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Fred Schwed
Friday, 07 November 2014 20:36

"Mutual Funds are rarely bought at an investor's whim. The management has hard-working and persuasive salesmen out, digging into new territory all over, not just in the stock-conscious coastal areas and big cities. They call on people and explain the advantages of their wares, and answer questions. They call again if they are given any encouragement; they call again if the are not given any encouragement. They can properly compare to life-insurance salesmen. You remember the life insurance guy: first he was a minor nuisance, then he became loathsome, then he pushed a policy down your throat. Then, a decade or two later, you view your policy fondly, and congratulate yourself on being such a responsible citizen and family man." - introduction, "Where Are the Customers' Yachts?" 1955.

"The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools."

 

Brent D. Gardner, CLU, ChFC