Secrets to Safely Growing Richer in Turbulent Times If continuing corporate collapses, Wall Street lies, and economic uncertainties have left you wondering whom to trust and what to do with your hard-earned money, the time to take action is now. Read Investing Without Fear to immediately stop any losses, get on the fast track to recovery, and turn potential setbacks into successful comebacks. Author Martin Weiss has built a national reputation as a fiercely indepen…
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We retired exactly one year ago, and again, last year we made money from our financial assets – not much, but it beats many of our friends and associates. Our success is attributable to two basic sources, John Mauldin’s free weekly newsletter (Millennium Wave Online) and Dr. Weiss’ previous book, “The Ultimate Safe Money Guide”. Between these two intellectual perspectives of the dynamics of our economic and political environments, my wife and I walk away with a stronger gut feel for why, how and where to protect our nest egg.
Dr. Weiss’ new book is like reading one of the “Left Behind” series – but, his is a story developed around plausible outcomes of world events that seem to be developing as we speak.
The book enlightens the reader about the atmosphere of greed and corruption surrounding specific corporations, especially the analysts, brokerage firms and institutions who colluded to implement their strategies. The book gives you a “heads up” to where to park your assets. It also gives you an awareness of the necessity to filter information that you are exposed to when making financial decisions. For example, we watch CNN’s L. Dobbs Report every day, but we also know that a major brokerage firm sponsors the show, thus we filter accordingly.
In summary, Dr. Weiss’ two books mentioned above are “must reads” especially for those of you near or in retirement.
Martin D. Wiess’ Crash Profits: Make Money When Stocks Sink and Soar! is really two books in one. On one hand it is a review-and very stinging commentary-of the shenanigans that corporate executives and Wall Street investment bankers have engaged in over the past decade that have done so much to undermine investor confidence in the markets. On the other hand it is an “investment guide for hard times” which-as all such endeavors do-assures the reader of sure fire profits in the future.
This book works much better as social commentary. Mr. Weiss is a well known, very credible and knowledgeable critic of Wall Street. Here he presents a very well constructed picture of just how the excesses of recent time came about and how they have affected investment environments. His stinging indictment of the corporate world not only effectively relates events but also provides a very detailed picture of how these events have affected the average investor’s views and outlook vis-à-vis the markets.
As an investment vehicle the book leaves much to be desired, as most of these books do. The problem is these books are aimed at the “average” investor but, like so many of its predecessors, it focuses on the wrong aspects of economic life in the middle class. It’s not that the investment advice given is particularly flawed, it’s that it fails to provide the guidance that is really needed at this point in time to really improve the economic lot of the middle class family. It talks endlessly of “investment” and virtually ignores debt, which in point of fact is the real scourge of the middle class’ economic status. The “average” middle class family has approximately $40,000 a year in family income. It also has approximately $5000 in outstanding credit card debt. With an average interest expense of 18%, the average family’s major “investment” is carrying what appears to be becoming a perpetual, high cost debt. On a long term basis, reasonable investments will generate anywhere from 5-10% in return. That’s true of Mr. Weiss’ strategies as well. Yet Mr. Weiss speaks virtually not at all to the drain debt wracks on total investment return.
If your are debt free, this makes a reasonable investment guide. If you are not, you’d be much better off buying a guide to managing debt. Regardless of you financial situation, this book is worthwhile as a historical review of the dynamics of corporate excess in the `90’s.
By combining fiction with non-fiction, Dr. Weiss’ had made his extremely bearish outlook a page turner. Advice on protecting yourself from loss during such a crisis is coupled with stratgies allowing you to prosper.
By now, it is common knowledge that many in the financial community gave bad advice to public investors with the sole purpose of lining their own pockets. Weiss’ description of those abuses is worth the retelling, as it offers an additional warning to all of us.
Whether you agree with his outlook or not, there is much to be gained from reading this book. His suggestions on keeping your assets in the safest banks, money market funds and brokers is sound advice for everyone. Weiss provides lists of those safer institutions.