China loves Blackstone's 'American Dream'

[Sapiens]

http://www.marketwatch.com/news/stor...F591A394698%7D

China loves Blackstone's 'American Dream'
And Buffett warns about 'selling off the farm' to feed our addictions
By Paul B. Farrell, MarketWatch
Last Update: 6:30 PM ET May 28, 2007


ARROYO GRANDE, Calif. (MarketWatch) -- Remember America's so-called "ownership society?" Oh, you forgot that political rhetoric? Well, China didn't. It's cashing in on the "American Dream." Why? The country is tired of lending us megabucks to fund our mega trade deficits to indulge in our mega out-of-control addiction to their "stuff."
Warren Buffett warned us about this in Fortune several years ago. One of his famous folksy tales compared America to a farmer selling off his land to finance his high-on-the-hog lifestyle. Buffett offered a simple economic solution. But I'm getting ahead of myself ...
...

Lazy investing for irrational millionaires

The truth is, folks, you can't trust Washington, Wall Street or Corporate America. They aren't your friends and never will be. Their interests will always come first. The odds are against you. Trust no one: Not brokers, advisers, portfolio managers, 401(k) planners, bosses, politicians -- none of them. Ignore the rhetoric. They're wolves in sheep's clothing. They all come with inherent conflicts of interest that make them your enemy.
There is a better way. But first, you have no choice, you must take total responsibility. Never expect to be treated fairly, honestly and ethically. By anyone. Ever. And never let your guard down. Remember the "bad guys" smile more than the 'good guys" and there are lots more of them. To protect yourself, you must take charge, balance your own budget, manage your own portfolio.

[Jim Nickerson]

Re: China loves Blackstone's 'American Dream'

Farrell was a broker or salesman for one of the big Wall Street houses, so I guess it is fair to believe he knows something about how Wall Street and all those who manage other people's money truly are.

If anyone had asked me if I knew anything about investing before I chanced upon iTulip, I would have judged myself as being above whatever might be average. In the past year, I would reassess that to saying I don't know my ass from my elbow compared to some of the other people here, and certainly not when it comes to those people racking up the big-bucks on Wall Street. I am perhaps no more than a sheeple.

For a long time I have thought one cannot trust one's money to anyone other than oneself, and if you cannot trust yourself, you are in deep doodoo.

I believe Farrell is probably very correct in his sentiments, but for a lot of American's who have market investments, trusting their own knowledge is probably dangerous when one considers they probably do not know much.

[bill]

Re: China loves Blackstone's 'American Dream'

Anytime they take investing private or secret I believe it cannot be good for the non insider unaware investor and the odds are stacked against you.
The way things look for the future are private and secret investing as said in these articles.

http://www.itulip.com/forums/showthr...10772#poststop

[Sapiens]

Re: China loves Blackstone's 'American Dream'

I believe Farrell is probably very correct in his sentiments, but for a lot of American's who have market investments, trusting their own knowledge is probably dangerous when one considers they probably do not know much.

So in other words, they are going to get taken either way. I agree.

[Jim Nickerson]

Re: China loves Blackstone's 'American Dream'

So in other words, they are going to get taken either way. I agree.

Probably, but given a choice of being fleeced by another's advice or doing poorly because of one's own inadequacies, personally I would opt for the latter, then there is only one to blame. If you trust another to manage your money and are fleeced, then there are two to blame. It all gets down to one's willingness to accept responsibility as I see it.