Tax Guru-Ker$tetter Letter
Thursday, November 06, 2003
None of these scandals should be surprising to anyone who understands how Wall Street works. They are part of the reason I have never been a big fan of investing in the stock market. There are very few people with enough financial clout to not be among the masses lined up for slaughter by the wolves and vultures who control the markets.
Unfortunately, financial ignorance is so pervasive that too many people had the false impression that mutual funds are different than the stock market. I constantly have to explain that mutual funds are just a basket full of stocks as selected by professional traders who are compensated for their efforts. To be surprised that those managers have been milking the system for their own benefit is naivete at the highest level.