Fiduciary Magazine

Archive for July, 2009

In a country where the harsh Baijiu spirit is often the alcohol of choice, Shanghai had been a dismal place for wine lovers. Five years ago, only a handful of top restaurants even offered wine lists with imported vintages.

But, as in the rest of China, things are changing fast and wine bars have cropped up all over Shanghai in recent years. These new venues have attracted the city’s large foreign population and introduced wine to status-conscious locals with money to spend.

On CNBC’s talent, which he hasn’t hired away for his fledgling FOX Business Network, Murdoch pulls no punches, saying, “We don’t think they’re all that good.” Best way to increase your profitability in your trading is to turn off the TV…unless you are looking for financial infotainment.

We’ve got it bad in Los Angeles, but the US is 12th on the list. Italy is the worst, but then again, it is estimated that up to 40% of the “business” is done in cash.

Feds bust five local scammers in Van Nuys.

They’ve been offering consumers help in repairing bad credit, landing new jobs, starting lucrative work-at-home businesses and obtaining government money to pay off bills. These scams — which are surging along with the jobless rate — are touted on websites and infomercials, and have bilked consumers out of hundreds of millions of dollars, said David C. Vladeck, director of the Federal Trade Commission’s Bureau of Consumer Protection.

Schiller and Akerlof did a good job providing a historical context for scams during the Depression.

Consumer Reports has a good article here, with a 4:30 embedded video with the “pro” versus “con.”

If you are trading stocks from your pda, you might be an addict.

If you have your money with someone who is the investment advisor (unregistered to boot!), the custodian, and the broker / dealer at the same time, YOU are to blame for getting scammed. Blaming the SEC feels good – and there’s no doubt there’s holes there – but in the end we are responsible for our money.

I was at a presentation where one large allocator, Robert Schulman from Tremont, called Madoff “god.” Madoff’s investors were proud people and they bragged about “being with Bernie.”

Blaming other forfeits your power. Financial literacy is about managing risk, not being able to quote Suze Orman.