Where are customers yachts free download

Add the two together, and suddenly you're paying 2. For context, over the past century, the stock market has generated an average annual return of 6. During a sluggish period like the one during which stocks suffered from to , virtually every dime of income that your assets generated was likely eaten up by fees.

Before long, we're talking about fees that would make a loan shark blush. When all management fees were added together in my friend's account, she was paying nearly twice as much money to Wall Street advisers each year as she was paying for her mortgage. Where are the customers' yachts, indeed.

I believe people who work hard and provide a valuable service should be paid handsomely. But financial advisers as a group abuse the concept of meritocracy, often providing mediocre talent for rock-star fees. They can get away with it because their clients, like my friend, often can't grasp the context of how much they are being charged.

If you're worried about your own money, try this: Add up all the fees you're paying to people who manage your money. That includes everyone from your financial planner to your stockbroker to the managers of the mutual funds you invest in.

The good news is that the industry is changing fast. In the old financial system, brokers and financial advisers acted as gatekeepers and tollbooth takers. In the new one, technology, automation, and low costs are taking the industry by storm. It's similar to the changes that took place in the travel industry over the last two decades. For years, travel agents made a fortune because if you wanted good travel information, they were the only ones who had it. Then, suddenly and hysterically, he does something which turns out to be extremely unprofitable.

He is not a lazy man. There have always been a considerable number of pathetic people who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of some repeating pattern.

Sadly enough, they have usually found it. History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations. There are certain things that cannot be adequately explained to a virgin either by words or pictures. Nor can any description that I might offer here even approximate what it feels like to lose a real chunk of money that you used to own.

More about me here. For disclosure information please see here. Email address:. Every month you'll receive book suggestions--chosen by hand from more than 1, books. His choice of words is simply unmatched. As many others reviewers have said before me it is indeed funny to think that now in when I read this book at the age of 32 it is as relevant as it was when it was first written back in Good reminder that in whatever has to do with money, the lunacy remains and history repeat itself. In the words of Peter Lynch, "if the only reason you can give when buying a stock is that the sucker is going up then probably you are not on the path to investing success" lol.

Main takeaways on wall street and investing: avoid speculation, avoid leverage, avoid following the herd.