September 27, 2025 • 39 mins
Chris Markowski reflects on the legacy of Jonathan Clements, a mentor and financial columnist who championed financial independence and exposed Wall Street's misleading practices. The conversation delves into the importance of financial literacy, the challenges faced by Generation X regarding retirement, and the pervasive myths propagated by the financial industry. Markowski emphasizes the need for self-reliance and critical thinking in personal finance, urging listeners to be wary of scams and to prioritize genuine wealth-building strategies.
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Speaker 1 (00:07):
Well, no one authored investment banker, consumer advocate, analyst, trader
Chris Markowski is the Watchdog on Wall Street. You want
to answer exposing the lines and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom.
Speaker 2 (00:28):
You can't handled the true proof.
Speaker 1 (00:30):
Bringing America the truth about what really happens in the
financial world. Ladies and gentlemen.
Speaker 3 (00:35):
We're on here to indulge in fantasy, but in political
and economic reality.
Speaker 1 (00:40):
This is the Watchdog on Wall Streets.
Speaker 2 (00:45):
Okay, welcome everyone, Welcome to the Watchdog on Wall Street Show.
I have to say this show. I wouldn't be doing
this show today. We're in our twenty fifth year of
this program. Wouldn't be doing this show if if I
(01:06):
wasn't exposed at a very young age, early in my
career to a gentleman again mentor quite frankly that passed
this past week. I've mentioned him on many occasions over
the years here on the program. I've cited him goodly
(01:29):
amounts of time in my newsletter, which I've been doing
for thirty years. Jonathan clements he Wall Street Journal personal
finance columnist for years and years and years. He think
he left. I can't remember what year. I don't know
(01:50):
if he was forced out, because you know, they didn't
like what he was writing. They weren't thrilled with his content.
Wasn't good for the people that advertise there in the
Wall Street Journal. Again, I've made it perfect clear that
the journal has changed completely since the Murdoch family bought it.
(02:12):
Probably one of the biggest problems we have in this
country is the mediopoly type of situation where it's so
concentrated in so few hands, and were shoved absolute garbage
down our throat, but neither here nor there. This guy
was a great his time at the Journal. He wrote
(02:35):
more than one thousand columns. One thousand columns. I started
reading him in the early parts of my career, was
in nineteen ninety three, nineteen ninety three, nineteen ninety four.
I was a baby on Wall Street at that point
in time, and he opened my eyes. He opened my
(03:01):
eyes because again being a kid, you know, working in
downtown New York. Again, I come from upstate New York,
meeting and dealing with all these people that quite frankly,
I had a very different value set from the overwhelming
majority of people that I met down there, and I
(03:22):
grew frustrated. It's constantly having this this battle that was
going on in my mind at this point in time,
that that doesn't seem right, that doesn't jibe with my
belief system. And this guy, this guy taught me a
ton again writing in the Wall Street Journal, this is
(03:44):
a guy that crusaded against high fees, wowsy financial advice,
mediocre to crappy investment management. Went into a myriad of
other topics as well on the program in regards to
(04:07):
whether it be you know, raising kids properly and teaching
the about money the right way, and also also the
importance of happiness. I've written many many columns over these
I share them with you here on the program from
time to time and talking about our process at Markowski
(04:30):
Investments and how quite frankly, you know, it's you know
the old saying you want to make God laugh, tell
them your plans, and you build wealth to what not
to acquire as much stuff as possible. You build wealth
so you can leave a legacy for your family, see,
but also you can spend time with them, and how
(04:52):
you know, money spent on experiences with your family, doing
things is a a lot more rewarding than anything else.
Jason's wig. He's one of the few remaining decent columnists
at the Wall Street Journal. Quite frankly did a really,
(05:14):
really nice piece about clements as well. He already said
his pen was sharp as a needle, but he wielded
it with humor, grace, and a confessional personal touch. Readers
felt they knew him because they did more than any
commentator before or since. Jonathan made personal finance personal. This guy,
(05:40):
this guy was brutally honest. Again a mentor of mine,
A mentor of mine. We again, we spare nothing here
on the program Equal Opportunity Basher. There was a bit
that he wrote. This is from a column he wrote
back in April eighth, two thousand and seventy, went it's honesty,
(06:04):
And I've talked about this psychological conditions, confirmation bias being
one of them. He says. Think you're immune to confirmation bias.
If you're a regular reader this column, ask yourself this question,
why do you keep reading my articles? Sure? I like
to think I offer brilliant financial insights served up in
peerless prose, but the reality is I'm not. Warren Buffett
(06:26):
and I'm not Charles Dickens either. I had a limited
array of prosaic ideas. Worse still, I revisit these ideas
all too frequently. Again, same thing we do here on
the program, Same thing we do here on the program
and at Markowski Investment. I don't take credit for our
(06:48):
performance over the past past three decades and what we've
done and what we've accomplished. Again, I'm on the shoulders
of the greats. That's who I follow, And I'm talking
the things that we learned and we teach here on
the program. We try to get across to people. This
stuff has been around for thousands of years. I didn't
(07:08):
invent it. He goes nice, So why do you keep
reading It's no great mystery. You don't read my columns
because they open your eyes to the financial world. Instead,
do you read them because they confirm what you already believe.
There's nothing wrong with this provided again, this is important,
(07:28):
provided that I have truth on our side. But he
questions them, But what if I don't. Again, the humility there,
which is very, very important when it comes to managing money.
There is nothing worse. Well, maybe it's an overstatement. There
(07:51):
are other things that are worse, but arrogant money managers,
arrogant portfolio managers, very very dangerous. He knew, he knew that. Again,
everything that was being shoved down your throat, and I
(08:13):
talk about it all the time here the narratives that
are thrown at investors again and again and again, and
the lies that you are told. And he went after them.
He went after him, just like we do. Bogus bogus
for investors, nonsense. These are some of the things that
(08:38):
he talked about. And again we talked about here on
the program back in the day. These are funny. Index
funds are for losers. And I would ask the question,
asked this question of my sales managers when I was young.
I said, why are we why are we putting all
(08:59):
these high cost mutual funds into clients accounts when we
can put a you know, a much lower cost index
fund in there and it would be better for the client.
And again, oh my god, you know, I get reamed.
I get reamed, don't you want to make money? Mark Kowski,
what's wrong with you? Again, I'm like, yeah, I want
(09:22):
to make money, but I want to do it the
right way. Jonathan often talked about this in his column
scan mutual funds sold by brokers charging commissions of at
least five percent. This was part. This was what they
were telling us to tell our clients. Okay, yeah, that
you're paying a five percent commission on a mutual fund
(09:46):
and those are going to outperform funds that don't charge
any commission at all. And I remember getting yelled at
because we figured out a way to get our clients
out of B class mutual funds without paying any backloaded fee.
