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Readers Tell All
Subject: My Canadian Experience I was 26 years old in 1987, and had a little money in the market when it went to hell. My broker, Jay Meadows with Raucsher, Pierce, and I had gone to college together and I trusted him. After the 87 correction, I told Jay I wanted to be a little more aggresive, although today I realize I had no idea what I meant. So, my old buddy Jay put me in a Telugard. He explained this company made security devices and had been named the "Best Florida Small Business of the Year" in 1986 (Susprised they weren't a direct marketing firm.) It traded on the Pacific Exchange. No quotes available anywhere, excpet from what I could get from Jay. So I bought Telugard at $1.50. Jay said they were about to sign a big contract with Suadi government "anyday now", and the announcement would just drive the price of the stock through the roof. So I waited. After a few months, I called Jay to ask him how we were doing. He said just fine. He explained that the Saudi government was dragging its royal feet, but not to worry. I asked him if the company had any other contracts. Jay's response, and I swear this is true, was "look, this company assests are its engineers. The best assests Telugard has go home at night." A year later, my Rausher, Pierce statement said no quote for Telugard was available. Jay wouldn't take my calls, and I cursed the financial markets. So, I took it upon myself to learn to invest. In the end, it was the best investment I ever made because the payoff was financial independence and the knowledge that I know what I am doing. The wise men of Wall Street, I learned, will never be as concerned about my financial well-being as I am. I just grateful that Jay taught me early in life that if I surrender my financial independence to them I would be rewarded with churnings and a portfolio full of Telugard's. And Jay Meadows? A few years later he was prosecuted by the SEC and the Justice Department for defrauding some of his clients. He coped a plea that required him to do a little time, pay a fine and turn in his broker's license and never, ever again engage in the financial transactions business. You can look it up in the Dallas Morning News. Back to Halloween '97: Readers Tell All
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