Used Stock Dealers 

"We don't get paid for activity, just for being right." Warren Buffett

In the recent USA TODAY/Gallup Poll measuring honesty and ethics among 23 occupations, 

• only 17% rated stockbrokers "High" or "Very High" 

• just behind lawyers (at 18%) and above U.S. Senators (at 15%).

Stockbrokers

What investors need to know is that stockbrokers are:

• salespeople - selling you on activity;

• make their money on fees from the actions their clients' take;

• must put their employer's interests ahead of their clients' interests;

• only need to insure their clients are buying and selling "suitable" investments, not the investments that are in their best interests;

• are under no obligation to disclose conflicts of interest (i.e. making a commission on a mutual fund or how much commission they make on a bond transaction - although if you ask, they will give you the information).

Stockbrokers make money on transactions whether you buy or sell, make or lose money.

Financial Press and Media

What investors need to know is that the financial press and media :

• are entertainers - keeping your attention so they can sell advertising (mostly to the financial industry who is making money on your activity);

• are salespeople - in many cases providing testimonials, interviews, opinions;

• put their interests ahead of their readers' and viewers' interests;

• only need to insure they disclose information to all readers' and viewers' fairly;

• are under no obligation to disclose conflicts of interest (i.e. who they are paying, or other quid pro quo, for interviews and opinions they provide).

Wall Street (investment and media companies) are selling you on being active in the market—and that activity is your emotional and financial enemy.