10 ways Wall Street played you for a chump
By George Sisti
July 29, 2013
On Wall Street, business as usual thrives on investor ignorance. It is not in its interest to have more astute clients.
Here are 10 ways to see if you’ve been suckered into becoming a Wall Street chump.
1.You’re a chump if you believe that there is an investment that yields high returns with little or no risk. The astonishing amount of money lost in financial scams is often the result of suckers believing promises of unrealistically high performance in investments that they don’t understand.
2.You’re a chump if you’ve been fooled into believing that your financial success depends upon finding a smart money manager or guru who knows what lies ahead in the capital markets. Don’t be suckered into mistaking predictions for insight. Wall Street’s fortunetellers have exchanged their crystal balls for charts and graphs and call themselves economic analysts. It’s easy for them to proclaim certainty in an uncertain world when they have no skin in the game. The future is unpredictable. Anyone who makes predictions is a fool and anyone who listens to them is a sucker.