This hard-hitting book on professional investment advice is a little like a confession. Indeed, Michael Edesess founded a financial business, and admits that on numerous occasions he sat listening silently as sales people lied to and deceived investors. Divided into three sections, the book takes you through how much investors pay advisors, how little investors receive in return and the sales techniques advisors use on their clients. What Edesess says about finance and investing will come as no surprise to people who are familiar with Wall Street. The author’s passion, and his understanding of how the investment management business works, is invaluable. getAbstract recommends this book as a warning to all investors.
In this summary, you will learn
- Why the investment management business is a net drain on investors’ wealth;
- Why hedge fund managers are so wealthy;
- How financial advisors and fund managers construct their sales pitches to exploit naïve and greedy consumers; and
- How to invest without giving your money away.
About the Author
Michael Edesess, Ph.D., is a mathematician and chairman of an international nonprofit organization. He was a founding partner and chief economist of a financial group.