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The Big Investment Lie
Book

The Big Investment Lie

What Your Financial Advisor Doesn`t Want You to Know

Michael Edesess
Berrett-Koehler, 2007

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Editorial Rating

9

Qualities

  • Applicable

Recommendation

This hard-hitting book on professional investment advice is a little like a confession. Indeed, Michael Edesess founded a financial business, and admits that on numerous occasions he sat listening silently as sales people lied to and deceived investors. Divided into three sections, the book takes you through how much investors pay advisors, how little investors receive in return and the sales techniques advisors use on their clients. What Edesess says about finance and investing will come as no surprise to people who are familiar with Wall Street. The author’s passion, and his understanding of how the investment management business works, is invaluable. getAbstract recommends this book as a warning to all investors.

Take-Aways

  • Investment management is a con set up to separate investors from their money.
  • Brokers own yachts – but their clients don’t.
  • The market moves randomly, so past performance will never be a guarantee of future performance.

About the Author

Michael Edesess, Ph.D., is a mathematician and chairman of an international nonprofit organization. He was a founding partner and chief economist of a financial group.

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