Over the past several decades, through stints at Mesirow Financial, Dearborn Partners and Barrington Strategic Wealth—her own firm that she sold to Telemus four years ago—Joseph has been a writer on economic matters as well as strategist and portfolio manager.
The 63-year-old Joseph grew up in Wilmette, attended New Trier East and got undergraduate finance and management degrees followed by a law degree from the University of Miami in Florida. Excerpts from a recent conversation follow.
Crain’s: The stock market has made big moves in the past year. Do stocks look awfully expensive to you now?
Joseph: As long as the Federal Reserve along with other central banks continue to print money, as they have for years now, the market ought to continue to rise, along with most other asset classes. At the same time, stocks now reflect a lot of good news that has been announced in recent months. It’s hard to believe that the good news will continue at this pace past 2021. Therefore people have to be careful at these levels.
We encounter many private business owners who spend all their time worrying about their business and pouring all their extra cash flow back into operations, while ignoring their personal investment portfolios. You must see the same thing.
Successful businesspeople spend most of their time making their businesses big and profitable. They often view their own investment strategy outside work as a second job that they don’t have time for. If they don’t have the time, then they need to enlist a trusted advisor to do the work for them. A good business leader has a team of experts all around and is willing to put them to work.
The problem for many is one of choice. I’m a growing franchisee and can take the extra $50,000 I earned last year and put it into a stock portfolio, or go out and buy a second or third restaurant and hope to grow my business further. Many opt for the latter.