Naked Investor: Why Almost Everybody But You Gets Rich On Your Rrsp

by John Lawrence Reynolds

Book Overview

No Synopsis Available.

• Format: Paperback
• Language: English
• ISBN: 0143016237
• ISBN13: 9780143016236
• Release Date: December 2004
• Publisher: Penguin Canada
• Length: 288 Pages
• Weight: 0.55 lbs.
• Dimensions: 8.3" x 0.6" x 5.5"

Customer Reviews

Divorce between the USA and Canada, in matters of securities oversight

First of all, let me just say that I loved the earlier book, called FREE RIDER, from 4 years ago. It really fascinated me to see the truth seep out to the public, of matters that are of the gravest importance when time and again those get repressed, hidden, banned in taboo-like fashion from the mainstream media, as was explained by the author BEN BAGDIKIAN in his book, the Media Monopoly, for example, in regards to Muckraker journalists, that have been removed from the media for all intents and purposes. e.g. Enron wasn't exposed until the courts were already proceeding against the authors, so we can conclude the mass media didn't do its job for the longest time, due to monopoly of the media, and political corruption and pressure. Second, having learned tremendously from Brian K Costello's great books on financial advice, and from other sources, and prepared retirement plans myself, I have to disagree with the author, John Lawrence Reynold's depiction of radio commentators as worthless or part of the same problem affecting financial advice when done one-on-one, or in seminars. I feel even people with a checkered past, have valuable advice to offer to the public at large, notwithstanding the uglier aspects of some activities done by the same individuals. i.e. I've prospered on the stock market based on books authored by Costello and others, that are targeted by Reynold. Third, despite having completed world class education in finance, I feel this book THE NAKES INVESTOR should be read by every student completing studies in finance, or preparing a career in finance, if not for reality it paints of the financial advice game, but also for the warnings it gives of the pitfalls of such a career. Conflicts of interest, unethical conduct imposed on the sales force by management, intent on reaching sales targets at all costs, despite the economic cycle or conditions of the "leads", or the difficulty in balancing the job of giving honest advice with the need to generate commission income for the company and oneself (...) all are invaluable to those unexposed to such aspects of the game, either by their age, or naivete. Fourth, the rock-solid advice given by the author to newbies, in regards to dealing with their financial advisor, is worlds apart from the "ivory tower" and "official wisdom" or "glamourous propaganda TV commercial-like image" that is presented in other books, such as "PROTECT YOUR NEST EGG" by Kirzner and Croft. This is what makes THE NAKED INVESTOR so unique, rare, and a true diamond in the rough. The style is easy to read, and can be read in 2 days or less, from beginning to end. Fifth, the footnotes, the meticulous footnotes, the historically accurate knowledge, the common-sense and technically correct financial knowledge by the author lends credibility to the work, that otherwise, some could see just as a "rant" of some sorts of someone who's frustrated. Overall, the book brings into perspective the difficult struggle of financial

So that's where the money goes........

This is an excellent book, providing a unique behind the scenes look at how the investment industry in Canada really works and how vulnerable the average investor really is to industry abuses.As the book says, it's scary what you don't know you don't know.I'm an educated, experienced investor, but some of what you read is quite disheartening, such as the impotence and lack of protection provided by various government and industry groups whose stated goal is to protect individual investors. Sadly, its all about protecting themselves and taking an ever growing percentage of your money.This author did an excellent job uncovering and conveying the realities of the investment industry. I found it ironic that the US, despite many publicized investment scandals over the years, still provides better investor protection and hands out tougher penalties than here in Canada. The SEC seems to have some teeth, while Canada doesn't even have an equivalent commission in place.The anecdotes about elderly and novice investors losing large amounts of money as a result of their advisor's 'expert' advice are poignant and sad.Warning, reading this book will tick you off!