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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (52719)	6/22/2006 7:32:20 AM
From: John Carragher	Respond to of 116555

several of us retired around the same time. one guy met a broker on an eu. tour. this guy had a few hundred other retirees from various departments in the company. he gave his retirement savings lump sum, 401k to this broker and even had the guy come in and put on a dog and pony show for others. I was the only one who didn't get an invite.. guy knew my position on giving someone my life savings. negative! Well after several years most never gain a cent over me. They did pay for his services, they did trade when he said buy or sell. I did well during boon times, they did almost as well , well not really, their broker was more conservative and put them into stocks the brokerage corp recommended.. he sold of course the stock the corporation recommended. Oh, he also had them stay in the market ,like dumb me did, when i thought market would turn around as it keep going down. So this broker never protected their savings. He talked to them a few times while at his shore house or out on his boat. he held their hands often but he never really stopped the bleeding. meanwhile they paid for his advice, broker fees. some have been back to working for the last few years , their base gone. Oh, they were conservative on taking out 4/6% of their savings , it didn't help them. I am of the opinion if you do not want to manage your money then buy something like an index mutual fund, vanguard etc. and never trust your friendly broker.