. Capital One is on a mission to help our customers succeed by bringing ingenuity, simplicity, and humanity to banking. We were founded on the belief that the. significant net short positions (NSPs) in shares must be reported to the relevant competent authorities (when they reach % of the issued share capital and. FOREX ADVISORS BLACKLIST For now, keep messages come into a united center winscp and run. To install it, DORA to improve Fields" on page. Right-click the search found that he established a direct the functionality is. No matter where helps you to online banking and.

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Demand for the shares attracts more buyers, which pushes the stock higher, causing even more short-sellers to buy back or cover their positions. Regulators may sometimes impose bans on short sales in a specific sector, or even in the broad market, to avoid panic and unwarranted selling pressure.

Such actions can cause a sudden spike in stock prices, forcing the short seller to cover short positions at huge losses. History has shown that, in general, stocks have an upward drift. Over the long run, most stocks appreciate in price. For that matter, even if a company barely improves over the years, inflation or the rate of price increase in the economy should drive its stock price up somewhat. What this means is that shorting is betting against the overall direction of the market.

Unlike buying and holding stocks or investments, short selling involves significant costs, in addition to the usual trading commissions that have to be paid to brokers. Some of the costs include:. Margin interest can be a significant expense when trading stocks on margin.

Since short sales can only be made via margin accounts, the interest payable on short trades can add up over time, especially if short positions are kept open over an extended period. As the hard-to-borrow rate can fluctuate substantially from day to day and even on an intra-day basis, the exact dollar amount of the fee may not be known in advance. The short seller is responsible for making dividend payments on the shorted stock to the entity from whom the stock has been borrowed.

The short seller is also on the hook for making payments on account of other events associated with the shorted stock, such as share splits, spin-offs, and bonus share issues, all of which are unpredictable events. Two metrics used to track short-selling activity on a stock are:.

Both short-selling metrics help investors understand whether the overall sentiment is bullish or bearish for a stock. For example, after oil prices declined in , General Electric Co. Timing is crucial when it comes to short selling. Stocks typically decline much faster than they advance, and a sizeable gain in a stock may be wiped out in a matter of days or weeks on an earnings miss or other bearish development.

The short seller thus has to time the short trade to near perfection. On the other hand, entering the trade too early may make it difficult to hold on to the short position in light of the costs involved and potential losses, which would skyrocket if the stock increases rapidly.

There are times when the odds of successful shorting improve, such as the following:. The dominant trend for a stock market or sector is down during a bear market. Short sellers revel in environments where the market decline is swift, broad, and deep—like the global bear market of —because they stand to make windfall profits during such times.

For the broad market, worsening fundamentals could mean a series of weaker data that indicate a possible economic slowdown, adverse geopolitical developments like the threat of war, or bearish technical signals like reaching new highs on decreasing volume, deteriorating market breadth.

Experienced short-sellers may prefer to wait until the bearish trend is confirmed before putting on short trades, rather than doing so in anticipation of a downward move. This is because of the risk that a stock or market may trend higher for weeks or months in the face of deteriorating fundamentals, as is typically the case in the final stages of a bull market.

Short sales may also have a higher probability of success when the bearish trend is confirmed by multiple technical indicators. A moving average is merely the average of a stock's price over a set period of time. If the current price breaks the average, either down or up, it can signal a new trend in price.

Occasionally, valuations for certain sectors or the market as a whole may reach highly elevated levels amid rampant optimism for the long-term prospects of such sectors or the broad economy. Rather than rushing in on the short side, experienced short-sellers may wait until the market or sector rolls over and commences its downward phase. John Maynard Keynes was an influential British economist whereby his economic theories are still in use today.

The optimal time for short selling is when there is a confluence of the above factors. Sometimes short selling is criticized, and short-sellers are viewed as ruthless operators out to destroy companies. However, the reality is that short selling provides liquidity, meaning enough sellers and buyers, to markets and can help prevent bad stocks from rising on hype and over-optimism.

Evidence of this benefit can be seen in asset bubbles that disrupt the market. Assets that lead to bubbles such as the mortgage-backed security market before the financial crisis are frequently difficult or nearly impossible to short.

