The Ultimate Market Longevity Lesson
If you think the vagaries and volatility on Wall Street are a young man’s game think again. We’d like to introduce you to a very special member of the Fast Money audience - someone who’s been working on his portfolio for 60-years.
Bob Lawrence enjoys a lot of titles such as grandfather, great grandfather and great-great grandfather. But at 90-years old, we affectionately call him Fast-Money's oldest fan. An avid CNBC viewer, Bob tells us that Fast Money is his favorite show, however he does have some criticisms for the team. “They're talking a hell of a lot faster than I can keep up with!” he says.
Lawrence lives off his investments and their dividends in the sleepy, tiny, remote town of Boulder Creek, California, in the Santa Cruz Mountains west of Silicon Valley. Bob's interest in stocks stems the past 60-years. (In fact, he sold a portion of the stock he received while working at Northrop to pay his tuition at UCLA.)
“I graduated from high school in '34, right in the middle of the depression.” explains Lawrence. “I would go down to EF Hutton and they had these big boards….and they had these catwalks and good looking girls were up there charting down the prices as they were called to them. Some broker read 'em off a tape!”
Today he trades via computer from the comfort of home. He buys and sells stocks, watching his portfolio every day. In the interest of full disclosure he told us he holds a big position in Freeport McMoRan (FCX) and Las Vegas Sands (LVS)!
And Lawrence appears to have a knack for making money. His regular returns average 20% annually. In fact, the profits from a recent trade went toward fixing his roof! “I think the day I die I'll be buying stocks,” says Lawrence. “Or selling. At a profit, I hope!”
Dylan Ratigan invites Bob Lawrence to chat with the traders. Lawrence tells them he made money from a Jacobs Engineering (JEC) trade recommended by Guy Adami, previously. Also he asks if he should increase his current position in South Copper (PCU)?
Pete Najarian replies that he thinks PCU is going higher.
On a related note, Guy Adami tells Lawrence to keep an eye on Freeport McMoRan which is already in his portfolio. When FCX hits $115 take some off the table, says Adami
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Trader disclosure: On Sept. 20, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (EMC); Najarian Owns (AAPL), (VMW), (CREE); Finerman's Firm Owns (BEAS), (LTD), (BWS), (NMX), (NYX), (COP), (KALU); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (HD)