Dick Adler 64, retired, Parrish

By FRED W. WRIGHT JR.
Published August 6, 2006

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How did you get started in investing?

I didn't get started in investing until I was in the investment business, in 1964, in stocks.

What has been your best investment?

There's been a few - MBNA and Ambac, a municipal bond insurance company.

What is your worst investment?

I can't think of one.

What have you learned about investing that you think all investors should know?

For most people, the Warren Buffett approach is much more valuable over time than a trading strategy: Buy good companies and hold them. Buy businesses you understand, not the stock.

How would you describe your approach to investing?

I'm very conservative. (Almost) my entire portfolio is in municipal bond funds that are exchange traded.

What do you find the most difficult about investing?

Discipline. Don't get sucked in by the crowd.

How are you invested?

Virtually 95 percent in municipal bond insurance funds. The other 5 percent in stocks.

What changes have you made in your investments in the past year?

I haven't changed my strategy since I retired.

Do you think now is a good time to invest?

Yes. I think we've taken a lot of hits, taken a lot of bad news, and we're still in reasonably good condition.

What is your goal for your investing?

My goal is simply keep the portfolio capital intact. Don't lose capital.

What is your biggest money concern?

Fortunately, I'm at a position I don't have to worry.

Where do you get your investment tips?

I don't look for tips anymore. I told people at work that the day I retired (January 2002), I would never look at the Wall Street Journal again - and I haven't. I do go to finance.yahoo.com and CNNMoney.com. I look at those every day.