The Aleph Blog » Blog Archive » Wall Street Hates You
I have a saying, “Don’t buy what someone wants to sell you. Buy what you have researched.” |
And so I would tell everyone: don’t give brokers discretion over you accounts, and don’t let them convince you to buy unusual bonds, or obscure securities of any sort. By unusual bonds, I mean structured notes, and eminent men like Joshua Brown and Larry Swedroe encourage the same thing: Don’t buy them.
The author cites "Joshua Brown" who wrote the book "Backstage on Wallstreet" which I linked to a chapter of here: http://www.mcarterbrown.com/forums/m...der-holes.html
Basically, you are not smarter than The Street. You think you're making some epic deal, putting your money somewhere nobody's thought of and you'll make a killing. You're more likely to get killed.
The guy on the other side of the deal is working 24/7 to make sure your money becomes their money.
The solution: buy broad index funds and take advantage of whole market growth. (8.5% annual average since the year 1900)