2011-02-09 / Front Page

Advice is to buy low, sell high

By MCL staff writer


John M. Sillay speaks on where we are today. John M. Sillay speaks on where we are today. A good crowd was on hand at Colquitt/Miller Chamber of Commerce First Friday Breakfast meeting at Emerald Lake RV Resort at 7:30 a.m. Friday, February 4.

After a delicious breakfast, Chairman Robert McIntosh welcomed the crowd and thanked those in attendance for coming out on such a wet day. He introduced the guests and asked for the community reports.

Cory Thomas reported for the city, saying the golf course is in great shape and people are using it. He urged local people to use and enjoy the facility. He said that this was Severe Weather Awareness Week, and weather radios were available for $10.00.

Bo Haywood was spokesperson for the county and said it was doing pretty good, and the audit was back. He said that volunteers were our greatest assets in the county.

It was announced that the Collaborative had a 10 week and a six month program available for workers to be paid by the state from grant funds.

Terry Taylor reported on the new program to start in March with Second Saturday on the Square Market Days. He stated that vendors are already signing up, and it is going to help bring people to Colquitt.

Billy Roland recapped activities for Spring Creek Park where T-ball sign-up has begun and tennis will start soon. He said that between 250-300 youth will play baseball in the park this year.

Supt. McIntosh reported that the schools are preforming well. Their biggest problems are fund cuts from the state. They are trying to save teaching positions and at the same time protect local taxpayers from having to take up for the cuts. He stated that Miller County is getting approximately 80% of what they were getting from the state and that would take us back to five years ago.

Veryl Cockey on behalf of the Chamber of Commerce urged members to use the webpage. She said they are making plans for the Mayhaw Festival.

PeoplesSouth Bank president, Sandra Womble then introduced guest speaker, John M. Sillay, managing director of Morgan Keegan & Company.

Mr. Sillay spoke about what was happening locally, statewide, nationwide and all over the world.

He stated that what happened to our country was too much borrowing, since it was too easy to borrow.

Sillay said that he thought that we could come out of this recession by paying off the debt. He said that some are paying off their debts, and some are walking away from their debts.

Those that cannot, or will not pay off what they owe, are causing an overload on the system. Government, banks, organizations, businesses and individuals are going out of business because of it.

"We have the capabilities to recover," he stated.

Mr. Sillay then told of how there are bucket of money still available. The interest rates are the lowest in history, so regular investments are not making money.

He stated that the is reality is not everyone can own a house. He explained that if you can't pay for one, you should not borrow the money to live in one.

He stated that the easy money, over borrowing has caught up with all of us.

He went over what the stock market was doing as well as the bond market. If you buy low and sell high, there is much money to be made.

He stated that those that lose do the opposite. He stated that stocks are still the best money-maker if done right. He gave some formulas and charts to go by and what are good rules of thumb.

Mr. Sillay said in his opinion that food and real estate were the best markets for return of investments in the near future.

It was a very informative program.

Chairman McIntosh thanked PeoplesSouth Bank for sponsoring the breakfast and bringing the speaker to the meeting.

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