Download Blind Faith: Our Misplaced Trust in the Stock Market and by Edward Winslow PDF

By Edward Winslow

- Over forty percentage of families personal a few type of universal stock

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Extra resources for Blind Faith: Our Misplaced Trust in the Stock Market and Smarter, Safer Ways to Invest

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Long term, the world has always gotten richer and stocks have always trended up. 25 The cheerleading on behalf of stocks as the best investment choice over the long run is epitomized by this quote from the best-selling book, The 9 Steps to Financial Freedom, by Suze Orman: Rule number one is that to invest in the stock market . . you must invest only money that you will not need to touch for ten years. 26 44 steer clear of stocks It’s these kinds of statements that give people a false sense of security about the stock market.

The most serious addicts leave carnage in their wake—everything from domestic violence and crime to suicide. 22 ■ ■ ■ Available research shows that a person’s economic status tends to determine the psychological and financial meaning of gambling for that person. Higher-income people see gambling as entertainment and a way to socialize with other people. Conversely, the lower the income, the more gambling is seen as a form of investment. For the poor who have few alternative ways to invest, gambling is seen less as play and more as a serious chance to transform their lives.

If the stock goes down, no money was lost. The big loser here is the long-term shareholder who has invested in the company’s common stock. A simple example illustrates this point. Suppose a company has issued 1 million shares of common stock. Let’s assume that its market price is $10 per share, giving the company a total market value of $10 million. Let’s also assume that the company is making a profit of $100,000 per year. Earnings per share would be 10 cents ($100,000 divided by 1 million shares outstanding).

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