In 1948, the Secretary of Commerce, Charles Sawyer, called Detroit's automobile industry, “a symbol of the way in which the American economy could best provide the average American with a steadily increasing abundance of the things he wants and needs.”
Unfortunately, Detroit filed for bankruptcy.
This quote was published by The Motley Fool, along with a recommendation that we would all do well to pay attention to: “Things change unexpectedly, and often for the worse. Diversification is [one of] the best way[s] to mitigate that risk.”
According to The Motley Fool, the fall of Detroit can teach investors three important lessons.
I recommending that you avoid concentrating your investments, no matter how safe or promising they appear. Use global diversification as you seek reasonable returns while mitigating risk. Call me if you want to discuss this concept.
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