Gyroscopic Investing

JPMorgan Chase says it will close 20% of its branches because of the coronavirus pandemic

https://www.cnbc.com/2020/03/18/jpmorga ... demic.html

Chase forbids cash and precious metals from all their safe deposit boxes ...been that way for a long time with them

I don't think this is going to be limited to Chase for very long.

Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.

When I made a rare (no more than 2-3 times a year) trip to my bank yesterday morning there was a notice on the door saying that starting today they'd be putting in new procedures starting today. Then, later in the day, when I was logged into our organization's different bank there was a huge notice on the top saying that they'd already instituted new procedures.

Vinny

I'm pretty sure the Texas Bullion Depository will remain open.

Tortoise wrote: ↑Wed Mar 18, 2020 4:42 pm Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.

Well, they've already closed down a multitude of other businesses "for the public good." What if banks were closed down to prevent bank runs?

Kriegsspiel wrote: ↑Fri Mar 20, 2020 6:04 am

Tortoise wrote: ↑Wed Mar 18, 2020 4:42 pm Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.

Well, they've already closed down a multitude of other businesses "for the public good." What if banks were closed down to prevent bank runs?

You never know.
That's an example of why diversification is important in more dimensions than "stocks vs. bonds".
Too bad the boglehead philosophy is so over-simplified, at least as most of the boglehead website participants seem to practice it.

Libertarian666 wrote: ↑Fri Mar 20, 2020 7:54 am
You never know.
That's an example of why diversification is important in more dimensions than "stocks vs. bonds".
Too bad the boglehead philosophy is so over-simplified, at least as most of the boglehead website participants seem to practice it.

Too true.

I've long advised people to diversify away from "digital risk" by holding a modicum of physical assets for instance. Gold, silver, maybe some cash. Nobody thinks it will happen till it does.

I've often recommended the same thing, but nobody gets it. I like your phrase "digital risk". Very pithy. I will borrow that if you don't mind. I think that might help convey the idea better than my previous long-winded method.

Too late! My bank suspended lobby service! Well... it's safe at least. I'm nowhere close to a rebalance band, years away.

ochotona wrote: ↑Fri Mar 20, 2020 8:28 pm Too late! My bank suspended lobby service! Well... it's safe at least. I'm nowhere close to a rebalance band, years away.

My credit unions closed their lobbies a couple days ago so some of my my PM's are inaccessible. Should have cleaned out the safe deposit boxes last week.