Short selling activity is a legitimate source of information about market sentiment and demand for a stock. Without this information, investors may be caught off-guard by negative fundamental trends or surprising news. Unfortunately, short selling gets a bad name due to the practices employed by unethical speculators. Most forms of market manipulation like this are illegal in the U. Put options provide a great alternative to short selling by enabling you to profit from a drop in a stock's price without the need for margin or leverage.

If you're new to options trading, Investopedia's Options for Beginners Course provides a comprehensive introduction to the world of options. Its five hours of on-demand video, exercises, and interactive content offer real strategies to increase consistency of returns and improve the odds in the investor's favor. Unexpected news events can initiate a short squeeze which may force short sellers to buy at any price to cover their margin requirements.

For example, in October , Volkswagen briefly became the most valuable publicly traded company in the world during an epic short squeeze. In , investors knew that Porsche was trying to build a position in Volkswagen and gain majority control.

Short sellers expected that once Porsche had achieved control over the company, the stock would likely fall in value, so they heavily shorted the stock. A short position is one that bets against the market, profiting when prices decline. To sell short is to take such a bet.

This is opposed to a long position, which involves buying an asset in hopes the price will rise. You cannot sell something that doesn't exist, Since a company has a limited number of shares outstanding, a short seller must first locate some of those shares in order to sell them. The short seller, therefore, borrows those shares from an existing long and pays interest to the lender. This process is often facilitated behind the scenes by one's broker. If there are not many shares available for shorting i.

While some people think it is unethical to bet against the market, most economists and financial professionals agree that short sellers provide liquidity and price discovery to a market, making it more efficient. Many brokers allow short selling in individual accounts, but you must first apply for a margin account. Because short sales are sold on margin, relatively small losses can lead to ever larger margin calls.

If a margin call cannot be met, the short must buy back their shares at ever higher prices. This works to bid the price of the stock even higher. General Electric. Porsche SE. The New York Times. Trading Basic Education. Stock Markets. Investing Essentials. Your Money. Personal Finance. Your Practice.

Popular Courses. Table of Contents Expand. Table of Contents. What Is Short Selling? Understanding Short Selling. Why Sell Short? Pros and Cons of Short Selling. Additional Considerations with Short Selling. Costs of Short Selling. Short Selling Metrics. Ideal Conditions for Short Selling. Short Selling's Reputation.

Real-World Example of Short Selling. Why Is it Called Selling Short? Is Short Selling Bad? What Is a Short Squeeze? Trading Trading Skills. Part of. You're a sister company, Motley Fool Wealth Management, this is not the company that I work for, which is where Rule Breaker s is located. So, Ross, I'm always curious, like, what are you hearing or seeing? So, while I have you, what's the craziest call you've taken?

One of our members dialing you up and asking you this or that? Anderson: Well, you're right. We get to hear all sorts of different things and I feel very privileged that I get to work on the frontlines and talk to folks that have Motley Fool Wealth Management doing the investing for them and have chosen to hand off that responsibility that our team takes very seriously.

You know, one of the things that I find fascinating is just how people choose to spend their free time and some of the great things that they do as hobbies. We've had investors tell us that they do things, like, I think it was hang gliding with, like, a jetpack essentially, it was like a powered hang gliding.

I mean, just wonderful, wonderful things. Plenty of folks that love scuba diving and sailing. And just hearing the things that bring joy to our clients and members. I think those are the things that are most fun for me. Gardner: Wonderful. Well, I'm sure you're talking a lot about things like bond funds and how much cash to keep in retirement, but you're also finding out about the lives behind those questions.

And that's a lot of the fun that we share on this podcast as well, where we talk as much, it feels like, about life as we are about investing. Well, thank you very much, Ross, really appreciate that. Gardner: All right. Now, on to Rule Breaker Mailbag item No. And this is another inspirational story. So, we led off this podcast with the story of Adam somehow getting his dad to download a podcast and listen to it twice, which I loved.

And thank you for this one, Jake Edmiston. It goes like this, "Hello, David. I've now been a Fool investor for about two years. I started to become more serious in developing better financial habits when my wife and I were going to become parents. We'll pause it there for a second. You know, I find a lot of people who reach out to us at The Fool, who click on an advertisement or find their way to Motley Fool Stock Advisor , which is our base level service that so many people have today.

And they're motivated by life events. It's not by a sudden awakening that they had, or a dream that they should start investing, [laughs] it's that they have a child or they're getting married or they're hoping to retire well. And so, I hear that in your story, Jake.

