Who is the biggest cheat on Wall Street?

Who is the biggest cheat on Wall Street? –@Affinityps

You are. Why does the average retail investor do 25 months of redemption from domestic equities? And then why do they buy every other product Wall Street peddles them.

I was once pitching an idea for a fund: we’d buy 100 stocks owned by super investors: Warren Buffett, Carl Icahn, etc. It would be “The Superinvestor fund.” What a load of bullshit. Many years these investors are 30 or 40% behind the market. They are already rich. They can care less about you or me.

But the guys I was pitching to said, “Yes! This is brilliant. Let’s do it.”  They wanted to put up the first $100 million for it but I didn’t do it. Nobody needs yet another schlocky wall street product to peddle to grandma and grandpa who worked hard for the little packets of pennies hidden in the mattress.

So who is the biggest cheat? Really the middleman. Everything he says, everything he sells, every number he shows you to show how great his product is, is a lie. Stay away.

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