How to get your money growing
Daniel Crosby, founder of Nocturne Capital and author of a new book, The Laws of Wealth, points out that the familiar can be a danger when you’re aiming to diversify.
“Our familiarity with something makes it appear less risky, which is why people tend to overinvest in the stock of their employers and tend to overconcentrate their portfolios in the direction of their home countries.
“I think the danger for farmers is overallocating to what they know and failing to account for the need to diversify away from agriculture. Specifically, I’d look for ways to get broad exposure to fixed income as well as foreign and domestic equities, since real estate and commodity exposure is something they already likely have.
“Buy what you know is one of the most common and most idiotic pieces of investment advice in circulation,” Crosby says.
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