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Author: WileyCyote One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Re: After meeting with a Financial Advisor Date: 10/9/2003 6:59 PM
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Good post.

I too was one of those poor souls who ACTUALLY trusted brokers, analysts etc because they were the "experts". These people really knew the market, international monatary policy, currencies and all those wonderfull things that I just did not have the time to become familiar with. Yessir if I just let them "do their thing" then life would be in good shape.

Then one day a few years ago I read "Paper Money" by Adam Smith (not THE Adam Smith, but the penname of George whatchamacallit)and a light began to come on. I followed that up with some writings of von Mises and Hayak and started to actually do some homework i.e. track predictions, look at what money REALLY is. What a shock to the nervous system.

Along the way I found an AMAZING thing! YOU CAN'T TRUST THE %$$#@&*(&^%$&*'s. Big houses, little houses, analysts, many goofy financial publications etc.

HOMEWORK! lots of HOMEWORK! Now I had to learn how to actually read and understand financial statements, proxys, 10k's ------- etc. Having accepted that as a fact of life, whether I like it or not, I try to do these things to the best of my ability. I still have some failures, but I didn't get killed off in the recent Market of Oz.

One hard cold fact I have come to realize in my adult life is that my wonderfull school system NEVER TAUGHT ME (OR MY CLASSMATES) ANYTHING ABOUT MONEY AND ITS MECHANICS! I had to learn that out in the real world. And I am still a student of EVERYTHING in the marketplace.
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