The author of the new book “The Wolf of Investing,” Jordan Belfort, may have a couple of things to say about the renowned Wall Street.
To start with, he explains Wall Street as the
“giant, bloodsucking monster … the Wall Street fee machine complex atop the entire global financial system — extracting excess fees and commissions and creating general financial mayhem.”
The average investors, he said, end up losing all the time as they are baited by the news stock tip that they hear from someone they know or just from TikTok. There is more:
“Depending on who’s been advising you, there’s an excellent chance that a significant portion of your annual returns are being unnecessarily cannibalized by fees, commissions, and pumped-up annual performance bonuses,”
Well, you may already know Belfor. His autobiography, “The Wolf of Wall Street,” was the base of the 2013 Oscar-winning movie by Leonardo DiCaprio. Belfort, who was a former broker, made thousands by peddling suspicious sales of the penny stocks. However, he turned around and blew them on sex, drugs, and other debauchery.
Belfort had to serve 22 months in jail for security fraud related to all of his activities in the 1980s and the 1990s alongside his brokerage company, Stratton Oakmont.
This time, while he is out of the gate, Belfort’s take on Wall Street is a lot less titillating and a lot more conventional; however,
“You can thank me when you’re ready to retire, and you have a giant nest egg waiting for you,”
he mentioned. Currently, Belfort has had discussions with Yahoo Finance about his easy investing advice, like staying with an S&P 500 index fund, which is by far up by 7.75% and has profited 10.7% on average since it was first introduced in 1957.
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