If you slowly but surely got out by ten percent
(10:07):
a year, and getting reamed, what are you doing again?
Another lie? You know, part of the conspiracy to keep
people poor and stupid. Investments with high annual expenses outperform
those with low costs, right, sure, Dan, He went after
(10:28):
all the entire newsletter, trading software, market timing services that
are sold everywhere. Oh, we could beat the market. He
went after the needle nosed ned Ryerson's like, we have
insurance brokers out there. Oh yeah, you gotta buy more insurance.
You always need more, don't have enough, you don't knows,
(10:50):
Ned Ryerson. Oh and he went after anwities too. Oh yeah, oh,
because that again that was pushed. It's being pushed again.
That's back, that's back. I'm seeing that everywhere high cost
annuities are a key to a safe retirement. Oh, we're
giving you bonuses, we're doing this. Yeah, what are you
paying and commission? Can you take the money out? Have
(11:12):
you actually done the math on this piece of garbage
annuity that's being shoved down your throat. Another one as well. Again,
I've been around for a long time, so I was
in this industry when it was a commission based business.
(11:34):
We we left all of that to do what we're
doing now at the forefront, you know, fee based business,
and how that was much much better. That was again,
that was sacrilegious. Back in the day. We had a
fight and fight we had. We had a fight with
the clearing firms that we were working with when we
(11:54):
started up Markowski Investments to allow us to do that. Again,
all of these things, all of these things, and all
of these claims were that was the wisdom. That was
a convention. That's what Wall Street was selling everyone. Back
when Jonathan used to write his columns, we were writing
(12:16):
our columns doing this program here. Again, there were in
essence they were treated as gospel gospel. Every investor was
told all of this b s. We have stood at
the forefront of that. Jonathan stood in front of that.
(12:38):
When a company publicized the study claiming that individual investors
underperformed the stock market by ten percentage points over two decades.
Again it was complete bs, the entire study. Jonathan ripped
that study to shreds. Again, he went after, as well,
all of the empty jargon that's put out there by
(13:02):
these Wall Street firms or they're on c NBC. Hey,
I think about that. What exactly does cautiously optimistic mean?
According to Jonathan, it meant we can't figure out what
in the world's going on.
Speaker 1 (13:18):
Or when.
Speaker 2 (13:19):
When they say, oh, yeah, the market's down on down
on technical factors, they basically they're saying, we don't know
why the market is down. I'm honest with you, I'll
tell you, I gotta ask that question has passed away.
Oh Wes. You know, well, you know people saying that
(13:40):
the market pulled back a little bit be you know,
because of uh, you know, there's some of these things
that are happening with AI and Nvidio, and I'm like, well,
wall hold on a second, Okay, nobody knows why the
market does anything on any given day with any certainty whatsoever,
no one you're gonna have a day for a bad
(14:00):
news and the market can go up. You gotta have
a day full of uh I mean horrible I mean
day full of horrible news and the market goes up,
and vice versa. It doesn't make any difference trying to
pay attention to that nonsense. Again, Wall Street hates hates
(14:22):
what we do, and they hated what Jonathan did and
what Jonathan wrote. And it's it again. It's it's sad
that that's where we're happening. And again I think that's
why they did away with him, quite frankly, at the
Wall Street Journal. You can you can't tick off your
advertisers like that. And again they were ticked. They were ticked.
(14:46):
You know, you got a guy writing columns here in
the paper. I want to buy advertising, and he's going
after my business again. And that was that was then.
It's it's worse today. It's worse today than than was
back then. But we lost a great guy, a great columnist,
(15:08):
a mentor of mine. I am my grab a column,
a grab a column that I did. This is two
back back in August of two thousand and four, and
it was inspired at the beginning come, I was inspired
by Jonathan Clements and it regarded financial independence. And you
(15:33):
know what, We're going to take a break right here,
and I'm gonna go back wet to share this with
you again because that's what he was about. That's what
he was always about people, families, investing, being successful, building
wealth and enjoying life. What more is there? Quite frankly,
(15:54):
right anyway, I got to take a break. Watchdog on
Wallstreet dot com. Watchdog on Wall Street dot com is
our site again. I invite each and every one of
you to become a part of our family at Markowski Investments.
Go to Watchdog on Wallstreet dot com, podcast, newsletter, and
of course work with the Markowski family. Sign up for
(16:15):
our personal CFO program Watchdog on Wallstreet dot com, or
give us a call eight hundred four seven one fifty
nine eighty four. We'll be back.
Speaker 1 (16:31):
This crazy bringing America financial freedom one listener at a time.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 2 (16:55):
Yeah. We throw out a word all the time here
in this country, and I always go back to an
ego Montoya. You keep using that word. I don't think
it means what you think it means. And freedom. Freedom
is that word, and it's different parts in regards to
freedom and what people actually understand it meaning. And I
(17:17):
you know, independence is a part of that as well.
One of the things I try to get across to
people is that you know, you never truly become an
adult in life until you take ownership of everything that
happens to you. You're not pointing the finger, you're not
placing blame. Goal is to be self reliant. You don't
(17:42):
have to look to others. You can if you need to.
There's nothing wrong with asking for help, but you know,
you also don't want to be the person. You want
to be the one that people come to for help.
And again it's freedom as well. You know, it's people
(18:02):
that I can do whatever I want. Now, that's not
what freedom is all about. Freedom is also about being honest,
not being afraid. Yeah, again, if you're not a if
you're if you are not afraid to admit your faults
and where you're wrong, you know, there's a lot of
freedom that that goes along with that. But financial independence.
(18:29):
Financial independence is one thing that Jonathan talked about that
I've talked about and again back in two thousand and
four he put out a financial independence Top twenty and
I you know, took a look at it and as
many of the things on this the same things that
we talk about, and we put together our own as well.
(18:50):
And first and foremost number one on the list again,
I'm trying to make a clever shopping is not your
favorite pastime or how Number two, which is very important
when prices of equities, when stocks go down, instead of
(19:10):
freaking out and getting worried, you sense an opportunity. When
markets race through the roof, you get a little bit
more nervous. You ever noticed that with me here on
the program, they have seen me jumping up and down
and cheering on record breaking stock market performs. No, okay,
(19:33):
it's great, it's fantastic, But you know, what are we
looking for at that point in time where we're looking
to rotate assets? Where can we take some profits? What
areas haven't done as well? This one number four something
we preach all the time. You pay yourself every single month,
(19:54):
putting money away from every k check dollar cost averaging.
