As we slog our way through these days of economic turmoil, an oft-heard theme has been that many of the people losing their homes or their life savings or both should have known better … that they are in trouble because of their own personal greed or carelessness or stupidity. No doubt that is indeed true in some cases.
But what if you're just an average hard-working person with an average understanding of the complexities of banking or real estate or investment?
Unfortunately, you could easily be screwed.
The other day we received the annual report from what I will only describe as a major fund, sent to us because we have invested a small portion of our meager nest egg with these guys.
The damn thing is 1140 pages long, is more than an inch-and-a-quarter thick, has been written by lawyers, and is printed in small type.
And on the cover it says ...
SEE INSIDE FOR IMPORTANT PORTFOLIO CHANGES.