Someone just sent me this and its flat out hysterical and worth a few minutes of your time. http://www.bloomberg.com/news/videos/2015-08-06/watch-jon-stewart-s-sickest-wall-street-burns
In addition to just being funny it is a not so subtle reminder that Wall Street exists to serve Wall Street. All those nice folks suggesting fancy sounding investments are not doing so out of altruistic motives. While everyone deserves to make a living and the majority of brokers are good folks who mean well they work for firms that do not give a (expletive deleted) about you or me. Brokers are trained to sell , not evaluate investments and analyze risk. The firms generate product based on selling a story nd collecting fees. Whatever is hot right now is what is on the menu and it is rarely in your best interest. I truly miss Dean Witter because you could pick sector and asset class tops by their mutual fund initial offerings. If they bought out a bind fund rates were going to spike. If they introduced a tech fund, tech stocks were done. It was the single most accurate indicator in the history of markets. Always keep in mind that those big beautiful marble and glass buildings in Manhattan are not the home of benevolent institutions but for profit firms that live on the vig they collect from your money. In essence they are bookies in really nice suits. Caveat Emptor always applies.
This week I have spent a lot of time thinking about oil and energy stocks. I talked about the private equity outlook for the sector in this weeks video and I think it is spot on. Its rough out there right now in the sector and I am sitting on some nice losses from the stocks purchased last year. However looking out five to seven years ...
