Bernie Madoff of Ponzi Scheme Infamy Has Died in Federal Prison

[Xolodno]

32. Yeap.

But that is the inherit problem, people trust their financial advisors...and they let their greed cloud the mind at times. It's only a matter of time a scam artist figures out to find them. Madoff was a criminal, but just like bank robbers who frequently return to the same bank to rob, they get caught. Since they didn't get found out the first time, get sloppy over time and screw up.

Shit, when the market tanked due to COVID, everyone was saying sell Disney, Sea World, Carnival, etc. I laughed and with the very little play money I had, bought into it all. Nearly doubled it with my target sell, and I'm lucky to have a bit of play money.

I travel a lot and meet a lot of people. Once they hear about my background, often strike up conversations on the market. Usually tell them if you are willing to lose your ass, yes, go ahead and invest in the options market. But don't be surprised when you lose your ass. Stocks...take a look at a CD at the bank, if you think you can do better and have the acumen to do so, go for it. But this should not be your life savings, keep that in the 401k, Pension, etc.

The majority do not have that kind of acumen. Which is why the idea of privatizing social security is a really fucking bad idea. Funny, some have actually asked me to be their advisor. Told them, hell no. If I lost their kids college money, their retirement fund, etc. It would weigh on me.

In the case of Madoff, obviously not at all.