I have been watching a video about a Hollywood guy who is a victim of the Madoff pyramid scheme. He claims that the reason why he invested his money where he did was because he trusted the advisers and because his investments were where all the best, brightest, and richest people invested.
This idea of emulating the rich in order to be like them is not new. Someone named Essense on this forum said the following: "Perhaps I am committing the sin of intellectual Nazism, but my personal rule is never waste time arguing with people who make more money than myself, but rather watch and learn."
Emulating the rich is encouraged by many, but clearly for Madoff investors this didn't work.
On the topic of investment advisers, funds, etc, how can you really trust anyone and how can you really be sure that someone knows what he is doing? How much research do you do?
This idea of emulating the rich in order to be like them is not new. Someone named Essense on this forum said the following: "Perhaps I am committing the sin of intellectual Nazism, but my personal rule is never waste time arguing with people who make more money than myself, but rather watch and learn."
Emulating the rich is encouraged by many, but clearly for Madoff investors this didn't work.
On the topic of investment advisers, funds, etc, how can you really trust anyone and how can you really be sure that someone knows what he is doing? How much research do you do?
