Full service brokers, in this day and age of low cost mutual funds and discount brokers, are really nothing more than machines for ripping off retail investors.
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"Wall Street Survival 101"Joel Spolsky
Here’s why I would recommend against [selling the U.S. stock markets short]....Retail brokers normally require investors to hold any short-sale proceeds in U.S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value....I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.
Peter Schiff
The army of brokers, jobbers and other quaintly named parasites.
Neil Kinnock
The Internet will not become a money machine until the banking industry figures out how to transfer money for free so you can charge USD 0.005 (half a cent) for some simple service like, say, reading a newspaper article you have searched for. With today's payment system, the cost of the transfer of the funds completely dwarf the cost of the service paid for. … This situation, however, is what acutely prevents the Internet from taking off as a network for paid services.
Erik Naggum
If you think mutual funds aren’t a flagrant enough example of conflict of interest, try hedge funds.
Peter Schiff
All his gold speculations, his stock speculations—I speak of those which were purely speculative as brokers use the term—generally resulted in losses.… He did not make money … out of those crises of 1869, 1873 and the Erie manipulations of 1868, which have been most strongly condemned.
Jay Gould
Spolsky, Joel
Spooner, Lysander
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