
How to Smell a Rat
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With five straightforward rules that would have saved any investorfrom Bernie Madoff, investment firm CEO and Forbes columnistFisher (100 Minds That Made the Market) gives readers asecure plan for fraud-proof investing, worthwhile for novices andsophisticated financiers alike. Using the example of everyman"Jim," a precarious investor navigating shark-filledwaters, Fisher presents a clear, fast-paced, tightly organizedguide to principles like "Too good to be true usuallyis," and "Due diligence is your job, no oneelse's." Fully-referenced data, insider details,laser-focused statistical digressions, and the finer points ofpractical investing keep pages turning. Readers will value thepractical, easy-to-follow models of solid, transparent investmentstrategies and examples from Fisher's experiences as CEO of his owninvestment firm. Fisher also includes suggestions for furtherreading and appendices that reproduce previously-publishedcomparisons of different asset allocations, information for smallbusiness owners and short biographies of market-movers. Much morethan what to avoid, Fisher's concise guide should be highlyilluminating and confidence-building for anyone with a bankaccount. (Aug.) Starred review (PublishersWeekly, September 2009) Using well-known examples from recent headlines like BernardMadoff and R. Allen Stanford along with a bevy of historical scamartists, Fisher details the red flags that should alert investors.They are: advisers who have access to your money; promises ofreturns that are too good to be true; mumbo-jumbo that takes theplace of explaining investing strategy; fake benefits likeexclusivity, and relying on someone else for duediligence. (Associated Press)Weitere Details
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Don't Let Your Money Get "Madoff " With
2008 was miserable enough for most investors without finishing on news of Bernard Madoff bilking clients out of approximately $65 billion over 20 years. His victims included big names from all walks of life-from politics to Hollywood luminaries. But they weren't just big-pocketed stars. He reportedly bankrupted Holocaust survivor Elie Wiesel and his Foundation for Humanity. Madoff stole from many in his Jewish community, not all so wealthy either. Madoff accepted investors, big and small-an equal opportunity embezzler-fooling them with claims of exclusivity and consistently positive returns. I needn't retread this-you've read about Madoff. Years from now folks will recall Madoff as the guy who used his powerful community connections to garner a big chunk of his victim's assets-which he then embezzled in a massive pyramid scheme. Turns out, many scamsters do this-prey on affinity groups. (This book details why they do and shows you how to spot it up front.) And it wasn't just Madoff-2009 opened on endless news of similar scams, including the bizarre case of Forbes 400 member and Antiguan knight, Sir R. Allen Stanford. We'll cameo some of the most egregious cases-recent and historic. But a Google search renders more than you need. This book doesn't aim to detail their deceptions, follow the money, or give you all their dirty laundry. There will be many books doing post mortems-and even more on the next round of big-time fraudsters. And there will be more future scams-100 percent certainty. Always are! No matter what regulators may devise, there will always be scamsters. We've had them since long before Charles Ponzi became synonymous with the timeless "rob Peter to pay Paul" swindle in 1920. The only thing to do is protect yourself. So how can you ensure you never fall victim to the next Bernard Madoff, Stanford, or Ponzi?
Just One Thing
In my 37 years managing money for individuals and institutions, 25 years writing the "Portfolio Strategy" column in Forbes, and a lifetime studying markets, I've witnessed money managers-all kinds, good and bad. I've also seen and studied the occasional fraudster (and in truth, though sensational, they're very rare) who forgoes money management for thievery. The thieves can be creative, but structurally the scams are similar. That's good news because avoiding a would-be con artist is easy, no matter how convincing he is.There are just a couple questions-one or two tops-you must ask to avoid most all scams. Be vigilant for a few more red flags, and you can have even better success. But, interestingly, most people don't know the questions to ask. And because these rats are so despicable, I'll tell you-right here, right now-the number one most crucial thing you must do. I don't care if you're reading this in your favorite bookstore and never read another word. If I can help even one person not fall victim to a financial scam, I'll consider the time it took to write this book worth it. You can avoid hiring a would-be thief by:
Never hiring any form of money manager or adviser who takes custody of your assets.
What does that mean? Said another way: Always make sure the decision maker (who will decide what you should own, like stocks, bonds, mutual funds, etc.) has no access to the money-meaning they can't get their hands on it directly. I'll explain what that means in more detail in Chapter 1. But, simply said, when you hire a money manager, you yourself should deposit the money with a third-party, reputable, sizable, big-name custodian wholly unconnected to the money manager or decision maker. That custodian's job is to safeguard the security of your assets. Do that-even if you do nothing else from this book-and you can mostly protect your money from being "Madoff " with. If your adviser has access to the money because he controls or is somehow affiliated with whoever has custody of your assets, there is always, always the risk he carries your money out the back door. Maybe he's pure of heart and won't, but why risk it? Don't give him a chance.
Better Yet, Here are Five Signs
Here are five signs your adviser might now be or could evolve into a swindling rat: 1. Your adviser also has custody of your assets-the number one, biggest, reddest flag. 2. Returns are consistently great! Almost too good to be true. 3. The investing strategy isn't understandable, is murky, flashy, or "too complicated" for him (her, or it) to describe so you easily understand. 4. Your adviser promotes benefits like exclusivity, which don't impact results. 5. You didn't do your own due diligence, but a trusted intermediary did. This book examines each sign in detail-from a variety of perspectives-and shows you how to use them together like a checklist to help ensure a con never swindles you. Note: Just because your manager displays one or a few signs, it doesn't mean they should immediately be clapped in irons. Rather, these are signs your adviser may have the means to embezzle and a possible framework to deceive. Always better to be suspicious and safe than trusting and sorry. Remember, Madoff and Stanford (allegedly) ran their scams for years-Madoff for possibly two decades! Folks looked into their eyes and trusted them.
Big or Small-a Con Wants 'em All
Madoff stole billions. Stanford's alleged to have done the same. Even some relatively "smaller" cons stole many millions. That may make smaller investors think they're...
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