Bad Old Days

Jonathan Clements

“STOP PULLING MY leg, Grandpa. You’re kidding, right? Is it really true that people:

  • used to believe they could beat the market?
  • paid 2% of assets and 20% of profits to hedge fund managers?
  • got their stock picks from a guy screaming on the television?
  • thought cash-value life insurance was a good investment?
  • believed that brokers would act in their best interest?
  • studied stock price charts to figure out what would happen next?
  • bought and sold exchange-traded index funds like crazy?
  • were given 30 investment choices in their 401(k) and left to figure it out on their own?
  • treated top money managers like they were rock stars?
  • retired and all they had to live on was Social Security?
  • didn’t object when companies spent billions buying back shares to disguise the dilution caused by employee stock options?
  • bothered to listen to the forecasts of market strategists?
  • paid 1% a year to financial advisors and all they got in return was a portfolio of mutual funds?
  • imagined they could make money with a variable annuity charging 3% a year?”

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