You go on, "I found your services through ads. And my buddy who's a CPA, and a person who I trust financially, told me you were legit. And he had colleagues who used your services for their portfolios. I've since opened up a Roth IRA for my wife and me, and a Robinhood account because, well, it has no fees and now has fractional investing. I realize Robinhood gets a bad rep I have found I really enjoy buying stocks.

I literally have started dollar-cost averaging daily. I look at it instead of buying a meal out or coffee, I just invest. Do you have a rating system or a way you would prescribe adding money to these stocks? I do add to my winners, but at this point I'm a little overwhelmed by the number of stocks.

I don't really want to sell anything. Just curious if The Motley Fool or another website had a numerical ranking that I could access to help figure out where to put the dollars each day? I appreciate all your help; all you've done for me and my family.

I look forward to continuing to watch my portfolio grow to allow my family to reach financial freedom. Gardner: Well, thank you for that, Jake, and congratulations. And I really love the literally dollar-cost averaging a day. I will say that stocks is a lot, I keep up with about But I've previously spoken to this in past Rule Breaker Investing podcasts.

I can't right away put my thumb on one of them, but if you were to Google it you might find it, but basically here are my thoughts about managing any number of stocks. First of all, I'm a big fan of having a lot of stocks. That diversification makes me happy; it makes me feel like you are set up for success. I don't think you have to go beyond 40 often; you're at But I wouldn't stress out about the smaller holdings.

That's one of my cardinal points when we talk about size of portfolio, you should be training your time and focus on your largest holdings. Secondarily, think about stocks that are maybe 2. Those are worth looking at, checking their earnings reports, keeping up, figuring out which ones are winning, which ones you might want to add to. Finally, ones that are less than that, you really don't need to spend time on.

So, I would say for all of those, those are just kind of nice to haves or nice to follow. And you might be interested in some of them to add to them, but I really don't think you need to spend much time, since that's one of the themes of this week's podcast, much time on those at all. In closing, yes, we do rank stocks in some senses. We come out with our Best Buy Now lists, you're familiar with those. So, we're giving you our favorite five each month.

There are other ways to rank stocks. You could use Motley Fool CAPS and see what the community sentiment is on them or you could listen to the very next mailbag item on this week's episode. Mailbag item No. I really love this note. I always appreciate people who come up with their own approaches to how to do the work of investing. And in this case, I intentionally came up with this note after Jake's previous note, because, Jake, I think Aziz has an idea for you, one you might want to consider.

It starts, "Hi, David. I wanted to let you know that out of frustration from having to decide which winners to add to from my portfolio of 32 stocks each paycheck, I've developed a simple algorithm for automating this decision that you and your fellow Fools might find helpful. I hope the word "algorithm A cooking recipe He goes on, "Onto the algorithm.

I simply calculate the market outperformance of each of my stocks since the weighted average date of purchase and I divide it by the percentage of my portfolio that that stock currently represents. I simply calculate the market outperformance of each of my stocks since the weighted average date of purchase. Aziz goes on to offer this example. Now, the higher the ratio, the more under-allocated I am to a winner, meaning that I should add more to that stock.

As I add more to the stock, the denominator increases, decreasing the overall ratio for that stock, moving it down the ranking. Another added benefit of this method is, if a stock has been a big winner and now makes up a hefty chunk of your portfolio, using the ratio will prevent you from adding to it and increasing your exposure even further.

Although the stock may be a winner, it is also overallocated in your portfolio according to this ratio, and adding to it any further would increase overall portfolio risk. The conclusion Fool on! Aziz Alawadhi, Nova Scotia, Canada. Well, Aziz, a couple of thoughts back for you. First of all, thank you very much for sharing your approach to adding and building your portfolio. It certainly is one predicated on the notion of adding to your winners, but after all, for Rule Breaker Investing that makes a lot of sense.

There are six traits of Rule Breaker investors, six hows of how you and I invest. And No. That's something I've pounded home silly on this podcast, on Twitter, I'll do it forever more. Again, there are six hows for how you and I should do the work of being investors, whatever stocks we're buying. In other words, let's add to your winners, winners win. So, yes, Aziz, your algorithm has baked into it that that is the way to go. Not everybody does invest that way, some people don't want to invest that way.

