They say that patriotism is the last refuge
To which a scoundrel clings.
Steal a little and they throw you in jail,
Steal a lot and they make you king.
This book, first published in 1994, is great. It was ahead of its time, and is unfortunately now out of print. But it explains how the mutual fund industry actually CREATED the bubble. When large groups of people, many of whom had been individual investors, sent their money off to 'professionals,' they created a small group of people who were actually doing all the trading. Instead of having millions of individuals with different points of view trading stocks, what we ended up with was a few thousand acting in almost the same way. It's a joke, for example, to that the mainstream media is talking about how unwitting individual investors were bilked by Enron and WorldCom. What are they talking about? Only a few individual investors owned those stocks. Instead, they were held largely by mutual funds and other institutional investors who were 'professionals' and had promised to have the knowledge to PROTECT the small investor from such nonsense.
Tell it like it is, Don!
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Email the author:Don Christensen
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