Buying local: a guide to shopping around-the-corner investments
Those calls don’t come as frequently anymore.
A generation ago — before the days of cheap online trading, CNBC tracking the Dow’s every move and funds that let you buy only Peruvian companies — Gary Collier’s phone would regularly bring him questions from local investors inquiring about Nashville’s most popular stocks.
“They’d ask about Service Merchandise, Shoney’s and Cracker Barrel,” said Collier, now executive vice president and manager at Pinnacle Asset Management, the investment arm of the largest bank headquartered in Nashville. “Now we’re buying indexes and funds.”
That shift reflects the huge leap in sophistication among both investors and the markets in which they put their money to work. Fueled by the rise of the 401(k) plan and other ways in which millions of us are now hooked into global investment markets, we no longer pay as much attention to the equity opportunities on our doorsteps.