One shall not judge but I guess what he has done may never leave him.
I was a little hesitant at first. I had no interest in stock brokerage. I didn’t know anything about it. So I walked into this office park in Lake Success, and there was no sign that says Stratton Oakmont or anything but there’s a line of cars — Rolls-Royces, Bentleys, Lamborghinis, Ferraris, Porsches, Mercedes.
You provide an instant justification of reward. Why talk about ifs and possibilities?
When a stock collapsed, the mentality was that even if you lost thousands of dollars you’d buy more — instead of relating to a client that it crashed, you’d say it’s trading at a discount. And it worked because everyone wanted to make money.
Shit. Isn’t that what I sold my readers sometimes as well?
I went from a cold caller to an account opener to a broker, but I didn’t save any money — I spent it as fast as it came. I never bought any property — I didn’t think it was ever going to end. Property? The future? No. The future was right here and now. I’m driving a $70,000 car.
If you have any sense in how you live your life, you will seldom understand this.
I got to the point where I realized there was no way you could win. To this day, I still remember two clients’ names who lost all their money because of me. I think they’re dead now, but I did think about making amends. Now it’s too late.
It’s probably why I’m in the medical business now and I’m a physician’s assistant — to try to make up for that s- -t.
[New York Post | My Life Working For The Real “Wolf of Wall Street”]
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Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.
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Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend.
You can view Kyith's current portfolio here, which uses his Free Google Stock Portfolio Tracker.
His investment broker of choice is Interactive Brokers, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.
You can read more about Kyith here.
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