Danger, Will Robinson
My work with the NY Giants the last 12 years through Athletes in Action, not only allowed me to be around literally hundreds of players, but I also had been in company with Plaxico Burress. Knowing what these players and Plaxico face when it comes to personal finances, a classic line from “Lost in Space” came to mind when I saw this headline.
If I was around Plaxico now, I would say the following to him regarding the article:
- If you want to end up with a million from the stock market, start with at least two million! Want to make a killing in the stock market? Shoot your advisor!
- Seriously now, the stock market has a far greater chance of beating you than you beating it.
- I’ve seen many types like Mr. Sykes in my 30+ years in and around Wall Street, and virtually all of them made their profits from selling their advice (systems), versus from the implementation of said advice (systems).
- 80% of all money managers underperform simply putting same capital in low-cost index funds (I suspect that percentage is even higher among hundreds of thousands of simple financial advisors the public engages). Plax, you wouldn’t run a route that has only led to completions 20% of the time. Running a successful stock market route would be like you beat being doubled team by Darrelle Revis and Richard Sherman – good luck!
- Now more than ever, financial markets are manipulated and info flows to certain people far faster than others. Unless you’re way up the food chain, are able to be early investors long before the public is; or get granted a bunch of stock options much below current prices; the stock market is not for most (and especially professional athletes who have already been greatly blessed with some wealth that one should be far more interesting in just being efficient with it – versus putting it at risk).
Pun fully intended – Plex, don’t shoot yourself in the foot by thinking you simply buy low and sell high.