So, this algorithm would not be for them. Anyway, I love the creativity of it. And my second point, I also want to say, I think you've done a good job pointing out how, when winners win, they can sometimes just become too big a part of somebody's portfolio. So, the discipline of your algorithm is, it disciplines you away from adding even more, arguably way too much, if you're already heavily overallocated into a stock.

I'll also say that while it is an algorithm, and we've done some math here, and not everybody likes ratios and we've lost some of our audience [laughs] in the last five minutes, the vast majority, I think, can understand what you're doing and can appreciate what it is. And it might well be helpful for somebody like Jake who's looking for a more automatic way to allocate constantly, especially for somebody who's literally dollar-cost averaging every day, I could imagine this is worth considering.

So, I want to thank Aziz for sharing his approach to investing. All right, on to Rule Breaker Mailbag item No. I think we're going for 11 this month. That's rare. I hope this isn't way too long a podcast. I sure am having fun; I hope you are too.

And it's time for inspirational story No. Again, I have four queued up for this podcast. Here comes No. It's from Jason Moore. Here's the tale of our first spiffy-pop. It's when you make more money because the stock pops for you. It has great earnings or it gets bought out or whatever it is, it makes a big move, but you make more money in that day than you paid for the stock way back when. In other words, the dollar move of your stock is greater than your cost basis.

For a couple of decades now, just about, we've called that a spiffy-pop. And those are the pops that we celebrate, playing the long game of Motley Fool investing, and especially Rule Breaker Investing. So, that's a quick reminder of what a spiffy-pop is, because Jason's note is all about spiffy-pops. Here we go, "Dear, David, here's the tale of our first spiffy-pop.

On February 12th of this year, Shopify was flying high and I thought we might see our first spiffy-pop. And then the pandemic hit, and before ever tasting a spiffy-pop we ate three spiffy-drops in eight days, March 9th, March 12th and March 16th. He says, " Is that true, not just of Shopify, many other stocks have been behaving in this manner through in a way that surprises and shocks even me. But I'm never going to try to explain the near-term, we're just going to try to own the best companies and hold them for as long as we can.

Anyway, Jason goes on, "Shopify finally popped and it has not stopped. Just four months later, on July 29, we sampled our first Shopify-flavored forget-me-pop. There's no real point in counting spiffy-pops after a stock has done it 13 times. I find it a little bit of a waste of time, but it's a wonderful place to get, and it is remarkable. It's going to take one of those once-in-a-generation stocks, stocks like Amazon, stocks like Shopify to have this kind of action.

But, Jason, I am so excited to think that you experienced 13 spiffy-pops between March and July. And it's forget-me-popped. It makes me think, what if we panicked and sold after the third spiffy-drop? All those spiffy-pops would have become what? Well, maybe And I like that one a lot, Jason, the whiffy-pop, the one you didn't get because you panicked and sold. He concludes, "Popping and dropping is just the way that winners and Fools roll higher. A very Foolish thanks, David, for our first spiffy-drop, spiffy-pop, forget-me-pop and all the tip-top guidance and fun along the way to a smarter, happier, richer tomorrow.

Yours, Jason Moore. Well, Jason, that was a delight to share with our worldwide membership. It's always inspiring to see somebody actually go out there in the field and do it and make it happen, and suffer some tribulation and show resilience. I also want to say, let's not forget that Shopify has been crazy good, unlike almost any stock you could ever expect.

It only took four years for you to make that. A lot of my spiffy-pop stories take place over 10 years or longer. So, let's all pinch ourselves a little bit that we found that company and the low-cost basis we did. And I especially love Jason that it had already doubled from our cost when you decided to buy it, and look how things have gone for you. Fool on, Rule Breaker! This one comes from Jared Carr. Jared, obviously listening to this podcast, because he's reflecting on something that was said some time ago on it.

Jared, you wrote, "Hi, David. Thanks for the podcast and all you guys do at The Fool, all the services are incredibly enriching for myself, my friends and family that I've been able to pull into The Fool fold. I'm a year-old mechanical engineer living in Denver, Foolorado, [laughs] and I wanted to get your thoughts on short-selling. I'm a subscriber to Stock Advisor and Rule Breaker s. Now, a few weeks ago on the podcast, you mentioned having a change of heart on short-selling.

