From Publishers Weekly
Having learned deceptive sales practices as a teenager selling magazine subscriptions, Edesess sold overpriced credit life insurance before becoming an investment adviser after a boss told him that "the way to make money is to handle money." By 2004, he found himself in Florida, failing to entice investors into a trading scheme that lost 80% over six months, when the company promoting the idea collapsed without paying him. That experience, he says, "provoked me to write" this book. But his pose as a reformed sinner is unconvincing. The how-to chapter on deceptive sales is more animated than his cursory review of academic literature arguing for low-cost, diversified, buy-and-hold strategies. He likes self-promoting investment failures, like the ones created by Charles Ponzi and the Beardstown Ladies, but disparages successful investors like Warren Buffett, Ed Thorp, George Soros and Julian Robertson. Edesses's most useful ideas are covered better in John Bogle's books, among others. (Jan.)
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About the Author
MICHAEL EDESESS is an economist and mathematician with experience in the investment field and in the energy and environment fields. He was a founding partner and chief economist of the Lockwood Financial Group until its sale for $200 million to The Bank of New York in September 2002. Previously an independent consultant to institutional investors, his clients included several of the largest investment banking and consulting firms. Dr. Edesess has spoken at conferences on investment research and taught international finance at the graduate school level, has been published in The Wall Street Journal and The Journal of Portfolio Management, and has been interviewed on CNBC. He was a Senior Fellow at the University of Denver's Institute for Public Policy Studies and taught a wide variety of courses as an adjunct professor.