Larry, Moe and Curley, Investment Brokers
Larry, Moe and Curley were sitting in their favorite restaurant just off Wall Street having their usual 3 martini lunch and were discussing the day's events and their client portfolios.
Larry:"I had 12 calls this morningfrom customers wanting to know why the market was going down".
Moe: What did you tell them?"
Curley: "Yeah, what", taking anothergulp of his libation.
Larry: "You know, the usual. This isa normal correction and not to worry. I amwatching your account. The market always comes back."
Moe: "That's the same BS I tell them."
Curley: " I have more than 300 accounts and I can't watch them except my 5 bigtraders. Who cares about the others anyway? My company won't let me tell them to sell whentheir stock starts down and they believe the oldsaw about 'hang in there for the long haul'. Iblew out of all my stocks last week. Thankgoodness. The market has dropped 300 pointssince then.
Moe: "It would be better for the customers if our company would let us tell them to use stop loss orders."
Larry and Moe, shouting in a singlevoice: "Don't say that or we'll get fired". Theyboth bonk him on the head spilling his drink."Nyuk. Nyuk."
Yes, it may sound funny, but there is more truth than fiction in that imaginaryconversation.
Why don't brokerage companies telltheir customers to sell when the market isdeclining?
There are two reasons. First any large brokerage does not want to get on the bad sideof a company. That company might have a publicoffering later on and they will definitely notbe asked to sell any of the stock or bonds. Thisis where the big money is on Wall Street. The second reason is they don't want thecustomer to have cash in his account. He mighttake it out. Brokers make money even if you donot trade. It is not much, but it does keep thepilot light lit.
Brokers also discourage customer stop lossorders because it is more paper work for themand then they do have to watch your account.Unless your account is high 6-figure or 7-figureyou are not on the radar screen. Mr. Broker (anappropriate name for what he does with yourmoney) has an average of 300 accounts and manyhave 600 or 700. As new guys come into theiroffice they give them the little accounts.
When a broker passes his securities licensehe is given two manuals. One is SEC regulationsthat must be followed and the second is how toopen accounts. There is no third manual on howto protect customers' money or trade. Brokeragecompanies want their salesmen to follow thecompany line and push certain products. There isno thought of customer protection.
If your broker is Larry, Moe or Curley it istime to find a new one.
Al Thomas' book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make moneyand keep their profits with his simple 2-step method. Read the first chapter at http://www.mutualfundmagic.com and discover why he's the man that Wall Street doesnot want you to know.
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