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|Subject: Re: Money Manager ...?||Date: 8/9/2001 5:22 PM|
|Author: BeanieMike||Number: 47621 of 749521|
I think the "deep concern" is starting to turn to panic!!
Don't let any real or imagined panic cloud your judgment. You'll find a lot of info and good advice here. As everybody knows/says here, no one is as interested in your investments as you are. When you go off in search of those unbelieveable returns, you're walking on thin ice.
I don't want to paint the the financial planner/advisor community with a broad brush, but after a career of working fraud cases, can't tell you how many times I've heard of promises of returns like you mention, and easily accompanied with charts, numbers, etc. Doesn't matter whether it's stocks, precious metals, gold mines, real estate, oil and gas, etc. Many times, some investors will see those kinds of profits - for a while. It's easy when the "profits" of investor #1 are being paid by investor #2, #3, or whoever. Mr/Ms Investor, meet Mr. Ponzi.
Have often heard investors told, "We just made you 28% over the last year, and if you take your initial investment and that profit and roll it over into blah, blah, blah. . . " and not finding out for several years that the money was gone from day one. If only people would once in a while say, "Gimme everything and I'm gonna park it in a CD" or something just to see if they can actually get control of their funds for a while. Seeing your numbers on account statements don't mean squat.
Know of one financial planner years ago that was doing so well for his clients and himself that he/familiy would fly to Paris on the COncorde to shop, prepaid 4 yrs at USC for his daughter and on and on. Gee, guess where the money came from. Imagine being a Dr. in your 60's ready to retire only to find out you had nothing.
If you exercise some reasonable caution with your investments and keep at it, you'll do just fine. May have to settle for regular 911 instead of the Turbo, but at least you won't be taking the bus.
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