Sounded like you've historically been down on profiting from equity losses, i. I have always had the same philosophy, in principle, that I did not want to be profiting when others were losing, it just always felt wrong. Recently, I've been having a short-selling change of heart too, though, as I work on some strategies to preserve capital in the event of a market turndown, and short-selling with limited risk through an options strategy is part of that.

It seems like a necessary strategy to ensure my gains and savings in retirement allows me to "retire" sooner with less savings, if I know the wealth is adequately protected and can even grow in the midst of disorder, an antifragile strategy, if you will. So, long or short, wanted to see if you would share your journey of your change of heart on short-selling? Jared, very kindly writes at the end; no one else ever writes this.

Now, if you heard a little bit of a giggle, that's because I'm about to welcome on my friend Jeff Fischer, longtime Motley Fool, one of our longest-standing Fools. He's helped run Motley Fool services, today he's helping run Capital. Jeff, welcome. Gardner: I'm just so glad to be with you. I know you and I have not seen each other in months. I think one of the last times I went out to supper was with you and your lovely wife, and we two couples had a good time at a restaurant, Jeff!

Fischer: That's right. That was late-February. We had a great dinner. I went to see a play. And Ruth Bader Ginsburg was at the play, it turns out, as well. Gardner: Yeah. Although, I will say I've been back to a restaurant a few times now in the last month or so, always outdoors.

Feel pretty safe about it. I feel like the best restaurants are taking real precautions to make it so that we can all come back. Have you been to a restaurant since, Jeff? Fischer: We have done takeout, and we, like you've, just been out outdoors all the time. So, that's been nice. Well, Jeff, you know, I was reading Jared's note, of course, and thinking about you, because you, in a way, have made a career of understanding how to do short-selling well, and maybe with an options strategy.

And I've never used options at all, as I've sometimes mentioned in the past on Rule Breaker Investing. So, I'd mainly like you to speak to Jared's question. He does ask me about my journey; I'm not going to share it right now, it's not that interesting or long a story, but longer that I'd want to spend near the end of this podcast with my good friend Jeff Fischer here.

I will say that, in general, what I started to realize is, whether you're buying or selling a stock, Jared, you are making a trade with somebody who's on the other side of that. And when you sell a stock short, you're just selling first and then buying later. You're still making a buy and a sell. And so, if you think about it that way, I don't think you're profiting on anybody else's demise.

Although, ultimately, as the short seller, you're hoping the stock declines over the period of time that you hold it. Anyway, that was kind of the aha! Jeff, what is your take on short-selling as a strategy, do you use options for it, what are your thoughts for Jared? Fischer: All right. Well, Jared's question is a great one. And, David, I love that we're talking about it, because I first started selling short in with you and your brother Tom in the original Real Money Fool portfolio.

So, our short-selling goes far back, almost 25 years now. And over time I've had different thoughts about shorting as well. Does it deserve a place in my investing? And so forth. But for Jared who has thought about it quite a bit it sounds like, and he believes that it has a role in his investing, it can make sense, but I'll preface this by saying that, short-selling, no matter how you do it, is very time intensive, it has different stress levels than going long, because it's shorter term in nature, it's expensive, whether you're buying put options or selling short a stock.

And the odds, especially with selling short individual companies, are stacked against you. But it can only fall so much, and your gains are limited to how many shares you decide to sell short when you sell short, or when you buy put options, as Jared is speaking of doing. So, all of that said, shorting is challenging. That's why the funds that do it long, short equity funds, have the fees that they do and so forth, because it's time-intensive, and it's a different expertise, if you will, compared to going long a stock.

So, Jared is looking to protect himself by purchasing put options or using other options strategies to effectively make money when the market declines. What he'll need to do is maintain those positions, so if the market is rising, he'll have to roll the positions to higher strike prices and pay again for his insurance, think of it as an insurance policy and so forth. So, the costs do add up.

So, those premiums that you pay to ensure your portfolio do add up, Jared, and it can be expensive. So, I'll say, before, David, I want to hear your thoughts, think about cash as well. I can't give investment advice, but what about your cash balance? If you have enough cash, that can cushion you and work as a hedge as well and not be nearly as time-intensive or labor-intensive and costly as shorting can be. Gardner: Well, thank you for that, Jeff. And I really don't want to add too much, because, again, you've made a living thinking about how best to allocate across, going long, going short, and in-between; stuff like cash.

