Thursday, February 26, 1998
Feeding
Frenzy
by Peter J. Polack
([email protected])
One of the biggest money makers these days is financial advice. The Wade Cooks out there seem to make more money selling their ideas rather than putting their ideas to work themselves. Every dog has his day, however, and sometimes even the worst of advisors has some valuable piece of advice for us all.
My wife and I decided to go to a "free" seminar by Charles Givens, who was coming to town. I had read one or two of his books and enjoyed many of his pearls of investment wisdom. One that particularly stood out, and which I often employ to this day, is: "If the deal is so great, it will be there tomorrow; just walk away if it sounds too good to be true." This one is especially useful in the car dealer's office.
The seminar room was packed. There was much excitement in the air. Charles Givens had everyone worked up. Talking about buying things with no money down, poor credit, criminal record, etc. "If you'll just buy my package with my newsletter..." (Keep repeating to yourself: If the deal is so great, it will be there tomorrow) "you can double the stock market; my newsletter will show you how..." (Keep repeating to yourself...)
"After my talk, my representatives will be at the back door" (read: blocking your way out) "and for a small fee of $500 you can be one of our members." My wife was tugging at my sleeve: "Why don't we do it?" I was beginning to get drawn into the hysteria now myself but I fought the urge (sort of like when Spock is starting to get emotional and his Vulcan side has to fight back for control).
"Hold my hand, walk straight through, and don't look back," I said to her. "Charles would be proud of us; it's his prime directive: If the deal is so great..." We were almost trampled by the masses, waving their American Express cards: "Sign me up, Chuck!! I want to be on the team!" Although we were sitting in the front row, we were the first (of about 500 people) to leave the building. We quickened our pace, and began to feel the first pangs of relief. "We just saved 500 bucks!" If we had been Fools back then, we could have invested the money and have enough to retire by now.
As we cut across the parking lot, I looked down and saw a $20 bill (I kid you not, folks!). This was definitely an omen. We laughed all the way home. Everyone there was out $500 and we were $20 in the plus column. So I ask you now, Fools, who was the fool and who was the Fool?
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