
BOOK
The Naked Investor: Why Almost Everybody But You Gets Rich on Your RRSP
John Lawrence Reynolds
$9.69
About this product:
This is an excellent book, providing a unique behind the scenes look at how the investment industry in Canada really works and how vulnerable the average investor really is to industry abuses.
As the book says, it's scary what you don't know you don't know.
I'm an educated, experienced investor, but some of what you read is quite disheartening, such as the impotence and lack of protection provided by various government and industry groups whose stated goal is to protect individual investors. Sadly, its all about protecting themselves and taking an ever growing percentage of your money.
This author did an excellent job uncovering and conveying the realities of the investment industry. I found it ironic that the US, despite many publicized investment scandals over the years, still provides better investor protection and hands out tougher penalties than here in Canada. The SEC seems to have some teeth, while Canada doesn't even have an equivalent commission in place.
The anecdotes about elderly and novice investors losing large amounts of money as a result of their advisor's 'expert' advice are poignant and sad.
Warning, reading this book will tick you off!