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Politics : Ask Michael Burke

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To: re3 who wrote (57644)	4/27/1999 3:25:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Howard, There are several reasons that model portfolios are scams. The most important is the date and time of the buy and sell pricing. I have never seen a model portfolio where this wasn't fudged, big time. The absence of commissions and friction charges also make them non-realistic. But the main problem is the tendency to take extra risk since it isn't real money. It is a different game when you bet your own money or when you bet with a managed portfolio where you can get canned than there is when you play with paper. Your palms sweat and, guaranteed, as a pro, you are only as good as your last trade in the eyes of your bosses and customers. With a model portfolio, if does poorly, you start a second one or a third one or a whole scad of them, and sooner or later you get a winner. In the real world, the money dries up before that second portfolio has any takers. <g>

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