You have a strict exit strategy for every investment you have,
whether it's stocks, bonds, real estate. There's so many mere again,
you can get this up on our site. Number nine
(20:15):
is one of my favorites as well. You have greater
wealth than your neighbors and they don't have any idea.
Farewell to a mentor. Jonathan Clements got to take a break.
Watchdog on Wallstreet dot Com. Watchdog on Wallstreet dot Com
is our site personal CFO program. We will be back.
Speaker 1 (20:41):
Chris Markowski is the watchdog of Wallsta's ticking Wall Streets liars,
(21:03):
crooks and cheets out behind the woodshed. You're listening to
the Watchdog on Wall Streets.
Speaker 2 (21:11):
Oh my, Perris Bueller. Paris Bueller is worried about his retirement. Yeah,
I thought of that movie. I haven't watched it in
some time. I really have it. When I saw the
story this past week, as the first Gen xers turn sixty,
(21:36):
their retirement anxiety grows. My people talking about my generation, yup, yup.
The gen xers, the oldest Gen Xers are turning sixty
this year. I guess the youngest ones are in their
mid forties. And it's funny, said I get. Financial advisors
(21:57):
haven't been helping and they haven't been prioritizing this generation.
About sixty five million people. A lot of them have
a lot of anxiety about retirement. Yeah. Well, first and foremost,
you know, most of the financial planning industry caters to
super wealthy people, and this has been happening over the
(22:18):
past two and a half decades. At least. They don't
want to deal with you. They want you to go
work with you know, one of the the Edward Joneses
of the world. You know, do it yourself on schwab.
They have no interest in helping you out unless you
have millions upon millions of dollars, unless, of course, you
(22:41):
work with Markowski Investments, because we help everyone. One of
the things that we've been talking about with gen X
my generation for thirty years now, and what I've been
warning them, and people have been listening to this program
and reading my stuff know this, do not plan do
(23:03):
not plan on getting Social Security. One of the first things,
one of the first things I preached and talked about
on this program twenty five years ago. Again we were
going after all the boy of the room operators. But
I warned my generations, said, it's a Ponzi scheme. It's
gonna run out of money. I was, I was encouraged.
(23:25):
I was encouraged in two thousand and four when Bush
thought he was gonna be able to reform it, but
now he'd rather focus on Iraq instead. That was a
direction he went in, Okay, it's gonna be cut, so
don't plan on getting it. It was funny you had
what's his name there, Frank Busignano on Fox this past
(23:46):
week talking about Social Security and we're gonna make it.
We're gonna solidify, we're gonna protect it. You know, it's
the politic. We're gonna protect social Security. It doing a
damn thing to protect social Security. He actually brought up
the idea, was asked about raising the retirement age, and
he said all things were on the table. As soon
as he left the program, the Trump administration said no, no, no, no, no, no, no, no, no no,
(24:07):
we're not going to do that. We'll no, no, no,
we're not thinking about raising the retirement age. You're not
thinking about doing a damn thing because you're not going
to be in office when a thing goes to put
for Generation X. Hopefully, hopefully you've been dollar cost averaging.
(24:29):
Hopefully you've been putting money away on a regular basis.
Hopefully you haven't fallen prey to the nonsense and all
the crap that's been put out there. I wish that
was the case. However, however, I know again we get
the account transfers in all the time. There's certain realities
(24:50):
that you're going to have to deal with. Your first
and foremost, you've got to basically scrub all of the
bs that you have been told you're lives about retirement,
the money you're going to need to have when you retire.
It's gonna be a lot of work. But that's what
we do here. That's what we do here, and quite frankly,
(25:12):
it's pleasant work. It's good work. It's wealth building work.
Some ideas that you have in your head. I was
hoping I'd be able to retire at sixty two or
sixty five or sixty seven. You might have to based
upon your situation. Get that out of your mind. Man.
(25:33):
You know, if I know my generation, and I think
I do pretty well, I don't see I don't see
my generation X cutting our living standards down, going out
to dinner at four o'clock in the afternoon to get
a blue light special to save a couple bucks. Nah,
that's not us, that's not who we are. Okay, we're
(25:55):
here to help. We're going to help every generation obviously,
but Generation X in particular, you've been sold a lot
of crap. Listen to me, You other generations out there,
you got to understand. You know what they did to Jay.
You know how many times we had to rebuy our
music over our lives. I mean we started out with
(26:17):
albums and records, you know a little bit of eight tracks.
Back then they they moved us on to cassettes. Then
they said no more cassettes. Then you've got to move
on to CDs, and then they move us on to
all the streaming. So that's a lot for crying out loud. Anyway,
we'll cut through all of that, and one of the
things that you're gonna get from us here is uh
(26:40):
no bs. Okay, we'll tell you what your situation is.
This is the situation, and we do with it. We'll
make it work. We figure it out again. Everything in
life that has meaning, value and worth involves work, time
and effort, and without a doubt, Generation X gets that.
(27:01):
Watchdog on Wallstreet dot com, Watchdog on Wallstreet dot com
or site. Sign up for our personal CFO program all
sorts of great stuff. Watchdog on Wallstreet dot Com. We'll
be back.
Speaker 1 (27:27):
This is the Watchdog on Wall Street. Welcome back.
Speaker 2 (27:39):
We're talking about Jonathan Clements and financial independence. Top twenty
on my list, Number twelve on my list. When brokers
brokers talk about how great they are at picking stocks,
you're laughing on the inside. And well, boy, here's an
(28:02):
example of that right now, the big Wall Street firm.
Speaker 1 (28:07):
Short Shore we go this. You know, Morgan.
Speaker 4 (28:09):
Stanley and Goldman Sucks and all these guys that are
on CNBC and they're gonna give you your portfolio breakdown
and how how your portfolio should be structured.
Speaker 2 (28:19):
And I always laughed at that in the sense that
you know, everybody in the country this is the portfolio
that they should have, that this is this is the
model for years, decades, decades, the wizards are smart have
been telling you that you need to have a sixty
(28:40):
forty portfolio. How'd that work out for you? Oh, sure,
you're up, you're up, But you know what else? You know,
you know your portfolios up. You know what else has happened?
You're buying powers down. Your portfolio has not kept up
(29:01):
with a sixty forty portfolio. And every damn firm out
there has been pitching that since two thousand, same damn
stupid portfolio with their stupid portfolio software and the garbage
returns and countless Americans. Okay, googoogle to please look, go
(29:25):
play very high fees for this crap. I gotta kick
at this because they're changing. They're changing their model. Now, yeah,
I guess Morgan Stanley's the first one. They revised their
classic sixty forty portfolio by splitting the forty they're split
(29:49):
in the forty. They're saying the forty percent that was
allocated to bonds, they want to split that. They want
to make that twenty percent bonds and twenty percent gold.
