In July 1971, Michael Edesess, having received a Ph.D. in
mathematics, started his first job, performing theoretical
work on the stock market at a major brokerage firm. Within
months he realized something was askew. Professional
investors couldn't even predict stock prices better than the
nearest taxicab driver. Yet the entire business was based on
the falsehood that they could. The Big Investment Lie is
that an investor will gain by hiring professional advisors
and managers to beat the market. Widespread acceptance of
this lie allows an entire industry to prosper lavishly. Over
a long career Edesess observed, often aghast, often as a
deeply-placed insider, while the pitch for the Lie became
more elaborate, and outlandish fees for a worthless service
actually increased. In The Big Investment Lie, Edesess shows
how to break free from this pervasive falsehood. By
following his Ten New Commandments for Smart Investing,
investors will maximize their long-run wealth and achieve
their best possible financial future.
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