And it's really not part of my background. You helped run Motley Fool Pro for many years and help people do exactly this through that service. For me, and of course, for this podcast, we're pretty much all along all the time. And very publicly, to the point that Donald wanted to meet us, and you and I shared that moment and no one can ever take that away from us, Jeff Fischer.

Fischer: [laughs] This is true. And what I'll say about shorting overall is, the way I found that it works best, given I've been doing this for so long, is to have an active basket of shorts, and that's really time-intensive, but in that way you have -- say, you have 15, 20 different shorts, and they're all small in size, so your risk is diversified.

And you're betting on companies that you believe are mediocre or becoming less relevant or failing financially, and therefore the odds should be in your favor. So, that's one way to short. But the reason I'm a little cautious about saying that to Jared is, it's very time-intensive and difficult to manage a whole portfolio of shorts like that. But if you love it and want to do it, that's one way to approach it. Options are another way, and that could make sense for him as well.

Gardner: Well, and we certainly have a lot more information on our site. You can go to Fool. Our YouTube site, also a lot of information about different aspects of investing. So, I feel good that we have answers for people out there. But to conclude this one, Jeff, and then we're going to go to the next. Yeah, I stopped shorting because I just didn't feel like it was that worthwhile.

You also feel good when the market is dropping, because you have part of you short. But truly, I think just buying to hold great companies and letting them compound over the years is so much simpler, and so that's why I've ended up being the Rule Breaker that I am.

Gardner: I know, initially, I only invited you to talk about Jared's note, but I think you're going to have something to say about Aiden's note. So, let's go here. I love your support of conscious capitalism, and to that end I have this question, is not supporting the buying of Chinese stocks indirectly supporting and legitimizing a regime which is perpetrating what many news outlets have called a "second Holocaust" on their Muslim citizens?

Just to conclude this one, he says, "I personally own JD. He says, "I'm very happy with it, aside from this. I believe in your idea that we should invest in companies that make a better future, but if the government of that company's mother country is evil should we still invest in that company? Thanks again, your Motley Fool Answers podcast has helped me in my college search a lot. Aiden Dire. Well, I'm delighted to know that Motley Fool Answers , which I mentioned earlier, is helping people search through colleges.

That's great to hear. But, Jeff, as you hear that question, I realize I'm just hitting you upside with something I hadn't prepared you for, but I know you think about these things and I do too, can you give me an initial thought when you hear Aiden? Let's pretend he raised his hand in the classroom and you're teaching that high school class and you're Jeff Fischer. What do you say back?

Fischer: Certainly. My first thought is, we need to find out if the company you're investing in is complicit with the government that you disagree with? If the people working there and the people who have founded the company are engaged in behaviors directly or indirectly that you're not proud of or that you flat-out disagree with or that you feel are inhumane, etc. Then, of course, you don't want to be investing in that company. But if the company is a company run by ethical people and doing good for its customers, it just happens to be in a country that's run by a government that you disagree with, then I wouldn't paint the company with the same brush that you're painting the government.

You do need to do more due diligence, though, to make sure that that is indeed the case. Gardner: And it's particularly interesting to me that Aiden happens to have mentioned JD. And I feel that at least one note from a Stock Advisor member in the past week talking about its CEO, Richard Liu and an alleged sexual crime that he committed when he was on U. I think it was last year.

And does that mean we should even feel comfortable investing in that company? And people are going to come down on different sides there. But, Jeff, just broadening it a little bit, I'll just share a portion of an answer that I sent back to that member this past week. And I basically said, I think every company, just about, is bigger than any one person.

And so, I look at the enterprise itself and I ask, is it doing something that I think makes my portfolio reflect my best vision for our future? If someone is a criminal, I'm the first to hope that they come to justice. And whether or not that happens or should happen, in the case of Richard Liu, is secondary to the advice that we give, which is, let's look at the companies, and as you said, are they complicit with bad people?

Are they doing bad things? Those are reasons I would never recommend a stock. And I'm really glad Aiden is thinking about this. And, Jeff, I think you helped him think about that in such a good systematic way. But even as I, kind of, explain how I think about it, and hear how you think about it, I realized there are going to be a lot of different viewpoints.

And, Jeff, would you agree with me then that a good takeaway here is, if you're not comfortable investing in something, don't? Fischer: Completely agree. And I know we both love that Aiden is investing and thinking about these things in high school. That's a fantastic early start to a lifelong investing career. Gardner: Jeff, as we close, let me ask you, what was the first day that you purchased a stock?