So it's now a sixty twenty twenty portfolio. Wait wait,
wait a second here, Okay, gold has skyrocketed, it has
(30:15):
recently skyrocketed. Now you're gonna swoop in and you're gonna
tell everybody to make that twenty percent of their portfolio
after it's already gone up as it has. That's that's
the that's the brilliant advice. That's the wisdom, well almost,
Morgan Stanley's add from like fifteen years we're world wise,
(30:39):
we're world wise. That is the wisdom you guys have
over at Morgan Stanley quote Sebastian Maniscalco here, aren't you embarrassed?
And again, you know kind of this is kind of
how big brokerage works, as they have the and their
advisors are under contract, and then they stay at the
(31:00):
big firm until their contracts up, and then they up
and move into another big brokerage firm, get a signing
bonus and another contract, rinse and repeat again. They give
some reason why they're moving, whatever it may be. But
you know who gets screwed? You do at some point
in time America, At some point in time, you've got
(31:22):
to say, well, hold on, wa wait a second. These
guys have been given bad advice, have been ripping off
the American people for decades now. Gee, I don't know,
might there be better advice out there? Just saying Watchdog
on Wallstreet dot com, Watchdog on Wallstreet dot com, our
personal CFO program, podcast, newsletter, We'll be back.
Speaker 1 (32:02):
The only man who is taking on the Wall Street establishment.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 4 (32:11):
Station.
Speaker 2 (32:13):
Here's a couple more from our Financial Independence Top twenty,
inspired by the late Great Jonathan Clement's number eight. You
can detect conflicts of interest with brokerage firms and insurance companies.
You know a number twenty. We'll go along. We're going
to cover here too as well. When people happen to
(32:34):
ask you for investment advice, you bore them. Ken, I've
had a show for twenty five years, and I try
very hard, you know, again, sometimes difficult. Some of the
topics we cover not to be boring. And again, the
the financial advice that we offer is not exciting. Okay,
(32:55):
it's not. We don't come on the program.
Speaker 3 (32:57):
Look at we discovered some qui eat new investment product,
and I got new some new quantitative analysis and trading
software program, and oh my god, we're gonna be investing
in fake meat.
Speaker 2 (33:11):
And we're gonna have a exercise bike when an I
pad attached to it and to the moon. Yeah, it'd
be easy to do that. And you know the funny
thing is if I if I did that, and actually
we were gonna try it one time. We're gonna try
it one time when I was just gonna come on
(33:32):
and say, oh this, you know, we've got something here,
and I was going to see how many people went
and signed up for our personal CFO program because we've
got this new guaranteed you know, guaranteed this and guaranteed that.
And I I never did it, but I know what
it would be get rich quick. Con artists, the world's
(33:54):
second oldest profession, greed and fear always set the trap.
Simple things in life. Everything in life that has meaning,
value and worth involves work, time and effort. We don't
have any shortcuts because there aren't any shortcuts. That that's
(34:17):
part of the scam. That's a phrase seeking alpha, seeking alpha.
Next hour of the program. Oh but we're going to
get into all these private equity companies and the trouble
that they're in. And we've talked about it here at
length on the program. But it's getting scary out there.
Why people looking for shortcuts, people looking for shortcuts, believing
(34:41):
people getting greedy. I wrote a column about that years ago.
You know, some investment conrads to interview with them. He said,
I couldn't I couldn't count anybody if they weren't greedy.
Those are exact quote from a penny stock sales. We
couldn't we couldn't steal a dime, we couldn't rip anybody
(35:01):
off unless people were greedy. And what is well my anecdote,
the anecdote, I said, hey, again, if it's quick, if
it's easy, they're guarantee it. It's not real. It's not real.
But again, that whole area makes a lot of money
for Wall Street. It really does. Anyway, I'll get into
(35:25):
some of the ripoffs and scams here in a bit.
I wanted to touch on this. I think I covered
this a year or two ago. It's back again with
young adults out there, young adults, the jen Z Millennials
and Gen Z embracing financial nihilism. They're calling it financial
(35:46):
nihilism with risky crypto and risky stock bets as the
American dream feels unattainable now. Listen, I've got a lot
of sympathy, a lot of sympathy with the younger generation
and where they're at right now. And we've discussed that
a great length in regards to where we're at with
(36:08):
housing here in the United States, the load of bull
they were sold when it came to yeah, they need
to go out and borrow a couple hundred thousand dollars
to get a college education. The cost of living here
in the United States where they're at based upon where
prices have come from in such a short period of time.
I feel for you. Okay, I'm fighting for you. I
(36:32):
do it on my podcast, I do it on this show.
But because you're in that situation, you're gonna go out
and you're gonna gamble your money away like a fool.
Oh yeah, we need to take big risks. The amount
of kids that are out there gambling on sports. I
(36:55):
actually asked my son about that. Who's in college right now? Now? Again,
when I was in college, certain kids ex usually as
wealthy kids, the wealthy kids, they would, you know, they'd
be gambling on sports. They'd have their bookie there in college.
And I never made a bet in my life. Uh.
(37:17):
I still like, yeah, everybody, everybody's gambling every single weekend.
I'm like, what are you kids doing with your money?
You see it in the type of investments that they
make on Robinhood and all of these things. And they're
making it easier for kids to lose their money. They're
(37:40):
making it even easier. They just eliminated a rule. It's
a day trading rule where you have, you know, certain
types of trading you had to have at least twenty
five thousand dollars in account. They just got rid of that.
And you see it all the time, you know, you
see the posts all the time. I get that I've
(38:00):
lost it all. I thought I could trade. I thought
I could do this. Listen, I don't have to tell you, Okay,
I don't have to tell you. I don't like coming
on this and Doug, you I told just I don't
like doing that. I hate it. But again, once you
(38:22):
fully understand, it's part of growing up, part of being
an adult. Eliminate the shortcuts, eliminate the nonsense. Come on
people anyway, anyway, I got a ton of ripoffs and
scams and I have been neglecting them over the past
couple of weeks. Here's one again. Another see I told
you so, We warned you here on the program. We
(38:43):
suggested people that were being offered these investments to call
us Stifle. Stifle Financial had to pay over ten million
bucks to settle another customer complaint over these stupid structured notes.
This star broker, Chuck Roberts from Stifle Nicholas shoving these
things into people's portfolios. Another Greenwich investment group, Heage Fund,
(39:08):
blows up stealing people money. I can go on and
on and on. Okay, you want to do their things
the right way. You want to avoid getting ripped off
and scammed. Get to our website, Watchdog on wallstreet dot com.
