In July 1971, Michael Edesess, having received a Ph.D. in mathematics, started his first job, performing theoretical work on the stock market at a major brokerage firm. Within months, he realised something was askew. Professional investors couldn't even predict stock prices better than the nearest taxicab driver. Yet the entire business was based on the falsehood that they could.
'The Big Investment Lie' is that an investor will gain by hiring professional advisors and managers to beat the market. Widespread acceptance of this lie allows an entire industry to prosper lavishly. Over a long career Edesess observed, often aghast, often as deeply-placed insider, while the pitch for the Lie became more elaborate, and outlandish fees for a worthless service actually increased.
In 'The Big Investment Lie', Edesess shows how to break free from this pervasive falsehood. By following his Ten New Commandments for Smart Investing, investors will maximise their long-run wealth and achieve their best possible financial future.
