PALM BEACH, Fla. – A blind-folded monkey throwing darts couldn't do worse in picking investments than an investor sitting on cash.
That's what Dr. David Kelly, the chief global strategist for JPMorgan Funds, told an audience of retirement advisors and others gathered Monday for the first day of the 2013 Society of Professional Asset-Managers and Record Keepers meeting.
"Cash is like hiding out in your mother's basement," Kelly said. "A lot of people haven't saved enough. You need to tell them to invest more of what they save. Help them get invested in a diversified way in long-term investments, because in the long term, that's how they can come back to balance."
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