The Wall Street Model Is Doomed...
I've always thought that the brokerage model, where your "trusty" stock-broker manages your account, and keeps you updated on the latest news and hottest buys, wasn't the best one around. I got to know a friend of a friend of mine, who was a stock broker with UBS Paine Webber back in 2003.
While he was personable and a good salesman, it was pretty obvious to me he wasn't a knowledgeable investor. The nice suit and fancy offices are just a sales gimmick to give the appearance of confidence to unsuspecting "investors." I use that term in quotes because most folks who invest in stocks, bonds and mutual funds through their 401(k) or IRA plans aren't really investors - just like the guy or gal trying to sell them equity-based securities.
Watch this video from TheStreet.com, and see what the RealMoney contributor says about the investment banking model and Goldman Sachs. I'll give you a hint: The future doesn't bode well for either.
The "buy and hold" method of investing is dead. If you want to profitably invest in the stock market, you need to get educated and realize that it's a trader's market.
And the best guy I can recommend for advice on the stock market is Phil Grande, owner and founder of Phil's Gang. You'll learn more in a couple of weeks from Phil, than you will in a year from CNBC. Check out his radio broadcasts, I think you'll like what you hear.
While he was personable and a good salesman, it was pretty obvious to me he wasn't a knowledgeable investor. The nice suit and fancy offices are just a sales gimmick to give the appearance of confidence to unsuspecting "investors." I use that term in quotes because most folks who invest in stocks, bonds and mutual funds through their 401(k) or IRA plans aren't really investors - just like the guy or gal trying to sell them equity-based securities.
Watch this video from TheStreet.com, and see what the RealMoney contributor says about the investment banking model and Goldman Sachs. I'll give you a hint: The future doesn't bode well for either.
The "buy and hold" method of investing is dead. If you want to profitably invest in the stock market, you need to get educated and realize that it's a trader's market.
And the best guy I can recommend for advice on the stock market is Phil Grande, owner and founder of Phil's Gang. You'll learn more in a couple of weeks from Phil, than you will in a year from CNBC. Check out his radio broadcasts, I think you'll like what you hear.
Labels: CNBC, Goldman Sachs, investment banks, Phil Grande, Phil's Gang
posted by Brian Ochsner | 3:48 PM
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