QOTD: Caveat Emptor, Millionaires

“This obsession with 'protecting' millionaires — potentially at the cost of hindering the wildly successful and critically important private markets — strains logic and reason,” said SEC member Daniel Gallagher Jr. "Millionaires can fend for themselves.”

Can millionaires fend for themselves? Nope. I see too many brokerage statements that tell me otherwise, hear too many stories to the contrary, have met too many financial salespeople and have seen them in action.

I don’t care if we’re talking about doctors, lawyers, real estate professionals or rocket scientists – in the end, there will be very little fending and very much abuse of trust. So long as the worst products pay financial intermediaries the highest commissions to sell them, I can promise you that.

I literally wrote the book on it.

Backstage Wall Street (Amazon)

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