John has a half-million dollars in his 401(k)… Ten years ago he had a hundred thousand… So why was John happier ten years ago? Because four years ago he had $600,000… He’s thinking the market stinks…

In March 2009 Jim Jr. inherited a $285,000 retirement account that’s now worth $500,000… He’s thinkingthe market’s wonderful… Jim Sr., the deceased benefactor, died of unknown causes… Friends suspect it was due to stress over seeing his 401(k) drop from its $600,000 peak in October 2007…

Mary has a half-million dollars in her rollover IRA (used to be her 401(k))… Ten years ago she had a hundred thousand… Four years ago, like John, and Jim Sr., she had $600,000… But, oddly, she’s relatively happy… Why? Because in March of 2009 she became eligible to roll her 401(k) to an IRA under new management – at the time it was worth $285,000… She thinks the move to the new account is the reason for her dramatic [partial] comeback…

Bart (colleagues call him Lucky) enjoys an 11 year stint advising the investment committee of Goodperson Foundation’s endowment fund… The fund’s up a million dollars “for his efforts”… He gladly takes the credit… “He’s so much better than the advisor they fired December 2002 (at near-bottom of the infamous tech-bubble bear market)”, or so say the committee members… But is he? The portfolio, while sporting different titles within (Bart bought XYZ while his predecessor bought ABC), looks, from an asset allocation standpoint, very much like it did under previous management… I.e., that’s why they call him Lucky…

Bottom line folks; while some would say it’s all about timing, I’d say it’s all about perspective… With regard to advice: While, at the margin, a good/honest advisor can bring value in terms of education, planning, asset selection, and, more importantly, helping you not make the big mistakes, it’s all about lasting the bear markets – and of course maintaining the equity/fixed-income mix best suited to your circumstances…