Sign up for our personal CFO program. We're here to help.
Watchdog on wallstreet dot com. We'll be back.
Speaker 1 (39:30):
You're listening to the Watchdog on Wall Street
Well, no one authored investment banker, consumer advocate, analyst, trader
Chris Markowski is the Watchdog on Wall Street. You want
to answer exposing the lines and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom.
Speaker 2 (00:28):
You can't handled the true proof.
Speaker 1 (00:30):
Bringing America the truth about what really happens in the
financial world. Ladies and gentlemen.
Speaker 3 (00:35):
We're on here to indulge in fantasy, but in political
and economic reality.
Speaker 1 (00:40):
This is the Watchdog on Wall Streets.
Speaker 2 (00:45):
Okay, welcome everyone, Welcome to the Watchdog on Wall Street Show.
I have to say this show. I wouldn't be doing
this show today. We're in our twenty fifth year of
this program. Wouldn't be doing this show if if I
(01:06):
wasn't exposed at a very young age, early in my
career to a gentleman again mentor quite frankly that passed
this past week. I've mentioned him on many occasions over
the years here on the program. I've cited him goodly
(01:29):
amounts of time in my newsletter, which I've been doing
for thirty years. Jonathan clements he Wall Street Journal personal
finance columnist for years and years and years. He think
he left. I can't remember what year. I don't know
(01:50):
if he was forced out, because you know, they didn't
like what he was writing. They weren't thrilled with his content.
Wasn't good for the people that advertise there in the
Wall Street Journal. Again, I've made it perfect clear that
the journal has changed completely since the Murdoch family bought it.
(02:12):
Probably one of the biggest problems we have in this
country is the mediopoly type of situation where it's so
concentrated in so few hands, and were shoved absolute garbage
down our throat, but neither here nor there. This guy
was a great his time at the Journal. He wrote
(02:35):
more than one thousand columns. One thousand columns. I started
reading him in the early parts of my career, was
in nineteen ninety three, nineteen ninety three, nineteen ninety four.
I was a baby on Wall Street at that point
in time, and he opened my eyes. He opened my
(03:01):
eyes because again being a kid, you know, working in
downtown New York. Again, I come from upstate New York,
meeting and dealing with all these people that quite frankly,
I had a very different value set from the overwhelming
majority of people that I met down there, and I
(03:22):
grew frustrated. It's constantly having this this battle that was
going on in my mind at this point in time,
that that doesn't seem right, that doesn't jibe with my
belief system. And this guy, this guy taught me a
ton again writing in the Wall Street Journal, this is
(03:44):
a guy that crusaded against high fees, wowsy financial advice,
mediocre to crappy investment management. Went into a myriad of
other topics as well on the program in regards to
(04:07):
whether it be you know, raising kids properly and teaching
the about money the right way, and also also the
importance of happiness. I've written many many columns over these
I share them with you here on the program from
time to time and talking about our process at Markowski
(04:30):
Investments and how quite frankly, you know, it's you know
the old saying you want to make God laugh, tell
them your plans, and you build wealth to what not
to acquire as much stuff as possible. You build wealth
so you can leave a legacy for your family, see,
but also you can spend time with them, and how
(04:52):
you know, money spent on experiences with your family, doing
things is a a lot more rewarding than anything else.
Jason's wig. He's one of the few remaining decent columnists
at the Wall Street Journal. Quite frankly did a really,
(05:14):
really nice piece about clements as well. He already said
his pen was sharp as a needle, but he wielded
it with humor, grace, and a confessional personal touch. Readers
felt they knew him because they did more than any
commentator before or since. Jonathan made personal finance personal. This guy,
(05:40):
this guy was brutally honest. Again a mentor of mine,
A mentor of mine. We again, we spare nothing here
on the program Equal Opportunity Basher. There was a bit
that he wrote. This is from a column he wrote
back in April eighth, two thousand and seventy, went it's honesty,
(06:04):
And I've talked about this psychological conditions, confirmation bias being
one of them. He says. Think you're immune to confirmation bias.
If you're a regular reader this column, ask yourself this question,
why do you keep reading my articles? Sure? I like
to think I offer brilliant financial insights served up in
peerless prose, but the reality is I'm not. Warren Buffett
(06:26):
and I'm not Charles Dickens either. I had a limited
array of prosaic ideas. Worse still, I revisit these ideas
all too frequently. Again, same thing we do here on
the program, Same thing we do here on the program
and at Markowski Investment. I don't take credit for our
(06:48):
performance over the past past three decades and what we've
done and what we've accomplished. Again, I'm on the shoulders
of the greats. That's who I follow, And I'm talking
the things that we learned and we teach here on
the program. We try to get across to people. This
stuff has been around for thousands of years. I didn't
(07:08):
invent it. He goes nice, So why do you keep
reading It's no great mystery. You don't read my columns
because they open your eyes to the financial world. Instead,
do you read them because they confirm what you already believe.
There's nothing wrong with this provided again, this is important,
(07:28):
provided that I have truth on our side. But he
questions them, But what if I don't. Again, the humility there,
which is very, very important when it comes to managing money.
There is nothing worse. Well, maybe it's an overstatement. There
(07:51):
are other things that are worse, but arrogant money managers,
arrogant portfolio managers, very very dangerous. He knew, he knew that. Again,
everything that was being shoved down your throat, and I
(08:13):
talk about it all the time here the narratives that
are thrown at investors again and again and again, and
the lies that you are told. And he went after them.
He went after him, just like we do. Bogus bogus
for investors, nonsense. These are some of the things that
(08:38):
he talked about. And again we talked about here on
the program back in the day. These are funny. Index
funds are for losers. And I would ask the question,
asked this question of my sales managers when I was young.
I said, why are we why are we putting all
(08:59):
these high cost mutual funds into clients accounts when we
can put a you know, a much lower cost index
fund in there and it would be better for the client.
And again, oh my god, you know, I get reamed.
I get reamed, don't you want to make money? Mark Kowski,
what's wrong with you? Again, I'm like, yeah, I want
(09:22):
to make money, but I want to do it the
right way. Jonathan often talked about this in his column
scan mutual funds sold by brokers charging commissions of at
least five percent. This was part. This was what they
were telling us to tell our clients. Okay, yeah, that
you're paying a five percent commission on a mutual fund
(09:46):
and those are going to outperform funds that don't charge
any commission at all. And I remember getting yelled at
because we figured out a way to get our clients
out of B class mutual funds without paying any backloaded fee.
If you slowly but surely got out by ten percent
(10:07):
a year, and getting reamed, what are you doing again?
