How to Smell a Rat

Résumé du livre

Ken Fisher is the founder, CEO and Chairman of the global money management firm Fisher Investments as well as the author of a number of New York Times bestsellers, including The Only Three Questions That Count and The Ten Roads to Riches. In addition, he has written the famous Forbes Portfolio Strategy column for the last 25 years.

Bernie Madoff's scheme thrived on the illusion of exclusivity, exploiting people's desire for status while masking the lack of transparency in his strategies. Investors often overlook critical details, swayed by appearances of wealth or promises of extraordinary returns, which are nearly always red flags. Trusting advisers based solely on reputation, affiliations, or recommendations from friends can be dangerous, as scammers like Madoff have manipulated these factors to their advantage. To safeguard investments, it’s essential to hire a custodian, demand clear explanations of strategies, and remain skeptical of guarantees or overly consistent performance. While the SEC works to regulate advisers and prevent fraud, its limitations mean investors must take an active role in evaluating their advisers to avoid falling victim to deceptive practices.

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