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The Big Investment Lie: What Your Financial Advisor Doesn't Want You to Knowby Michael Edesess
Synopses & ReviewsPublisher Comments:Michael Edesess learned early in his career that the investment industry’s claims that it could beat market averages were simply not true. Professional investors, it seemed, could not predict stock prices better than the nearest cab driver. The Big Investment Lie helps readers cut through the thicket of hype in this perilous area, showing how widespread acceptance of the “lie” allows an entire industry to prosper on the small investor’s dime. Edesess shows readers how to break free from this pervasive falsehood and pursue sensible investment policies. Individual chapters cover such subjects as the high cost of investment advice, effective pitches to sell the big lie, the hedge fund bonanza, derivatives, the “good old boys’ club” of institutional investors, and much more. The final chapter, “Ten New Commandments for Smart Investing,” gives a simple, sound plan for everyday investors to maximize long-run wealth and achieve a secure financial future — without the “help” of predatory professionals. Review:"Having learned deceptive sales practices as a teenager selling magazine subscriptions, Edesess sold overpriced credit life insurance before becoming an investment adviser after a boss told him that 'the way to make money is to handle money.' By 2004, he found himself in Florida, failing to entice investors into a trading scheme that lost 80% over six months, when the company promoting the idea collapsed without paying him. That experience, he says, 'provoked me to write' this book. But his pose as a reformed sinner is unconvincing. The how-to chapter on deceptive sales is more animated than his cursory review of academic literature arguing for low-cost, diversified, buy-and-hold strategies. He likes self-promoting investment failures, like the ones created by Charles Ponzi and the Beardstown Ladies, but disparages successful investors like Warren Buffett, Ed Thorp, George Soros and Julian Robertson. Edesses's most useful ideas are covered better in John Bogle's books, among others." Publishers Weekly (Copyright Reed Business Information, Inc.) Book News Annotation:"Follow a wealth-building strategy, not a gambling strategy."
Offering such Ten New Commandments for Smart Investing, Edesess (an
economist and mathematician who chairs the board of directors of
International Development Enterprises USA) argues that
nonprofessional investment strategies (e.g., the Beardstown Ladies
Investment Club) generally trump professional financial advisors and
proprietary forecasting models. The volume includes a glossary and
references.
Annotation ©2007 Book News, Inc., Portland, OR (booknews.com) Synopsis:This expos? of regularized falsehood reveals the unfortunate truth behind the financial advisory industry ? that professional investors cannot, and never have been able to, beat market averages. Written by a well-credentialed insider, this book additionally provides detailed insights into where people should really invest their money. What Our Readers Are SayingAdd a comment for a chance to win!Average customer rating based on 1 comment:
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