If you’re a fan of business news on television, you probably remember Peter Grandich. The former Wall Street Wiz Kid came to fame by boldly, and correctly, predicting the stock market crash of 1987 that few saw coming.
Grandich resisted the pressure from his bosses on Wall Street to withdraw his prediction and suffered the ridicule of many on the street and in the media…until he was proven to be correct. Then he was on his way to fame and fortune. Literally.
Today Grandich can’t get an invitation to a Wall Street Christmas party, never mind a segment on Cavuto. Not that he cares. He believes and is not shy about saying that most on Wall Street are fooling themselves. Grandich proclaims that trying to beat the market is a fool’s errand. Buy low cost index funds is his suggestion to the vast majority of investors.
Having made, and lost, millions in the stock and commodities markets, Grandich now urges his clients at Peter Grandich and Company and Trinity Financial Sports and Entertainment Management of Spring Lake to invest for cash flow and not net worth if they want to have an comfortable retirement. He advises clients to employ the velocity of money, like banks do, to maximize their cash flow. He confesses that he and his family are only personally invested in two stocks and that they are long on gold, due to his belief that America has entered its worst ever economic, social and political era.
“Common etiquette says not to talk about politics, sex, religion, or money. But these are the most interesting things to discuss!” ~Unknown
Peter Grandich is extremely interesting….and very polite. A career contrarian, he manages to break the most common etiquette rule without putting people off or making them uncomfortable. His business is to talk about money. He is not at all shy about talking about religion. Increasingly he is delving into the political arena. Sex he doesn’t talk about….there are only two non-graphic references in his brutally honest autobiography, Confessions of a former Wall Street Wiz Kid, which can be read online for free.
Grandich makes sports talk very interesting. Through his personal and business relationships with past and present professional athletes, Peter has unique insights into professional sports, especially football and hockey. Several of those athletes are members of his Board of Advisors and they frequently appear at his Spring Lake office to support his many charitable endeavors.
A visit to Grandich’s office on Morris Ave in Spring Lake is unlike visiting any other financial services firm. The front of his office appears to be a high-end sports memorabilia store with jerseys and helmets autographed by his pro-athlete friends for sale. 100% of the memorabilia proceeds go to charities Peter supports.
Serving the public and pro-athletes
Since fulfilling a dream by opening his office in Spring Lake last year, Grandich said one of his biggest challenges has been to let the world know that he serves every day investors in addition to his work with professional athletes. So I’m telling you…if you’re an investor, saver or business owner who hopes to retire one day (unlike Grandich who says he hopes to die at this desk) talk to Peter.
In his former life as a Wall Street Wiz Kid, Grandich garnered plenty of national and international publicity. In this new chapter of his life, his focus is local. To that end, we welcome him to MMM as the sponsor of our popular feature, Greg’s List: Things to do in Monmouth County this weekend, and we look forward to learning his occasional columns.