The Stock Market Blog: October 2019

Ken Fisher is a money supervisor, Forbes columnist, and it is one of the Forbes 400 richest Americans. Stockerblog: I wanted to speak just a little about con men versus con women. Do you see more women becoming con artists in the future or do you consider it will mainly be men? Fisher: The annals, as I pointed out in the written reserve How to Smell a Rat, is exclusively men almost. But I do believe that women are as smart, as capable, so when you take a look at other kinds of criminality, you see their existence and in some types of criminality actually, predominance of female criminals.

So, for example, when you look at a different form of embezzlement, this is where somebody in a little business embezzles from the business. Traditionally, that a felony has been overwhelmingly female. Stockerblog: Maybe the person on the rainmaker side just as culpable as the back office person or the person who runs the scheme?

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Fisher: Oh sure. Absolutely. Individuals who are participatory to a Ponzi structure must have known that they were participatory to a Ponzi structure. They need to up have known something was. People around Alan Stanford knew something was up. You think about Madoff. That is one of the unfortunate dilemmas of the. Madoff’s behavior was that he wished to avoid his employees so his employees wouldn’t determine him out. So he came in and supposedly exchanged European marketplaces at night when the employees would be away, and he’d leave then.

He was attempting to minimize the contact with his employees in his in any other case normal business so that he can draw this off. Nobody pulls this stuff off by themselves in quantity. The notion right from the start that Madoff acted alone, which is what he claimed, was a ridiculous notion. Stockerblog: But it almost seems like the person who is bringing in the money is the main element. If you don’t have to see your face bringing that profit, they can’t perpetrate their scams.

Doesn’t there need to be a sales aspect to the individual. I’m sure there are con men out there who have attempted to swindle people and couldn’t even get anybody to give them a hundred bucks. Do you see what I’m getting at? Is there a personality characteristic? Fisher: A lot of the small-time Ponzi plan people do it themselves without any extra help. In the event that you enough are small, it could be done by you by yourself.

The feature where you start to need help and you will need that sales function is when you get bigger. A lot of what folks like Madoff do was use intermediaries, because the intermediaries never get that near to them. Stockerblog: Therefore the head of the scam does not have to be always a super salesperson as long as either the staff or the people who will refer business to them do the selling on their behalf.

Fisher: They need to have the plan determined, however. And lots of these people themselves will upon occasion usually, will act as the salesperson. But you’re absolutely right. Many of these entities don’t possess huge sales organizations of their own. But Stanford does, and the individuals didn’t shape it out because they’re paid enough never to body it out.

Stockerblog: It seems like you have to have that sales orientation personality trait just to get finished. Going. You need to be able to sell it to your intermediaries, you have to be able to sell it to your personnel. Fisher: I believe there’s something compared to that. However the same problem pertains to Madoff because if you look at the securities Madoff statements to have traded, they were never liquid enough to cope with the amount of money he had. We as humans tend to be very gradual to learn.

If you missed Part 1, you can examine it out here. In the event that you missed Part 2, you can examine it out here. In the event that you skipped Part 3, you can check it out here. Copyright 2009. All privileges reserved. Reproduction of the interview prohibited devoid of permission. Neither Stockerblog nor the interviewer nor the interviewee are rendering taxes, legal, or investment advice in this interview.