Simon A. Lack

Wall Street Potholes (eBook, PDF)

Insights from Top Money Managers on Avoiding Dangerous Products

• Format: PDF

Produktbeschreibung

Recognize Wall Street tactics for what they are, and make smarter decisions with your money Wall Street Potholes shares insights into the money management industry, revealing the shady practices that benefit the salesman far more than the client. Bestselling author Simon Lack brings together a team of experienced money managers to give you straight-from-the-source intel, and teach you how to recognize bad advice and when it's better to just walk away. Investors are rightly suspicious that many products are sold more because of the fees they generate than their appropriateness to the client's situation, and that's only the beginning. This book lays it all bare so you can walk into your next deal with your eyes wide open. You'll learn just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible. You'll learn expert tactics for combatting these practices, so you can avoid buying overpriced products and confidently discriminate against advisors who put their own interests first. For all the volumes of investment advice on the market, dissatisfaction with the financial services industry has never been higher. This book describes the reason for that disconnect, and tells you how to see through the smoke and mirrors to make the best decisions for your money. * Discover the profit margin built into some popular products * Learn the reason behind bundling and why Wall Street fears comparison shopping * Consider the importance of benchmarking, and why so many firms avoid it * Become better informed so you can easily recognize poor investment advice If asking questions of your financial advisor only nets more confusion, if you want to have more control over your money, you need a firm grasp of how these firms manipulate your trust. Wall Street Potholes tells you what you need to know to become a smarter investor.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 256
• Erscheinungstermin: 2. Oktober 2015
• Englisch
• ISBN-13: 9781119093299
• Artikelnr.: 44229571

Autorenporträt

SIMON LACK, CFA, is the founder of SL Advisors, LLC. Previously, he spent 23 years with JPMorgan. Much of Simon Lack's career with JPMorgan was in North American Fixed Income Derivatives and Forward FX Trading, a business that he ran successfully through several bank mergers, ultimately overseeing 50 professionals and $300 million in annual revenues. He is the author of the bestselling book The Hedge Fund Mirage:The Illusion of Big Money and Why It's Too Good to Be True.

Inhaltsangabe

Preface xi Acknowledgments xiii CHAPTER 1 Non-traded REITs: A Security That
Shouldn't Exist 1 Poor Advice 1 Why Not Get a Listing? 5 Disingenuous
Advice 9 Whose Side Is Your Financial Advisor On? 12 Where Are the
Regulators? 15 Overall Returns Are Poor 17 The Importance of Benchmarking
19 Puts and Calls 20 Financial Advisors Need to Do Better 21 CHAPTER 2 Why
Investors Pay Too Much for Yield 25 The Mysteries of Closed-End Funds 25
Investors Can Overpay to Simplify Their Taxes 29 The HFT Tax 32 When
Managers Run a Company for Themselves 34 The Ham Sandwich Test 37 If the
Prospectus Says You'll Be Ripped Off, It Must Be Legal 38 Timing Is
Everything 41 CHAPTER 3 Why Structured Notes Are Rarely the Best Choice 47
Kevin Brolley Caveat Emptor! 47 Structured Note Basics 49 Why Buy
Structured Notes? 52 The Heart of the Matter: The Arguments Against 55
CHAPTER 4 Update to The Hedge Fund Mirage 69 Hedge Funds Remain a Great
Business 69 Industry Reaction to the Dismal Truth 72 Why Hedge Funds Are
Still Growing 74 Some Accounting Rules Are Dumb 77 Politics Drives Asset
Flows 80 Too Much Capital 82 For Once, the Retail Investor Wasn't Duped 86
CHAPTER 5 Why Is Wall Street So Inefficient? 91 Why Is Finance So
Expensive? 91 Trading Doesn't Build a Secure Retirement 94 Invest Time
before Money 97 Sex and Investing 98 Complexity Sells 103 The Hidden Costs
of Municipal Bonds 106 Some Bankers Just Don't Think 109 CHAPTER 6 The
Un-Portfolio and Better Portfolio Management Techniques 115 Bob Centrella,
CFA Background 118 Un-Portfolios and Diversification 120 Fees and the
Black-Box Models 123 Other Examples of Un-Portfolios 125 Exchange-Traded
Funds 127 Mutual Funds and Fees 128 Load Funds 130 Fiduciary Duty 131
Portfolio Management Basics 133 Summary and Conclusion 137 Bonus Section
138 CHAPTER 7 Annuities 145 Dave Pasi Introduction 145 What Is an Annuity?
147 What Are the Different Types of Annuities? 148 Variable Annuities 151
Associated Risks 152 Other Risks Are Lack of Flexibility 153 Variable
Annuity Riders 154 Illiquidity, or the Lack of Being Able to Get to Your
Money 157 Evaluation of Returns: Investment Options inside of Variable
Annuities 158 Fee and Charges 159 Options If You Already Own an Annuity 162
When Should You Consider Using an Annuity? 163 Recent Developments with
Annuities 164 Savings Bonds: Little-Known Good Deal 166 CHAPTER 8 Is the
Most Important Professional in Your Life Even a Professional? 171 John
Burke My Start as a Broker 172 Pressure to Generate Business 174 Why You
Don't Invest with Borrowed Money 176 Has the Industry Made Any Progress?
178 Is Financial Advisory a Profession? 181 Why You Want a Fiduciary 183
More Things to Consider When You Choose Your Advisor 189 A Better Way to
Measure Results 191 CHAPTER 9 Putting Investors First 197 The Future of
Finance 197 Understand Who Your Advisor Works For 200 Really Understand the
Fees 204 Try Asking These Questions 207 What Else Can Be Done? 210 The Role
of CFA Institute 212 Bigger Isn't Always Better 215 About the Contributors
219 About the Author 223 Bibliography 225 Index 229