Ever wonder how the people in power in this country invest? Eileen Ambrose of the Baltimore Sun has a great article on how particular individuals in the Obama administration invest. I think most people would agree, whether you like the folks in the current administration or not, these are powerful, well informed people. I don’t know about you but I enjoy glimpses at celebrity portfolios.
Party Whispers
According to Ambrose, John Bacci, president of Foundation Financial advisors in Linthicum, Maryland scoured last years public records of a select few cabinet officials and gleaned the following information. All of the following folks have significant holdings in index funds and/or ETFs.
- President Obama
- Mary Schapiro (Chariman of the SEC)
- Lawrence Summers (Director of national Economic Council)
- Timothy Geithner (Treasury Secretary)
- Rahm Emanuel (White Hose Chief of Staff)
- Peter Orszag, (Director of The Office of Management and Budget)
These are powerful enough people that if you were at White House function and any one of them said I am investing in something it would be like E.F. Hutton talking – you would listen.
Do as they do (not as they say)
Index funds and ETF’s area a great way to build a diversified, low cost, tax efficient portfolio. There is a reason why people at the highest end of the financial leadership in this country invest in these vehicles. So what are you waiting for? Ditch your under performing actively managed mutual funds and follow the leaders.
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