Yeah, but you're making a killing on Apple...good call btw.
Thanks.
Bought it at $270 and its $360 now.
I was going to wait for it to go down further, and it eventually did hit about $235 or so, but its hard to pick a bottom, so I just bought at $270, knowing full well that it was going to be much higher in the next 18 - 24 months.
There are millions of Canadians that blindly put their money into mutual funds every year, and they dont realize they are investing in the market as a whole, but paying the banks 2% to do it for them. These investors would be much better off putting their money into an index fund that matches one of the major indices, such as the NASDAQ or DJIA etc. It would return the same percentage as their 15 mutual funds, but they wouldnt have the pay the management expense fees that the banks charge. The banks get the customers to stay in high fee, heavily managed mutual funds by way of scare tactics that are wholely false, even on the surface.
Ask a 'financial representative' at Royal, Scotia or TD how many total companies your mutual fund portfolio is invested in, and they will eventually admit that you are investing in the market, not actually in any mutual fund as they like to promote. The banks want you to diversify by investing in 15 mutual funds. But each fund holds 50 companies. So in essence, you are investing in 750 companies across multiple sectors. That's why, without a doubt, they are putting your money in the overall market but charging you about 3x the fees to do it, as opposed to if you did it yourself.
Plus, if you are invested in an energy fund during a downturn like Covid19, you cant pull your money out if Royal Bank is managing it. You just end up watching that fund tank. But if you invest yourself, you can pull out or go all in if you know a sector is going to shift rapidly.
The difference in costs from investing by yourself versus asking the bank to do it for you can amount to 1.5% to 2% in fees, every year. Multiply that during a 20 to 30 year investment span and it can make a shit-load of difference to your nest egg when you retire.
Word of Caution - It is very hard to make money when investing in car companies or drug companies. Johnson and Johnson is a consumer products company in addition to being a drug company, so I am not talking about them when I say drug company. Merck for example, is a company I would stay away from. Pfizer is another. Companies like Toyota and Honda are car companies, no matter how great, that I would never buy. Very, very hard to make money in the auto sector or the drug sector. In general, steer clear of heavily regulated industries that have more rules than you could count with a millin popsicle sticks.