Average investors are harmed every day without realizing it, through commonplace practices at full-service and discount firms alike, as well as Internet investment sites and 401K plans. No longer, promises Mark Dempsey in this compelling book. He exposes these deceitful practices, and teaches investors how to fight back with point-by-point tips and useful warnings. Dempsey reveals that middle-class customers (with personal incomes between $50,000 and $100,000) aren't given access to the same research information and stock-buying tips as their wealthier counterparts, don't have the same opportunities to invest in profitable IPOs, and are regularly encouraged to invest in mutual funds that perform well below the market average. This, despite the fact that they make up two-thirds of the country's investors, and are responsible for the bulk of commissions brokers receive. Not fair, argues Dempsey, and he gives readers the knowledge they need to make the investment world work for them.
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Editorial Reviews
Amazon.com Review
Mark Dempsey's iconoclastic Robbing You Blind makes a persuasive case for actively supervising your own investments rather than unquestioningly accepting a broker's advice. Dempsey ought to know: Once a high flyer at a major brokerage, he now says he succeeded only by cajoling clients into purchases that helped him meet sales goals--whether or not they were appropriate. "If the average investor only knew what really goes on behind the scenes with their money," he once commiserated with a colleague, "they'd think differently about having us manage it." Investors with incomes from $50,000 to $100,000 represent most accounts on Wall Street, Dempsey notes, yet are treated far differently from those who earn more. While some of what he reveals--how they're denied information, squeezed out of prime opportunities, and routinely offered securities that prove most profitable to the broker--may not be news to sophisticated investors, many of his remedies apply to everyone. They include becoming fully informed (follow the news, use the Internet, join conference calls), avoiding investments with high fees, steering clear of anything that requires urgent action, and requesting discounts (commission breaks of 35 percent or more are often given to clients who ask). --Howard Rothman
About the Author
Mark Dempsey was a successful full-service broker at Merrill Lynch. He has worked as financial services manager for the Internet company broadcast.com and has written for Money and Individual Investor magazines.
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Most Helpful Customer Reviews
15 of 15 people found the following review helpful:
5.0 out of 5 stars
An Engaging and Fun Read,
By A Customer
This review is from: Robbing You Blind: Protecting Your Money from Wall Street's Hidden Costs and Half-Truths: Moneymaking Strategies for Today's Investor (Hardcover)
I learned so much by reading this book. It is quite a page turner and I had a hard time putting it down. Mr. Dempsey's plain speaking and easy-to-follow sytle is refreshing and his insider tips are thought provoking. The chapters on 401(k) plans and online trading were the most interest to me. I did find the chapter on the SEC eye-opening because I had no idea that they were so remiss in protecting investors. This at first was hard to believe, but Mr. Dempsey does make a convincing case for his concerns with the agency. All in all I thought the book was solid and well worth the money!
7 of 7 people found the following review helpful:
5.0 out of 5 stars
An Honest Voice In a Den of Thieves,
By A Customer
This review is from: Robbing You Blind: Protecting Your Money from Wall Street's Hidden Costs and Half-Truths: Moneymaking Strategies for Today's Investor (Hardcover)
I have had a full-service broker manage my money for years. After reading this book I decided to put some of the techniques to work.Boy was my broker ever surprised! For the first time ever I got a 25% discount on all of my stock trades and one of my account fees was waived. I never had the courage to ask for these discounts before, but after reading this book you want to jump up and defend your rights as an investor. It may be true that the rich get richer and middle class investors like me pay the bill, but I am paying 25% less after reading the book.
6 of 6 people found the following review helpful:
5.0 out of 5 stars
Highly Informative,
By A Customer
This review is from: Robbing You Blind: Protecting Your Money from Wall Street's Hidden Costs and Half-Truths: Moneymaking Strategies for Today's Investor (Hardcover)
A highly informative expose of sorts on the inside world of investing. Teaches you not to trust blindly in your broker's advice, but research on your own. An easy-to-understand, interesting read.
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