MUTUAL FUNDS: THE MODERN DEN OF THEIVES!

�The Wallet Doctor�
A financial newsletter for long-term investors!
Volume 1, Issue 10
Dr. Scott Brown, Ph.D.

MUTUAL FUNDS: THE MODERN DEN OF THEIVES!

Mutual funds were created with the idea that one person can specialize and manage the investments of a large pool of money from multiple investors. Before the great depression mutual funds were called investment pools and mutual fund managers were called pool operators. The bull market of the 1920�s created a time of economic prosperity akin to the 1990s. The conceptualization of the pyramid scheme occurred at this time as well.

Ironically, the pyramid scheme had been debunked in 1920 when Charles Ponzi was arrested for offering investors unsustainable returns on postal certificates. The investors lost all of their money in Ponzi�s elaborate con job for which his name became synonymous. He was reportedly making a killing buying the postal certificates in Europe at low price and selling them at high prices in the United States. Con jobs in general like the one perpetrated in the movie �The Sting� with Robert Redford and Paul Newman were labeled �Ponzi Schemes.� The public never saw through the investment pool concept as a new form of Ponzi scheme.

Investment pools eventually became thought of as a rip-off in the mind of the public. This is because becoming a pool operator was like having a license to steal. Instead of focusing on the interests of the public who had money in the �fund� the pool operators would engage in risky investments because the money was not theirs. They would also pay themselves extremely large fees. It became very clear to the public that investment pools were a big-rip off in the aftermath of the stock market crash of 1929.

There was so much abuse by pool managers that the Security Exchange Commission (SEC) was formed in large part to stop these rip off artists. The SEC effectively shut down the more blatant con jobs. Then the securities industry came up with a fancy new name for investment pools to suck the public back in: �Mutual Funds!� If you want to learn more about investing in individual stocks get my course �The Blue-Collar Base Bonanza � What the insiders [definitely] don�t want you to know!� More detailed information about the course is on my website at http://walletdoctor.com/cgi-bin/arp3/arp3-t.pl?l=3&c=208.

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The mission of the Delano Max Wealth Institute is to guide investors toward a secure retirement with the peace of mind that comes from the elimination of fear of investing and recognition of abundance within us instead of perception of lack in the world outside of us. We are driven by compassion for our fellow sentient beings, not fear of them, recognizing the equality and self evident rights of all, and are committed to conducting business based on the principles of the golden rule. Because of this commitment, we promise the following: To teach our students in the most simple, plain language wherever possible. To teach our students how to save consistently in increasing increments with increasing wealth: To teach our students how to diversify: To teach our students how to avoid large losses as best we know how: To teach our students how to turn away anything that sounds too good to be true: To share every secret we know about investing with investors who participate in our trainings. Finally, the Delano Max Wealth Institute promises to lead the way with innovative courses and seminars, bringing benefits to all who are associated with us.

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