If you've ever bought shares in a Mutual Fund, or done any other kind of investing; at the end of the prospectus or sales presentation, you are always told "Past performance is no indication of future results." This is just the legal mubo-jumbo that they use to say that even though they just spent half an hour telling you how much money you could make, nothing is certain.
I have no problems with that. Hey, if we could perfectly see the future, don't you think there would be a lot more lotto winners?
And I don't have any problems with the salesperson getting a commission. Or the money manager making a percentage of the total fund's growth. (Both usually in the area of 2% - 5%) They are both helping you to make money. And more improtantly, are both helping the growth of wealth in general.
And "Past performance is no indication of future results" is just an indication taht your are taking risk for having your money work for you. The same risk that any business owner has when ever he opens the door in the morning.
But what I have a problem with, is that I've been hearing this statement at the tail end of a personal injury attorney's ad. (I won't say who's, I don't want to be sued) Is this the depth to which our society has sunk? That we are supposed to look at a lawsuit as an investment vehicle? All so that the lawyer gets to make his 15% to 30%.
I'm not knocking lawyers in general, I happen to know a few really good ones. But what bothers me are the ones who go out looking for people to sue, rather than people to help. You know, the ambulance chasers.
I know a lot of people will just say "Grow up, that's the way things are." But that still doesn't make it right.
I just can't help but feel that this is not a good indicator as to what we are becoming...
Posted by GEBIV at June 15, 2004 10:22 PMI have to agree. The work that personal injury lawyers do makes me queasy. Knowing that they're starting to pitch it like an "investment" makes me even queasier.
Posted by: Harvey at June 16, 2004 01:26 PM