Another lie? You know, part of the conspiracy to keep
people poor and stupid. Investments with high annual expenses outperform
those with low costs, right, sure, Dan, He went after
(10:28):
all the entire newsletter, trading software, market timing services that
are sold everywhere. Oh, we could beat the market. He
went after the needle nosed ned Ryerson's like, we have
insurance brokers out there. Oh yeah, you gotta buy more insurance.
You always need more, don't have enough, you don't knows,
(10:50):
Ned Ryerson. Oh and he went after anwities too. Oh yeah, oh,
because that again that was pushed. It's being pushed again.
That's back, that's back. I'm seeing that everywhere high cost
annuities are a key to a safe retirement. Oh, we're
giving you bonuses, we're doing this. Yeah, what are you
paying and commission? Can you take the money out? Have
(11:12):
you actually done the math on this piece of garbage
annuity that's being shoved down your throat. Another one as well. Again,
I've been around for a long time, so I was
in this industry when it was a commission based business.
(11:34):
We we left all of that to do what we're
doing now at the forefront, you know, fee based business,
and how that was much much better. That was again,
that was sacrilegious. Back in the day. We had a
fight and fight we had. We had a fight with
the clearing firms that we were working with when we
(11:54):
started up Markowski Investments to allow us to do that. Again,
all of these things, all of these things, and all
of these claims were that was the wisdom. That was
a convention. That's what Wall Street was selling everyone. Back
when Jonathan used to write his columns, we were writing
(12:16):
our columns doing this program here. Again, there were in
essence they were treated as gospel gospel. Every investor was
told all of this b s. We have stood at
the forefront of that. Jonathan stood in front of that.
(12:38):
When a company publicized the study claiming that individual investors
underperformed the stock market by ten percentage points over two decades.
Again it was complete bs, the entire study. Jonathan ripped
that study to shreds. Again, he went after, as well,
all of the empty jargon that's put out there by
(13:02):
these Wall Street firms or they're on c NBC. Hey,
I think about that. What exactly does cautiously optimistic mean?
According to Jonathan, it meant we can't figure out what
in the world's going on.
Speaker 1 (13:18):
Or when.
Speaker 2 (13:19):
When they say, oh, yeah, the market's down on down
on technical factors, they basically they're saying, we don't know
why the market is down. I'm honest with you, I'll
tell you, I gotta ask that question has passed away.
Oh Wes. You know, well, you know people saying that
(13:40):
the market pulled back a little bit be you know,
because of uh, you know, there's some of these things
that are happening with AI and Nvidio, and I'm like, well,
wall hold on a second, Okay, nobody knows why the
market does anything on any given day with any certainty whatsoever,
no one you're gonna have a day for a bad
(14:00):
news and the market can go up. You gotta have
a day full of uh I mean horrible I mean
day full of horrible news and the market goes up,
and vice versa. It doesn't make any difference trying to
pay attention to that nonsense. Again, Wall Street hates hates
(14:22):
what we do, and they hated what Jonathan did and
what Jonathan wrote. And it's it again. It's it's sad
that that's where we're happening. And again I think that's
why they did away with him, quite frankly, at the
Wall Street Journal. You can you can't tick off your
advertisers like that. And again they were ticked. They were ticked.
(14:46):
You know, you got a guy writing columns here in
the paper. I want to buy advertising, and he's going
after my business again. And that was that was then.
It's it's worse today. It's worse today than than was
back then. But we lost a great guy, a great columnist,
(15:08):
a mentor of mine. I am my grab a column,
a grab a column that I did. This is two
back back in August of two thousand and four, and
it was inspired at the beginning come, I was inspired
by Jonathan Clements and it regarded financial independence. And you
(15:33):
know what, We're going to take a break right here,
and I'm gonna go back wet to share this with
you again because that's what he was about. That's what
he was always about people, families, investing, being successful, building
wealth and enjoying life. What more is there? Quite frankly,
(15:54):
right anyway, I got to take a break. Watchdog on
Wallstreet dot com. Watchdog on Wall Street dot com is
our site again. I invite each and every one of
you to become a part of our family at Markowski Investments.
Go to Watchdog on Wallstreet dot com, podcast, newsletter, and
of course work with the Markowski family. Sign up for
(16:15):
our personal CFO program Watchdog on Wallstreet dot com, or
give us a call eight hundred four seven one fifty
nine eighty four. We'll be back.
Speaker 1 (16:31):
This crazy bringing America financial freedom one listener at a time.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 2 (16:55):
Yeah. We throw out a word all the time here
in this country, and I always go back to an
ego Montoya. You keep using that word. I don't think
it means what you think it means. And freedom. Freedom
is that word, and it's different parts in regards to
freedom and what people actually understand it meaning. And I
(17:17):
you know, independence is a part of that as well.
One of the things I try to get across to
people is that you know, you never truly become an
adult in life until you take ownership of everything that
happens to you. You're not pointing the finger, you're not
placing blame. Goal is to be self reliant. You don't
(17:42):
have to look to others. You can if you need to.
There's nothing wrong with asking for help, but you know,
you also don't want to be the person. You want
to be the one that people come to for help.
And again it's freedom as well. You know, it's people
(18:02):
that I can do whatever I want. Now, that's not
what freedom is all about. Freedom is also about being honest,
not being afraid. Yeah, again, if you're not a if
you're if you are not afraid to admit your faults
and where you're wrong, you know, there's a lot of
freedom that that goes along with that. But financial independence.
(18:29):
Financial independence is one thing that Jonathan talked about that
I've talked about and again back in two thousand and
four he put out a financial independence Top twenty and
I you know, took a look at it and as
many of the things on this the same things that
we talk about, and we put together our own as well.
(18:50):
And first and foremost number one on the list again,
I'm trying to make a clever shopping is not your
favorite pastime or how Number two, which is very important
when prices of equities, when stocks go down, instead of
(19:10):
freaking out and getting worried, you sense an opportunity. When
markets race through the roof, you get a little bit
more nervous. You ever noticed that with me here on
the program, they have seen me jumping up and down
and cheering on record breaking stock market performs. No, okay,
(19:33):
it's great, it's fantastic, But you know, what are we
looking for at that point in time where we're looking
to rotate assets? Where can we take some profits? What
areas haven't done as well? This one number four something
we preach all the time. You pay yourself every single month,
(19:54):
putting money away from every k check dollar cost averaging.
You have a strict exit strategy for every investment you have,
whether it's stocks, bonds, real estate. There's so many mere again,
you can get this up on our site. Number nine
(20:15):
is one of my favorites as well. You have greater
wealth than your neighbors and they don't have any idea.
