I guess I should hire a research company to verify my idea here, but it seems like the amount of bad investment advice compared to good investment advice is like 10 to 1. And it makes sense too. The financial journalism that we see is all based on bad advice because they need to make money.
Today, online newspapers seem to only care about advertising for their pages. And with securities investment advice, it’s especially bad. I’m reminded of a story I heard the other day about a guy at Laidlaw & Company who was sued for losing his clients money on horrible advice.
The column he runs online is actually solid advice for those looking for personal finance tricks. Read his columns. But stay away from the shows that just want more advertising revenue. I’m talking about CNBC and Jim Cramer, where they have this “expert” tell you exactly what to pick and when to do it.
The suspicious thing about this is that there is no record you can go look up. You can’t see an objective rating of your broker. It’d be nice to know their advice would make you money more often than random chance. And that’s why I’m really curious about what goes on in some firms, like Laidlaw & Company.
Laidlaw & Company
Apparently, Eitner was with Aegis Capital and Casimir Capital before. The thing that gets me is the amount of complaints this firm has.