If people listened to this advice, then no one would ever open a bank or brokerage account, let alone actually speculate in financial assets. The fact is, you trusted your money to people with no track record of honesty, credit-worthiness, or professionalism. Surprise, surprise, some of them turned out to be dishonest, or bad debtors, or people who behaved in an amateur fashion. The lesson is not to hoard your money like a Chicken Little (where it will get stolen by inflation anyway), but to establish the character and reputation of individuals and companies before entering into meaningful relationships with them. This applies to life in general as much as it does to financial issues.