On this MB, constant back and forth, those who have been in markets for a long time (decades) versus newcomers hoping to turn profitable, and make this their living. Big gap between these two groups. And I have never heard of anybody new to trading ask: "How do I build my BSmeter?" Recent newsletter, "Doomberg, a missive about some Canadian company "Torchllght" and the ensuing balance sheet razzle dazzle from the torchlight officers. How could so many investors/traders get scammed by this? The Doomberg guy ends with this pithy comment: "In the meantime, let’s have a moment of silence for financial literacy, a steady friend whose loss is felt only by those who never knew it." Comments?
%% A BS meter is a bit complex\ bitcons, Bankman Fried fooled + fried a lot. Penny stocks are a good area for losing money[amazingly LOL they tend to be worth pennies]; even though Tim Sykes did about $ 2 million, as a young man, good hedge fund book[Bull ship press; even though his hedge fund underperformed SPY benchmark]] Partial disclosure i did profitable trade on HEAR[turtle beach ]stock; but it was waaaaaaaaaaaaaaaaaay past $5 on my trade. WSJ did promote that one a lot, which i ignored for some time. Time helps \may not help B Madoff\ S Bankman Fried/ but sure helped Kentucky Fried chicken
OK, until KFC. How does KFC fit in? I like the movie "Margin Call". The priincipal (Jeremy Irons) says: "Talk to me as you would talk to a young child. Or to a Golden Retreiver. I can assure you, it's certainly not brains that got me into this job."
%% Oh OK; i meant a name like Fried [S Bankman] Fried who fried a lot of people, in finance] , was not an automatic scam name-BS. Kentucky Fried Chicken proves that . My dad was a bankman or more accurate a good banker man that liked country [Good point on the young child; Dave Ramsey still raves about the billionaires favorite book; The Turtle + Hare Child's book LOL]
Read "How to smell a rat" Also read this web site https://whitecollarfraud.com/crazy-eddie/crazy-eddie-fraud/
Irons knocks it out of the park in that role. I love how that character downplays what he knows in that scene, but can then list all major financial crisis for 100 years off the top of his head:
more important is his last statement "the percentages always stay exactly the same"... priceless holy grail material.
Big time. And obviously, he's not even an American. Meaning that, years ago, I was working closely with a guy from UK (HSBC Bank) He had never been downtown. I told him that Wall Street was originally a wall to keep the Indians out (under the buttonwood tree, etc) He had never heard that, and thought the story was hysterical.