He [Schmid] should stick to Engineering, it pays better.
Quill,
‘Engineering’ might pay better. But that doesn’t mean he’d earn an engineer’s wage for very long. The kid is clueless, and he wouldn’t last two weeks in the field before his boss handed him a pink slip.
He got into “financial advising”, because the barriers to entry are so low. Think about it for just a minute. If you’re a smart, savvy, money manager with an audited, multi-market-cycle track record, why would you stoop to bilking the gullible instead of just trading for your own account?
There are some really gifted, really driven money managers out there. I’ve been fortunate enough to meet a few. But, typically, they weren’t accepting new clients, or else I couldn’t meet their account minimums. That’s the Catch-22 of trying to find a good investment adviser or a worthwhile financial newsletter. Them who most need help either can’t afford it or they don’t know enough about investing to understand what it is they really need and/or what they might be able to do for themselves.
Arindam