{"product_id":"wall-street-potholes-isbn-9781119093275","title":"Wall Street Potholes","description":"\u003cb\u003eRecognize Wall Street tactics for what they are, and make smarter decisions with your money\u003c\/b\u003e \u003cp\u003e\u003ci\u003eWall Street Potholes\u003c\/i\u003e shares insights into the money management industry, revealing the shady practices that benefit the salesman far more than the client. Bestselling author Simon Lack brings together a team of experienced money managers to give you straight-from-the-source intel, and teach you how to recognize bad advice and when it's better to just walk away. Investors are rightly suspicious that many products are sold more because of the fees they generate than their appropriateness to the client's situation, and that's only the beginning. This book lays it all bare so you can walk into your next deal with your eyes wide open. You'll learn just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible. You'll learn expert tactics for combatting these practices, so you can avoid buying overpriced products and confidently discriminate against advisors who put their own interests first.\u003c\/p\u003e \u003cp\u003eFor all the volumes of investment advice on the market, dissatisfaction with the financial services industry has never been higher. This book describes the reason for that disconnect, and tells you how to see through the smoke and mirrors to make the best decisions for your money.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDiscover the profit margin built into some popular products\u003c\/li\u003e \u003cli\u003eLearn the reason behind bundling and why Wall Street fears comparison shopping\u003c\/li\u003e \u003cli\u003eConsider the importance of benchmarking, and why so many firms avoid it\u003c\/li\u003e \u003cli\u003eBecome better informed so you can easily recognize poor investment advice\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIf asking questions of your financial advisor only nets more confusion, if you want to have more control over your money, you need a firm grasp of how these firms manipulate your trust. \u003ci\u003eWall Street Potholes\u003c\/i\u003e tells you what you need to know to become a smarter investor.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Non-traded REITs: A Security That Shouldn’t Exist 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePoor Advice 1\u003c\/p\u003e \u003cp\u003eWhy Not Get a Listing? 5\u003c\/p\u003e \u003cp\u003eDisingenuous Advice 9\u003c\/p\u003e \u003cp\u003eWhose Side Is Your Financial Advisor On? 12\u003c\/p\u003e \u003cp\u003eWhere Are the Regulators? 15\u003c\/p\u003e \u003cp\u003eOverall Returns Are Poor 17\u003c\/p\u003e \u003cp\u003eThe Importance of Benchmarking 19\u003c\/p\u003e \u003cp\u003ePuts and Calls 20\u003c\/p\u003e \u003cp\u003eFinancial Advisors Need to Do Better 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Why Investors Pay Too Much for Yield 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Mysteries of Closed-End Funds 25\u003c\/p\u003e \u003cp\u003eInvestors Can Overpay to Simplify Their Taxes 29\u003c\/p\u003e \u003cp\u003eThe HFT Tax 32\u003c\/p\u003e \u003cp\u003eWhen Managers Run a Company for Themselves 34\u003c\/p\u003e \u003cp\u003eThe Ham Sandwich Test 37\u003c\/p\u003e \u003cp\u003eIf the Prospectus Says You’ll Be Ripped Off,\u003c\/p\u003e \u003cp\u003eIt Must Be Legal 38\u003c\/p\u003e \u003cp\u003eTiming Is Everything 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Why Structured Notes Are Rarely the Best Choice 47\u003c\/b\u003e\u003cbr\u003e\u003ci\u003eKevin Brolley\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eCaveat Emptor! 47\u003c\/p\u003e \u003cp\u003eStructured Note Basics 49\u003c\/p\u003e \u003cp\u003eWhy Buy Structured Notes? 52\u003c\/p\u003e \u003cp\u003eThe Heart of the Matter: The Arguments Against 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Update to The Hedge Fund Mirage 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHedge Funds Remain a Great Business 69\u003c\/p\u003e \u003cp\u003eIndustry Reaction to the Dismal Truth 72\u003c\/p\u003e \u003cp\u003eWhy Hedge Funds Are Still Growing 74\u003c\/p\u003e \u003cp\u003eSome Accounting Rules Are Dumb 77\u003c\/p\u003e \u003cp\u003ePolitics Drives Asset Flows 80\u003c\/p\u003e \u003cp\u003eToo Much Capital 82\u003c\/p\u003e \u003cp\u003eFor Once, the Retail Investor Wasn’t Duped 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Why Is Wall Street So Inefficient? 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Is Finance So Expensive? 