Investors–You Should Listen to a Dying Wall Street Man

With the conflicts of interest and ignorance within the money management industry, one Wall Street veteran with brain cancer wants to stand up and be heard…

…Read what he has to say!





Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (2nd Ed. Wiley 2017) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I’m happy to comment on your questions. However, please read the Terms of Use, Privacy Policy and the Comments Policy.

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6 Responses

  1. DIY Investor says:

    Fascinating story. It shows me two things. First, that even many pros in the industry haven't really thought hard about the field they are in. Secondly, the word is spreading. If we all learned tomorrow the location of a gold field somewhere on earth what makes us think we could get there sooner than the average person?

    Another book worth reading.

  2. @DIY Investor

    I agree! But I think that even if everyone was taught this, we'd end up with only about 20% of people indexing (instead of the 5% or so that do today). Eternal optimism of finding that "great man or woman" to defy the odds for us will, I think, always keep the far majority of people taking the active route. Of course, if everyone indexed, the advantage would disappear. But it would go against the grain of human nature for us to do so.

  3. Kevin@InvestItWisely says:

    Very interesting. What I personally wonder is how well Wall Street would be doing if not for the massive inflow of money creation flowing directly into the financial sector…

  4. @Kevin@InvestItWisely

    Tough to say! It's supposed to be $450 billion a year that they reap from investment services each year, according to John Bogle.

  5. I've read this story before somewhere else, but many good lessons contained within. Word is spreading about this kind of low cost, highly diversified investing but I still want the gamblers out there making life interesting, just not with my money.

  6. @The Biz of Life

    Hey Biz,

    Even if everyone knew about it (indexing) I still think the vast minority wouldn't do it. Too many of us think we can scrape ourselves into that top 5% with the "great man/woman" hope.

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