The senior broker at L.F. Rothschild, Mark Hanna, delivers broker training to Jordan Belfort over a cocaine and martini lunch: “The name of the game is to move the money from your client’s pocket into your pocket”. Hanna is simply telling it the way it is.
According to Goldman Sachs most recent financial disclosures, the average employee at this investment bank earns $US367,564 annually. Average!
The original role of investment banks was to bring together individuals looking for money to develop an idea and build their business with individuals with money, looking for a good place in which to invest it. Investment banks would earn a fee for bringing them together.
This legitimate activity accounts for a small percentage of what investment banks do today. They mostly earn their average annual income of over $US350,000 by shuffling paper and playing tax games. They need victims otherwise known as clients. If all their clients behaved the way that Monday Morning Millionaire Program members do, they would be looking for work. A greeter at Walmart is one job which many of them are qualified for.
So, how do Monday Morning Millionaire Program members protect themselves from the Jordan Belforts of the world? How do Monday Morning Millionaire Program members earn more than 95% of managed portfolios over the course a market cycle (around five years)?