From The Desk of Peter Grandich
- Like in my Catholic faith, my “Confessions of a Wall Street Whiz Kid” book remains a “work in progress”. A third edition is now underway and hopefully shall be out before summer officially arrives. Meanwhile, know the “Second Edition” is now online and can be read free of charge here. Please feel free to email link to anyone.
- As noted in my book, being brutality honest wasn’t always how I once conducted business. But deciding several years ago to adopt Mark Twain’s “If you tell the truth, you don’t have to remember anything”, I must tell you it’s amazing how few people really want total honesty. An example of denying the truth despite it staring you in the face ironically occurred on the “World Headquarters” of the “Don’t Worry, Be Happy” crowd – CNBC-TV (TOUT-TV). A report on how truly unprepared the vast majority of Americans are for retirement aired, only to have a very poorly informed financial journalist be brought on to argue the glaring facts are actually wrong and he just happens to have written a book about it. While not surprised that he and TOUT-TV would attempt to greatly water-down the facts from the report referred to, I was pleasantly surprise to see not one, but two reporters basically take this journalist to task –albeit with kid gloves (as they would certainly be in danger of losing their jobs at TOUT-TV otherwise). The report referred to in the “on-air” reporting is spoken about in the print that came with the video. I strongly recommend the very few out there who are not hooked on the “happy gas” from “Wall & Broad Street’s” or have decided to take this approach towards their retirement:
TO WAKE UP AND SMELL THE COFFEE!
Half literally believe the “Don’t Worry, Be Happy” crowd (that makes up the lion’s share of those who work in the financial services industry), and the other half agree with my assessment that America is on the threshold of its worse economic, social and political era – but rather than prepare for it, somehow hope they and I end up wrong.
- Now in my fourth decade in and around the financial markets, I’m truly petrified on how both the public and so-called professionals have become so complacent with the markets. Never have I heard such “over-confidence” and sense a “this time it’s different” attitude as I do now. I truly believe the only prudent thing anyone with 30+ years of actual experience could say about the markets at this point is this.
- How to make $69,000 without really trying.
- Let’s start a pool and the winner correctly guesses how long before the blame of all the social unrest is blamed on: