Monthly Archives: November 2011

Successful people do all the things unsuccessful people don’t want to do.

Omar Mian
Omar Mian, one of our Compass partners passed this link  along to me (a Wall Street Journal Wealth Report article) and upon reading it I found that item #10 on the list of “Billionaire’s 20 Keys to Success” really jumped out at me: “Successful people do all the things unsuccessful people don’t want to do.”
I wanted to share that item with you on its own merits and also because it seems to really resonate in the context of all the “Occupy wherever” dramas being held throughout the US.
But as I reflected upon it more – my mind circled back to Omar, who just last month concluded a five year long purchase of another former Compass adviser’s business.  Omar spent the last twenty quarters servicing his clients and paying out the fees and now it’s his own. Not only did he conduct himself professionally and honorably but he grew this business and has earned the respect and admiration of his clients, partners and colleagues.
Omar’s story is a classic American dream realized – he came from his native Pakistan to the US at the age of 13 to continue his education, and as is typical of educated immigrants speaks three languages. After journeyman years in the financial services business at New England Securities, Omar joined Compass in 2003, and became a partner in the firm in 2011. He works hard at his craft and it shows because: “Successful people do all the things unsuccessful people don’t want to do.”
Please join us in congratulating Omar on his success- you’ve earned it and you deserve it!
  
Compass grows it’s business almost entirely through the referrals of satisfied clients and professionals who know and work with us. If in your opinion there is anyone that we should be talking with about how we could help or advise them, we’d be happy and grateful to have that conversation.
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Has Europe Finally Rescued Itself? Probably Not

The European financial crisis is top of the news every day now with bailouts being structured and governments re-arranging their deck chairs in Greece and Italy. SEI’s Investment Management Unit has authored a commentary worth your re-viewing.www.compasssecurities.com/commentary_europe_rescue.pdf
The high points are summarized below:

 
  • Although critical details are still being worked out, the European Union’s (EU) recently announced rescue package for Greece is the broadest, most strategic attempt yet to deal with Europe’s sovereign debt crisis.
  • The plan aims to lower Greece’s government debt-to-gross-domestic-product ratio over the next decade while containing potential short-term damage to the financial system, increasing the size of the European Financial Stability Fund (EFSF), and garnering support from private-sector investors and foreign governments.
  • Greece, which must agree to the plan before it can be implemented, is experiencing serious political upheaval. It must first form an interim unity government and name a new prime minister before the proposed rescue plan can be voted on.
  • Under the most optimistic outcome, the plan buys Greece, troubled European governments, and the European and global financial system some more time, kicking the can further down the road to be fully dealt with at a later date. A more pessimistic view is that Greece and its creditors will experience a disorderly debt collapse, and Greece will be forced to exit the European Monetary Union (EMU or eurozone, the countries that have adopted the euro as their official currency).
  • Whatever the outcome, bringing additional clarity to the issue is likely to benefit financial markets and investors far more than the prevailing confusion and uncertainty.

 
SEI’s View:
…We are not in the camp of those calling for global recession, but we do not expect the world economy to do much more than continue to muddle along for the foreseeable future. While certain risky asset classes continue to carry attractive long-term price tags in our view, investor fear and risk aversion remain elevated, even after the recent equity rally. For the foreseeable future, the fate of world financial markets will continue to hinge in large part on the direction of Europe’s debt crisis, financial system and economy.
 
For the full commentary click here: www.compasssecurities.com/commentary_europe_rescue.pdf