Because almost everyone has been baffled by Wall Street baloney they have accepted the conventional wisdom that every investor needs a stock broker or financial planner if they are going to invest in the stock market.

That would be true if brokers and planners were trained to not only pick stocks, but also protect the investors money. Neither is true. That seems like a pretty horrific statement. I know because I used to own a brokerage firm and have hired 300 brokers. Only 1% or 2% of them knew what they were doing and consequently lost money for their clients. That probably applies to so-called financial planners because they all went to the same non-school.

Yes, I said they received no training which is true in almost 99% of the individuals. What little advice they received was based on false and untrue premises. The Buy and Hold philosophy is the biggest lie of Wall Street. No broker is taught an exit strategy how and when to sell. Protection of customers money should be number one on their list; however, brokerage companies do not want you to sell . They would rather have you go broke. (Of course, they dont say that.) The investor is quoted the Ibbotson study. Unfortunately, the quote only shares one half of the study and the part about why Buy and Hold does not work is never given.

Wall Street has told you that you are too dumb to pick your own investments and that you need a broker to help you decipher the intricate maze that leads to financial freedom. Too bad most brokers havent learned or the 7 trillion dollars in losses that occurred from 2000 would not have happened.

Not only have liars and thieves been uncovered in Enron and World Com, but now we find that the fund managers of great bastions of safe investing in mutual funds have also been stealing from their shareholders. Yes, late trading is theft and has been misnamed market timing. This also leads me to realize that the SEC has not been doing their job of protecting the small investor.

With all this corruption you, the investors, are more confused than ever. What do I do now? Where should I put my money? You need expert advice and I must say to you that you will not get it from a broker. Advice from a broker is a eulogy for your money. No, now is the time for you to take charge of your own investment portfolio. Could you have done any worse in the past 3 years than letting a professional handle your money?

There are many places you can seek advice, but none of them are on Wall Street. The library and the Internet are both great sources of information. Find someone who does not fit the Wall Street pattern. Several someones. And start your financial education.

Go look in the mirror and say, Tell me what to do.

Al Thomas

Albert W. Thomas has spent most of his life in the field of finance. In 1965 he founded an insurance holding company, Security Dynamics Investment Corporation, after having been an agent and General Agent for several life insurance companies. In 1970 he became cofounder and president of Real Life Estate, Inc., that marketed a unique real estate and life insurance package.

After he became interested in commodities he bought a seat for his personal trading on the Chicago Open Board of Trade, which is now known as the MidAmerica Commodity Exchange. Later he became a full time trader and also acted as a commodity broker for a few select clients. By fellow floor traders Al is considered to be an excellent technical analyst much of which is outlined in his book IF IT DOESN'T GO UP, DON'T BUY IT! It became a best seller on Amazon.

In 1981 he sold his membership on the Exchange and with his wife, Carolyn, lived full time aboard their 41' ketch, the Aumakua (which means guardian angel in Hawaiian). They sailed in Florida and the Bahamas for two years.

He founded World Trading Group in 1984 that grew to the seventh largest introducing commodity brokerage firm in the U.S. with 35 offices from coast to coast, Alaska and Canada. It was sold in 1992.

Al is a graduate of Northwestern University with a B.S. degree in Commerce and is a member of MENSA. He is now president of Williamsburg Investment Company that syndicates his weekly financial column since 1999 to more than 300 newspapers and writes a financial market letter called Over My Shoulder that is quoted in Barron?s and many other publications. A 3-month trial subscription is available on his web site. He is a regular guest on several financial radio talk shows.

His favorite pastime is fishing.

Mr. Thomas is available for speaking engagements. Please call 321-453-5300 for more information.