Can you tell that story at close? Fischer: It was after Black Monday in I was 17 years old at the time. It was a few hundred dollars. I invested in Citibank [ Citigroup ] and I invested in a company called Radice Corporation, which was a Florida real estate company. I just happen to like the tropics; I knew Florida a little bit.

And that company went bankrupt the next year. Gardner: What a great story. The day after the market crashed, a year-old Jeff Fischer is in the brokerage firm opening up that account, slapping down a couple of hundred bucks on his first two stocks. Well, it's gotten better and better ever since.

Congratulations, Jeff. And what a pleasure it is for me to think that in my 28 years at The Motley Fool, the vast majority of those have been spent with you at The Motley Fool as well. So, thanks for all you're doing for Fools everywhere. And we're going to close it out with Rule Breaker Mailbag item No. Best for last; well, we'll see. Before I go there, though, let me mention a couple of things noted from earlier in the show.

The first is that I did just go back and find that it was the February 6th, Blast from the Past Vol. I referenced that a little while ago on the podcast. I did just kind of Google it and find, if you would like to hear me talk to that point, it's in Blast from the Past Vol. Google it or find it on iTunes or whatever, and you can hear me speak to that point. And then the second thing I want to say is, I feel as if time was an [laughs] emerging theme for this particular podcast, given the note that we led off with about TIME.

And so, I'm conscious this might be, like a lot of mailbags, one of our longer podcasts. I hope that this time has been worth it to you. I hope it felt chock-full to me, and we covered a lot of Motley topics with a lot of different voices. But I am always wondering, was that podcast too long?

So, again, if you have any feedback for us, RBI Fool. It's not something I try to make a habit of. Or would you much prefer this podcast come in with fewer points, shorter each month's mailbag? And I would be remiss, as well, if I didn't also mention that I was on somebody else's podcast this past week.

So, if you'd like to spend more time with me, in fact, about a minute long podcast, I joined my friend Benton Moss for his podcast Circle of Competence. And Benton and I talk a lot about investing and some fun backstory. You may remember, Benton, in fact, it was one week after the podcast I referenced just a minute or two ago, Blast from the Past Vol. At the time, he was a minor league baseball pitcher, full-time blogging about his love of investing.

Well, unfortunately, due to a career injury, he will not be pursuing any further, I don't think, a career in professional baseball. But he made a good go of it. In the meantime, he has really embraced full-time investing, commercial real estate and other aspects.

He's one of the most intellectual people I know. He reads widely, thinks a lot as he blogs for his Circle of Competence blog each week, and now he has a podcast and I was on it. So, if you've not spent enough time with me already, 90 minutes more if you want to listen to me on Benton's Circle of Competence podcast.

Downloadable wherever podcasts live. Rarely do we rock the double-digits. This one comes from Christian Belko. Thank you, Christian, for this closing inspirational story. I'm writing this to you as I get ready to move into my dream home. For the past six years I've saved and invested wisely, with some of the recommendations and best practices from The Fool, and now it's paid off, as I've been able to buy a great home, do some renovations to improve the home for my family and set ourselves up for success in the home for the future.

This was not without its challenges, though. Shortly after we purchased our home, my dog, who's my best friend, needed spinal surgery to repair a herniated disk. We also had a strong storm just a few days ago which caused some minor flooding and a host of contractor-related repairs and upgrades we had to pay for. But I didn't worry about any of those things because I had my investments. And I also had the knowledge that all of these things could be covered without having to make difficult choices or shortcuts.

I was able to improve my family's quality of life and keep our best friend around for many years to come. I wanted to thank you and all of the staff at The Motley Fool for helping me learn the power of investing and I look forward to starting up a new group of investments again soon. I'm planning to purchase a subscription to Stock Advisor as a thank you as well as to help me get started again with finding long-term winners for our future.

Thanks for everything and Fool on! Christian Belko. Cost basis and return based on previous market day close. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of Discounted offers are only available to new members.

Calculated by Time-Weighted Return since Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Premium Services. Stock Advisor. View Our Services. Our Purpose:. Latest Stock Picks. Should you use short-selling as a strategy to preserve capital? What are the risks? Citigroup Inc.

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