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Hello Share Swishers. Unlike most other share shifters I know, I’ve never seen Wall Street, the Michael Douglas film. Nor the Wolf of Wall Street. The reason is that I usually found films like this are dummed down and thus not as interesting for people who know a bit about investment.
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Comments
David Russell
We went for a meal a couple of months ago and one of the people was a 51 year old financial adviser. He has been in the game all is working life and gets paid well over a 100k a year from some type of commissions even if he does not go to work. He lives in a massive house and also as property abroad. Last year he made over £500k from giving financial advise. The best is that people have paid him to make them money and even if he gets it wrong and lose the lot he still makes money from fee’s. He does loads of work for my friends getting them buy to let mortgages and also some pension stuff and business loans but he charges loads. I stack shelves in a supermarket but I would rather use the internet for any financial information or products and told him but the 51 year old IFA said to me that is why you still stack shelves. lol.:). I should become a IFA then.:)
Malcolm Stacey
One of the messages of the film, David, was not to let money get in the way of enjoying the things you like doing. All the characters in the film, though making millions, were a sad and stressed lot. I would keep your job which you obviously enjoy. Rocking on.
David Russell
My son works in wealth and said the same it is stressful but you cannot say targets anymore but the money is great unlike stacking shelves.:) The people who make the real money have no stress only finding out the best ways to hide it.These am the people win or lose they still make the cash.These am the real market makers of wealth. No investment,No risk only profit. My mates IFA makes a fortune and cares very little about interest rates and the markets because what ever happens he sells them another product. Not watched the film yet Malc but will take a look.Great article as always.Good luck and Rock on. lol.:)
J P Spaghetti
DR – I fair few years ago I once worked briefly for a financial planner. Not an adviser, but a planner – apparently the latter takes a more holistic approach. I was just a general dogsbody and didn’t learn much about the investing world. However, I was stuck by how many physically attractive females were to be seen with loaded ugly blokes. And not just ugly ones but – following on from Malcolm’s point – miserable ones at that. Despite both the wonga and the attractive females (you’d think they’d hang loose and party). Hardly revelatory, of course, but still quite unedifying when witnessed. And this was many years after the suffragettes got bolshy. Makes me want to take up angling. Actually, I wonder if there’s are any potential profit to be had in purveyors of piscine paraphernalia…
B Sanderson
In fine details? hardly especially as the film itself although highlighted aspects of how the events occurred they were dumbed down and not truly a reflection of what happened.
It allowed people who did not undertand how the shorting of the housing marketed happened to get a Hollywood dumb down version of events loosely based on real people. The scenes at for example the investment banks were a joke in itself but I guess that’s what sells.
Drunken Sailor
Great film, obviously dumbed down in some areas and sensationalised in others to make it entertaining and understandable for the masses. The best bit was the very end with the spoof “the banksters all went to jail” then the truth that they did not: only one person did and he was probably one of the least guilty and then the shocking truth that they are up to exactly the same thing again, but are calling it something different.
What was also good was seeing how those who spotted the fraud were ignored and vilified by the establishment because there was too much vested interest in ignoring blatant fraud. The lesson is time is what really exposes fraud and like the shorters in the film SP needs to hold its nerve, ignore the pizza boy and Rivington jibes and just carry on protecting those who are prepared to open their minds to reality. The other lesson to learn is shorting is a really tough game. SP was 100% right on QPP, but SGH still did the deal. Time will tell on IternetQ, but tosser fund has already bought it and taken it out of public view. Being right and making money are not synonymous.