Farewell to a mentor. Jonathan Clements got to take a break.
Watchdog on Wallstreet dot Com. Watchdog on Wallstreet dot Com
is our site personal CFO program. We will be back.
Speaker 1 (20:41):
Chris Markowski is the watchdog of Wallsta's ticking Wall Streets liars,
(21:03):
crooks and cheets out behind the woodshed. You're listening to
the Watchdog on Wall Streets.
Speaker 2 (21:11):
Oh my, Perris Bueller. Paris Bueller is worried about his retirement. Yeah,
I thought of that movie. I haven't watched it in
some time. I really have it. When I saw the
story this past week, as the first Gen xers turn sixty,
(21:36):
their retirement anxiety grows. My people talking about my generation, yup, yup.
The gen xers, the oldest Gen Xers are turning sixty
this year. I guess the youngest ones are in their
mid forties. And it's funny, said I get. Financial advisors
(21:57):
haven't been helping and they haven't been prioritizing this generation.
About sixty five million people. A lot of them have
a lot of anxiety about retirement. Yeah. Well, first and foremost,
you know, most of the financial planning industry caters to
super wealthy people, and this has been happening over the
(22:18):
past two and a half decades. At least. They don't
want to deal with you. They want you to go
work with you know, one of the the Edward Joneses
of the world. You know, do it yourself on schwab.
They have no interest in helping you out unless you
have millions upon millions of dollars, unless, of course, you
(22:41):
work with Markowski Investments, because we help everyone. One of
the things that we've been talking about with gen X
my generation for thirty years now, and what I've been
warning them, and people have been listening to this program
and reading my stuff know this, do not plan do
(23:03):
not plan on getting Social Security. One of the first things,
one of the first things I preached and talked about
on this program twenty five years ago. Again we were
going after all the boy of the room operators. But
I warned my generations, said, it's a Ponzi scheme. It's
gonna run out of money. I was, I was encouraged.
(23:25):
I was encouraged in two thousand and four when Bush
thought he was gonna be able to reform it, but
now he'd rather focus on Iraq instead. That was a
direction he went in, Okay, it's gonna be cut, so
don't plan on getting it. It was funny you had
what's his name there, Frank Busignano on Fox this past
(23:46):
week talking about Social Security and we're gonna make it.
We're gonna solidify, we're gonna protect it. You know, it's
the politic. We're gonna protect social Security. It doing a
damn thing to protect social Security. He actually brought up
the idea, was asked about raising the retirement age, and
he said all things were on the table. As soon
as he left the program, the Trump administration said no, no, no, no, no, no, no, no, no no,
(24:07):
we're not going to do that. We'll no, no, no,
we're not thinking about raising the retirement age. You're not
thinking about doing a damn thing because you're not going
to be in office when a thing goes to put
for Generation X. Hopefully, hopefully you've been dollar cost averaging.
(24:29):
Hopefully you've been putting money away on a regular basis.
Hopefully you haven't fallen prey to the nonsense and all
the crap that's been put out there. I wish that
was the case. However, however, I know again we get
the account transfers in all the time. There's certain realities
(24:50):
that you're going to have to deal with. Your first
and foremost, you've got to basically scrub all of the
bs that you have been told you're lives about retirement,
the money you're going to need to have when you retire.
It's gonna be a lot of work. But that's what
we do here. That's what we do here, and quite frankly,
(25:12):
it's pleasant work. It's good work. It's wealth building work.
Some ideas that you have in your head. I was
hoping I'd be able to retire at sixty two or
sixty five or sixty seven. You might have to based
upon your situation. Get that out of your mind. Man.
(25:33):
You know, if I know my generation, and I think
I do pretty well, I don't see I don't see
my generation X cutting our living standards down, going out
to dinner at four o'clock in the afternoon to get
a blue light special to save a couple bucks. Nah,
that's not us, that's not who we are. Okay, we're
(25:55):
here to help. We're going to help every generation obviously,
but Generation X in particular, you've been sold a lot
of crap. Listen to me, You other generations out there,
you got to understand. You know what they did to Jay.
You know how many times we had to rebuy our
music over our lives. I mean we started out with
(26:17):
albums and records, you know a little bit of eight tracks.
Back then they they moved us on to cassettes. Then
they said no more cassettes. Then you've got to move
on to CDs, and then they move us on to
all the streaming. So that's a lot for crying out loud. Anyway,
we'll cut through all of that, and one of the
things that you're gonna get from us here is uh
(26:40):
no bs. Okay, we'll tell you what your situation is.
This is the situation, and we do with it. We'll
make it work. We figure it out again. Everything in
life that has meaning, value and worth involves work, time
and effort, and without a doubt, Generation X gets that.
(27:01):
Watchdog on Wallstreet dot com, Watchdog on Wallstreet dot com
or site. Sign up for our personal CFO program all
sorts of great stuff. Watchdog on Wallstreet dot Com. We'll
be back.
Speaker 1 (27:27):
This is the Watchdog on Wall Street. Welcome back.
Speaker 2 (27:39):
We're talking about Jonathan Clements and financial independence. Top twenty
on my list, Number twelve on my list. When brokers
brokers talk about how great they are at picking stocks,
you're laughing on the inside. And well, boy, here's an
(28:02):
example of that right now, the big Wall Street firm.
Speaker 1 (28:07):
Short Shore we go this. You know, Morgan.
Speaker 4 (28:09):
Stanley and Goldman Sucks and all these guys that are
on CNBC and they're gonna give you your portfolio breakdown
and how how your portfolio should be structured.
Speaker 2 (28:19):
And I always laughed at that in the sense that
you know, everybody in the country this is the portfolio
that they should have, that this is this is the
model for years, decades, decades, the wizards are smart have
been telling you that you need to have a sixty
(28:40):
forty portfolio. How'd that work out for you? Oh, sure,
you're up, you're up, But you know what else? You know,
you know your portfolios up. You know what else has happened?
You're buying powers down. Your portfolio has not kept up
(29:01):
with a sixty forty portfolio. And every damn firm out
there has been pitching that since two thousand, same damn
stupid portfolio with their stupid portfolio software and the garbage
returns and countless Americans. Okay, googoogle to please look, go
(29:25):
play very high fees for this crap. I gotta kick
at this because they're changing. They're changing their model. Now, yeah,
I guess Morgan Stanley's the first one. They revised their
classic sixty forty portfolio by splitting the forty they're split
(29:49):
in the forty. They're saying the forty percent that was
allocated to bonds, they want to split that. They want
to make that twenty percent bonds and twenty percent gold.
So it's now a sixty twenty twenty portfolio. Wait wait,
wait a second here, Okay, gold has skyrocketed, it has
(30:15):
recently skyrocketed. Now you're gonna swoop in and you're gonna
tell everybody to make that twenty percent of their portfolio
after it's already gone up as it has. That's that's
the that's the brilliant advice. That's the wisdom, well almost,
Morgan Stanley's add from like fifteen years we're world wise,
(30:39):
we're world wise. That is the wisdom you guys have
over at Morgan Stanley quote Sebastian Maniscalco here, aren't you embarrassed?
And again, you know kind of this is kind of
how big brokerage works, as they have the and their
advisors are under contract, and then they stay at the
(31:00):
big firm until their contracts up, and then they up
and move into another big brokerage firm, get a signing
bonus and another contract, rinse and repeat again. They give
some reason why they're moving, whatever it may be. But
you know who gets screwed? You do at some point
in time America, At some point in time, you've got
(31:22):
to say, well, hold on, wa wait a second. These
guys have been given bad advice, have been ripping off
the American people for decades now. Gee, I don't know,
might there be better advice out there? Just saying Watchdog
on Wallstreet dot com, Watchdog on Wallstreet dot com, our
personal CFO program, podcast, newsletter, We'll be back.
Speaker 1 (32:02):
The only man who is taking on the Wall Street establishment.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 4 (32:11):
Station.
Speaker 2 (32:13):
Here's a couple more from our Financial Independence Top twenty,
inspired by the late Great Jonathan Clement's number eight. You
can detect conflicts of interest with brokerage firms and insurance companies.
You know a number twenty. We'll go along. We're going
to cover here too as well. When people happen to
(32:34):
ask you for investment advice, you bore them. Ken, I've
had a show for twenty five years, and I try
very hard, you know, again, sometimes difficult. Some of the
topics we cover not to be boring. And again, the
the financial advice that we offer is not exciting. Okay,
(32:55):
it's not. We don't come on the program.
Speaker 3 (32:57):
Look at we discovered some qui eat new investment product,
and I got new some new quantitative analysis and trading
software program, and oh my god, we're gonna be investing
in fake meat.
Speaker 2 (33:11):
And we're gonna have a exercise bike when an I
pad attached to it and to the moon. Yeah, it'd
be easy to do that. And you know the funny
thing is if I if I did that, and actually
we were gonna try it one time. We're gonna try
it one time when I was just gonna come on
(33:32):
and say, oh this, you know, we've got something here,
and I was going to see how many people went
and signed up for our personal CFO program because we've
got this new guaranteed you know, guaranteed this and guaranteed that.
And I I never did it, but I know what
it would be get rich quick. Con artists, the world's
(33:54):
second oldest profession, greed and fear always set the trap.
Simple things in life. Everything in life that has meaning,
value and worth involves work, time and effort. We don't
have any shortcuts because there aren't any shortcuts. That that's
(34:17):
part of the scam. That's a phrase seeking alpha, seeking alpha.
Next hour of the program. Oh but we're going to
get into all these private equity companies and the trouble
that they're in. And we've talked about it here at
length on the program. But it's getting scary out there.
Why people looking for shortcuts, people looking for shortcuts, believing
(34:41):
people getting greedy. I wrote a column about that years ago.
You know, some investment conrads to interview with them. He said,
I couldn't I couldn't count anybody if they weren't greedy.
Those are exact quote from a penny stock sales. We
couldn't we couldn't steal a dime, we couldn't rip anybody
(35:01):
off unless people were greedy. And what is well my anecdote,
the anecdote, I said, hey, again, if it's quick, if
it's easy, they're guarantee it. It's not real. It's not real.
But again, that whole area makes a lot of money
for Wall Street. It really does. Anyway, I'll get into
(35:25):
some of the ripoffs and scams here in a bit.
I wanted to touch on this. I think I covered
this a year or two ago. It's back again with
young adults out there, young adults, the jen Z Millennials
and Gen Z embracing financial nihilism. They're calling it financial
(35:46):
nihilism with risky crypto and risky stock bets as the
American dream feels unattainable now. Listen, I've got a lot
of sympathy, a lot of sympathy with the younger generation
and where they're at right now. And we've discussed that
a great length in regards to where we're at with
(36:08):
housing here in the United States, the load of bull
they were sold when it came to yeah, they need
to go out and borrow a couple hundred thousand dollars
to get a college education. The cost of living here
in the United States where they're at based upon where
prices have come from in such a short period of time.
I feel for you. Okay, I'm fighting for you. I
(36:32):
do it on my podcast, I do it on this show.
But because you're in that situation, you're gonna go out
and you're gonna gamble your money away like a fool.
Oh yeah, we need to take big risks. The amount
of kids that are out there gambling on sports. I
(36:55):
actually asked my son about that. Who's in college right now? Now? Again,
when I was in college, certain kids ex usually as
wealthy kids, the wealthy kids, they would, you know, they'd
be gambling on sports. They'd have their bookie there in college.
And I never made a bet in my life. Uh.
(37:17):
I still like, yeah, everybody, everybody's gambling every single weekend.
I'm like, what are you kids doing with your money?
You see it in the type of investments that they
make on Robinhood and all of these things. And they're
making it easier for kids to lose their money. They're
(37:40):
making it even easier. They just eliminated a rule. It's
a day trading rule where you have, you know, certain
types of trading you had to have at least twenty
five thousand dollars in account. They just got rid of that.
And you see it all the time, you know, you
see the posts all the time. I get that I've
(38:00):
lost it all. I thought I could trade. I thought
I could do this. Listen, I don't have to tell you, Okay,
I don't have to tell you. I don't like coming
on this and Doug, you I told just I don't
like doing that. I hate it. But again, once you
(38:22):
fully understand, it's part of growing up, part of being
an adult. Eliminate the shortcuts, eliminate the nonsense. Come on
people anyway, anyway, I got a ton of ripoffs and
scams and I have been neglecting them over the past
couple of weeks. Here's one again. Another see I told
you so, We warned you here on the program. We
(38:43):
suggested people that were being offered these investments to call
us Stifle. Stifle Financial had to pay over ten million
bucks to settle another customer complaint over these stupid structured notes.
This star broker, Chuck Roberts from Stifle Nicholas shoving these
things into people's portfolios. Another Greenwich investment group, Heage Fund,
(39:08):
blows up stealing people money. I can go on and
on and on. Okay, you want to do their things
the right way. You want to avoid getting ripped off
and scammed. Get to our website, Watchdog on wallstreet dot com.
Sign up for our personal CFO program. We're here to help.
Watchdog on wallstreet dot com. We'll be back.
Speaker 1 (39:30):
You're listening to the Watchdog on Wall Street
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