Have we pummeled you enough about the head lately regarding investing ONLY in things you control? Probably not, because it seems like there are still a few million crazies out there investing in Wall Street assets. Are they determined to lose their money? Let’s have a pop quiz. Investors who trusted the following people/companies were satisfied with the results – true or false?
A. Enron
B. WorldCom
C. Tyco
D. HealthSouth
E. Bernie Madoff
Our unofficial poll of absolutely no one related to any of these worldwide financial scandals returns a resounding “False!” And these are just recent examples. We could go on for pages but what is the point? Well, ladies and gentlemen, the point is that you are literally taking an extreme gamble when you give your money to a random Wall Street entity.
For example, Tyco was considered a blue chip company prior to the crash and burn to the tune of $450 million. What does this mean to the average investor? No one is innocent and your money is not safe unless you are in direct control of it. The few perpetrators who get busted might spend time in prison (maybe a long time) but that doesn’t help the investor who loses everything and will likely never recover a red cent.
Welcome to Wall Street. Keep both hands on your wallet.
The Platinum Team
