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Stop the Financial Insanity, How to Keep Wall Street's Cancer from Spreading to Your Portfolio
Book by David J. Scranton, M.G. Crisci
159 pages, Hardcover
First published December 16, 2011
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Displaying 1 - 2 of 2 reviews
October 25, 2020
You're kidding, right? This book is to be taken seriously as an intellectual work? My goodness, it should have been written in crayon! That is not to say his ideas are wrong or bad, but it is SO obvious that he is making a long-winded sales pitch of telling you all that is wrong in the financial advisory business (over 125 pages), and then sums up what you should do in an incredibly vague and limited 15 pages.
Holy Schmoly what the heck was that. Thank goodness it only took 2 hours to read. Yes, you saw that correctly......TWO HOURS.
Okay, where to start? How about the beginning.
Apparently, he has deduced that (as of 2011) we were only 11 years into a "secular bear market" that usually lasts 35 years. Well, that is a stretch. His "24 years of experience" lead him to believe that. Well, my 25+ years of experience tell me that NOBODY knows where in the cycle we are.
Also, his examples are terribly flawed. To scare you, he talks about a 50% drop in the markets and it is assumed you lose 50%. Well, then someone is not positioned well. In the drops in 2000-2002, 2007-2009, and the abbreviated one in 2018 and 2020, when the markets went down whatever percentage, my clients went down less than half of what the "stock market" losses were in the same period. That is diversification. Make no mistake, they did have short-term losses, but in this book, he only vaguely goes over how to determine allocation and risk profiles.
Then, in his ridiculously abbreviated "solutions" area, he fails to discuss the problem of his style of investing ONLY works long-term when clients have at least 120% funding for their retirement goal (an estimate). Then, he proceeds to talk of illiquid investments as the solution. Crazy thinking.
Please, please, PLEASE do not read this and take the advice seriously.
Holy Schmoly what the heck was that. Thank goodness it only took 2 hours to read. Yes, you saw that correctly......TWO HOURS.
Okay, where to start? How about the beginning.
Apparently, he has deduced that (as of 2011) we were only 11 years into a "secular bear market" that usually lasts 35 years. Well, that is a stretch. His "24 years of experience" lead him to believe that. Well, my 25+ years of experience tell me that NOBODY knows where in the cycle we are.
Also, his examples are terribly flawed. To scare you, he talks about a 50% drop in the markets and it is assumed you lose 50%. Well, then someone is not positioned well. In the drops in 2000-2002, 2007-2009, and the abbreviated one in 2018 and 2020, when the markets went down whatever percentage, my clients went down less than half of what the "stock market" losses were in the same period. That is diversification. Make no mistake, they did have short-term losses, but in this book, he only vaguely goes over how to determine allocation and risk profiles.
Then, in his ridiculously abbreviated "solutions" area, he fails to discuss the problem of his style of investing ONLY works long-term when clients have at least 120% funding for their retirement goal (an estimate). Then, he proceeds to talk of illiquid investments as the solution. Crazy thinking.
Please, please, PLEASE do not read this and take the advice seriously.
May 9, 2019
Quick and easy read. All the information is in layman's terms simple to follow.
Displaying 1 - 2 of 2 reviews