Ross Ferrier, a branch manager and portfolio manager with Commerce Valley Financial Group at CIBC Wood Gundy in Thornhill, Ont., says he has an aversion to risk: ‘I’m not a quick decision maker’
Ross Ferrier, a branch manager and portfolio manager with Commerce Valley Financial Group at CIBC Wood Gundy, sits below the Omaha Royals jersey signed by Warren Buffet that hangs in his Thornhill, Ont., office.In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years, and how their experiences influence the advice they give clients.
Ross Ferrier, a branch manager and portfolio manager with Commerce Valley Financial Group at CIBC Wood Gundy in Thornhill, Ont., talks about money lessons growing up, his time as a professional baseball player after being drafted by the New York Mets, and advice he got from Warren Buffett:I grew up in a middle-class family in Waterloo, Ont. My father was a mechanical engineer and my mother was head of the engineering mathematics science faculty library at the University of Waterloo.
When it comes to spending, I prefer to spend money on experiences for my family rather than on material things. I have four kids, ages 12 to 24, and I also talk to them about money and the importance of saving and investing to be independent later in life.As a kid, I would spend my summers with my grandmother in Jamaica . She lived in a small, two-bedroom house in Montego Bay with bars on the windows and no air-conditioning.
That experience jolted me. I learned to stick with my investment values and never buy a stock I don’t understand fully. It also grounded me and served as a reminder not to get caught up in the hysteria and noise of chasing huge returns. Because of that mistake, I probably have an unnecessary aversion to risk. I need to analyze and re-analyze any investment I make before moving forward. I’m not a quick decision-maker.It was from Warren Buffett at his annual meeting in 2002.
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