91\u003c\/p\u003e \u003cp\u003eTrading Doesn’t Build a Secure Retirement 94\u003c\/p\u003e \u003cp\u003eInvest Time before Money 97\u003c\/p\u003e \u003cp\u003eSex and Investing 98\u003c\/p\u003e \u003cp\u003eComplexity Sells 103\u003c\/p\u003e \u003cp\u003eThe Hidden Costs of Municipal Bonds 106\u003c\/p\u003e \u003cp\u003eSome Bankers Just Don’t Think 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 The Un-Portfolio and Better Portfolio Management Techniques 115\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBob Centrella, CFA \u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBackground 118\u003c\/p\u003e \u003cp\u003eUn-Portfolios and Diversification 120\u003c\/p\u003e \u003cp\u003eFees and the Black-Box Models 123\u003c\/p\u003e \u003cp\u003eOther Examples of Un-Portfolios 125\u003c\/p\u003e \u003cp\u003eExchange-Traded Funds 127\u003c\/p\u003e \u003cp\u003eMutual Funds and Fees 128\u003c\/p\u003e \u003cp\u003eLoad Funds 130\u003c\/p\u003e \u003cp\u003eFiduciary Duty 131\u003c\/p\u003e \u003cp\u003ePortfolio Management Basics 133\u003c\/p\u003e \u003cp\u003eSummary and Conclusion 137\u003c\/p\u003e \u003cp\u003eBonus Section 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Annuities 145        \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eDave Pasi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 145\u003c\/p\u003e \u003cp\u003eWhat Is an Annuity? 147\u003c\/p\u003e \u003cp\u003eWhat Are the Different Types of Annuities? 148\u003c\/p\u003e \u003cp\u003eVariable Annuities 151\u003c\/p\u003e \u003cp\u003eAssociated Risks 152\u003c\/p\u003e \u003cp\u003eOther Risks Are Lack of Flexibility 153\u003c\/p\u003e \u003cp\u003eVariable Annuity Riders 154\u003c\/p\u003e \u003cp\u003eIlliquidity, or the Lack of Being Able to Get to Your Money 157\u003c\/p\u003e \u003cp\u003eEvaluation of Returns: Investment Options inside of Variable Annuities 158\u003c\/p\u003e \u003cp\u003eFee and Charges 159\u003c\/p\u003e \u003cp\u003eOptions If You Already Own an Annuity 162\u003c\/p\u003e \u003cp\u003eWhen Should You Consider Using an Annuity? 163\u003c\/p\u003e \u003cp\u003eRecent Developments with Annuities 164\u003c\/p\u003e \u003cp\u003eSavings Bonds: Little-Known Good Deal 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Is the Most Important Professional in Your Life Even a Professional? 171\u003c\/b\u003e\u003cbr\u003e\u003ci\u003eJohn Burke\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMy Start as a Broker 172\u003c\/p\u003e \u003cp\u003ePressure to Generate Business 174\u003c\/p\u003e \u003cp\u003eWhy You Don’t Invest with Borrowed Money 176\u003c\/p\u003e \u003cp\u003eHas the Industry Made Any Progress? 178\u003c\/p\u003e \u003cp\u003eIs Financial Advisory a Profession? 181\u003c\/p\u003e \u003cp\u003eWhy You Want a Fiduciary 183\u003c\/p\u003e \u003cp\u003eMore Things to Consider When You Choose Your Advisor 189\u003c\/p\u003e \u003cp\u003eA Better Way to Measure Results 191\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Putting Investors First 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Future of Finance 197\u003c\/p\u003e \u003cp\u003eUnderstand Who Your Advisor Works For 200\u003c\/p\u003e \u003cp\u003eReally Understand the Fees 204\u003c\/p\u003e \u003cp\u003eTry Asking These Questions 207\u003c\/p\u003e \u003cp\u003eWhat Else Can Be Done? 210\u003c\/p\u003e \u003cp\u003eThe Role of CFA Institute 212\u003c\/p\u003e \u003cp\u003eBigger Isn’t Always Better 215\u003c\/p\u003e \u003cp\u003eAbout the Contributors 219\u003c\/p\u003e \u003cp\u003eAbout the Author 223\u003c\/p\u003e \u003cp\u003eBibliography 225\u003c\/p\u003e \u003cp\u003eIndex 229\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eSIMON LACK, CFA,\u003c\/b\u003e is the founder of SL Advisors, LLC. Previously, he spent 23 years with JPMorgan. Much of Simon Lack's career with JPMorgan was in North American Fixed Income Derivatives and Forward FX Trading, a business that he ran successfully through several bank mergers, ultimately overseeing 50 professionals and $300 million in annual revenues. He is the author of the bestselling book \u003ci\u003eThe Hedge Fund Mirage:The Illusion of Big Money and Why It's Too Good to Be True\u003c\/i\u003e.    \u003c\/p\u003e\u003cp\u003eMost of us buy financial products and services with the knowledge of an amateur, and we are often vulnerable to an unscrupulous advisor. While the financial services industry is full of good people, there are too many \"me-first\" advisors who offer less than a fair deal for their clients.  \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eWall Street Potholes\u003c\/i\u003e, Simon Lack—bestselling author and investment guru—shares insights into the money management industry to reveal the all-too-often shady practices that benefit the salesman far more than the client. The author draws on his own experience as well as contributions of four experienced money managers to give you straight-from-the-hip intelligence about investing. Together they reveal how to recognize bad advice and when it's better to just walk away from an unprincipled advisor.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eWall Street Potholes\u003c\/i\u003e includes a discussion about the potential risks of investing in non-traded Real Estate Investment Trust (REIT) ventures that provide substantial guaranteed fees to the broker while often generating disappointing returns for the investor. Discover just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible to keep investors in the dark. The author lays out the proven tactics for combatting these practices and helps investors avoid buying overpriced products. Armed with the strategies outlined in \u003ci\u003eWall Street Potholes\u003c\/i\u003e, investors can avoid financial advisors who deceitfully put their own interests first.  \u003c\/p\u003e\u003cp\u003eMake the best decisions for your money with an understanding of the real reasons behind the exercise of bundling and why Wall Street fears consumers that comparison shop. With this important resource as a guide, learn better portfolio management techniques and the significance of benchmarking and why so many financial firms avoid this necessary practice.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eWall Street Potholes\u003c\/i\u003e is filled with illustrative examples, vital information, and time-tested strategies that will give you more control over your money and your financial future.    \t \u003c\/p\u003e\u003cp\u003e\u003cb\u003eWALL STREET POTHOLES\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eMost of us buy financial products and services with the knowledge of an amateur, and we are often vulnerable to an unscrupulous advisor. While the financial services industry is full of good people, there are too many \"me-first\" advisors who offer less than a fair deal for their clients. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eWall Street Potholes\u003c\/i\u003e, Simon Lack—bestselling author and investment guru—shares insights into the money management industry toreveal the all-too-often shady practices that benefit the salesman far more than the client. The author draws on his own experience as well as contributions of four experienced money managers to give you straight-from-the-hip intelligence about investing. Together they reveal how to recognize bad advice and when it's better to just walk away from anunprincipled advisor. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eWall Street Potholes\u003c\/i\u003e includes a discussion about the potential risks of investing in non-traded Real Estate Investment Trust (REIT) ventures that provide substantial guaranteed fees to the broker while often generating disappointing returns for the investor. Discover just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible to keep investors in the dark. The author lays out the proven tactics for combatting these practices and helps investors avoid buying overpriced products. Armed with the strategies outlined in \u003ci\u003eWall Street Potholes\u003c\/i\u003e, investors can avoid financial advisors who deceitfully put their own interests first. \u003c\/p\u003e\u003cp\u003eMake the best decisions for your money with an understanding of the real reasons behind the exercise of bundling and why Wall Street fears consumers that comparison shop. With this important resource as a guide, learn better portfolio management techniques and the significance of benchmarking and why so many financial firms avoid this necessary practice. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eWall Street Potholes\u003c\/i\u003e is filled with illustrative examples, vital information, and time-tested strategies that will give you more control over your money and your financial future.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990463496421,"sku":"NP9781119093275","price":40.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119093275.jpg?v=1761787927","url":"https:\/\/k12savings.com\/es\/products\/wall-street-potholes-isbn-9781119093275","provider":"K12savings","version":"1.0","type":"link"}