Announcement

Collapse

The GaijinPot Forum Is Closed

Please join us on our new Facebook Group.
See more
See less

Top

Collapse

Financial Advisor Clued-up on Australia?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • #76
    Wrong again

    Madoff's fund (along with other funds for the rich/wealthy) did not accept any application from anybody with a spare few thousand or few hundred thousand. You had to be personally invited to enter the fund. Ordinary people have no access to those kinds of funds. They were lucky in this case.

    There are more than a few legitimate hedge and other funds that do the same - minimum investment often starts at 1 million dollars. You obviously think you know more than the investigative writers at such an American institution as the respectable Vanity Fair magazine.


    The magazine that has access to and gives information about all sorts of people at the top of their professions in the US - in the business, political, entertainment and jet set worlds. Its investigative articles are fantastically researched and go right to the heart of these worlds.

    Last year Vanity Fair ran a series of articles on Madoff including first hand interviews with members of the Jewish community which he targeted information gathered from first hand information via sources at the Securities Exchange Commission etc, and interviews with prominent business people as well as investigators.

    English teachers had as much chance as entering into funds such as Madoff's and have as much chance of entering some other big funds as they do flying to the moon tomorrow.

    You really don't know what you are talking about.

    Oh and I saw some other potters' replies to some of your posts. You really have a bad habit of misquoting people, leaving out a word here and there or adding one of your own. Like the 'all' you inserted into something I wrote.

    It should be obvious to you that when you do this you are misrepresenting what others' say to bolster your argument. Clearly you never did debating at school because if you had your teacher might have curbed that bad habit early on in your life.
    Last edited by caramellocap; 2010-04-05, 06:57 PM.

    Comment


    • #77
      Originally posted by caramellocap View Post
      Madoff's fund (along with other funds for the rich/wealthy) did not accept any application from anybody with a spare few thousand or few hundred thousand. You had to be personally invited to enter the fund. Ordinary people have no access to those kinds of funds. They were lucky in this case.

      There are more than a few legitimate hedge and other funds that do the same - minimum investment often starts at 1 million dollars. You obviously think you know more than the investigative writers at such an American institution as the respectable Vanity Fair magazine.


      The magazine that has access to and gives information about all sorts of people at the top of their professions in the US - in the business, political, entertainment and jet set worlds. Its investigative articles are fantastically researched and go right to the heart of these worlds.

      Last year Vanity Fair ran a series of articles on Madoff including first hand interviews with members of the Jewish community which he targeted information gathered from first hand information via sources at the Securities Exchange Commission etc, and interviews with prominent business people as well as investigators.

      English teachers had as much chance as entering into funds such as Madoff's and have as much chance of entering some other big funds as they do flying to the moon tomorrow.

      You really don't know what you are talking about.

      Oh and I saw some other potters' replies to some of your posts. You really have a bad habit of misquoting people, leaving out a word here and there or adding one of your own. Like the 'all' you inserted into something I wrote.

      It should be obvious to you that when you do this you are misrepresenting what others' say to bolster your argument. Clearly you never did debating at school because if you had your teacher might have curbed that bad habit early on in your life.
      Umm...no your wrong. You should read up about feeder funds. You dont need to be invited or have millions of dollars etc.

      Comment


      • #78
        Not all of Madofffs victims were rich (and none are now) but Madoff ran a hedge fund, which has nothing to do with the OPfs original question about financial advisors.

        Randomcom, itfs good to see that you are looking into investments yourself. I donft know anything about Tatsuofs recommendations, they seem a little expensive to me, but least youfd cut out a middlemanfs take. Personally, I keep most of my investments back in my home country of the US, where I will retire, and invest internationally from there when I think itfs advantageous.

        Comment


        • #79
          Just having a look through some of the other threads on gaijinpot, there are many threads which start out decent but end up a trainwreck. It's a shame because there are some good comments in this thread.

          Comment


          • #80
            Originally posted by Plats View Post
            I donft know anything about Tatsuofs recommendations, they seem a little expensive to me, but least youfd cut out a middlemanfs take. Personally, I keep most of my investments back in my home country of the US, where I will retire, and invest internationally from there when I think itfs advantageous.
            The internal costs of the funds I mentioned are indeed a little expensive. Not more expensive than almost every other managed fund abroad but for a state bond funds too much in my opinion. Costs and variety is problem in Japan. It is very diffcult to find a broker that offers funds cheaply (or without load). Still, there are brokers and decent funds and I think as a foreigner (with Japanese skills) living in Japan it is a lot more convenient and cheaper to invest with a Japanese broker. Less hassle with tax, money transfers abroad etc.

            If I were the OP I would not invest in AUD and not (only) in Australia. I also wouldn't send money abroad.

            Build yourself a decent portfolio with index funds for example.

            http://noload.558110.info/STAM-Index.html

            The global bonds funds costs just 0.67% (internal costs) and has no load.
            http://www.fidelity.jp/documents/pdf/promo/stgbh.pdf

            You could mix it with emerging bonds (http://www.fidelity.jp/documents/pdf/promo/stebh.pdf)
            and REIT (http://www.fidelity.jp/documents/pdf/promo/stgrh.pdf)

            and build yourself a portfolio without stocks.
            You'd be cheaply invested in almost 40 countries and currencies around the world.


            You have to watch it though.

            Originally posted by Plats View Post
            ot all of Madofffs victims were rich (and none are now) but Madoff ran a hedge fund, which has nothing to do with the OPfs original question about financial advisors.

            Madoff did not run a Hedge Funds and talking about credibility of financial advisers has a lot to do with the OP's question.
            Last edited by Tatsuo; 2010-04-06, 09:44 AM.

            Comment


            • #81
              Originally posted by Tatsuo View Post
              Madoff did not run a Hedge Funds and talking about credibility of financial advisers has a lot to do with the OP's question.
              If you believe Madoff was a financial adviser then he is a good example of a why you can't trust a financial adviser. Unfortunately, Madoff took deposits and invested the money in stocks, bonds, whatever. This is commonly called a hedge fund. Madoff didn't meet with clients and go over their financial situations like a FA. If you mean cynically that since he never did invest even a dime of the clients' money so how can you call that a hedge fund, then you are right.

              Comment


              • #82
                Originally posted by Plats View Post
                If you believe Madoff was a financial adviser then he is a good example of a why you can't trust a financial adviser. Unfortunately, Madoff took deposits and invested the money in stocks, bonds, whatever. This is commonly called a hedge fund. Madoff didn't meet with clients and go over their financial situations like a FA. If you mean cynically that since he never did invest even a dime of the clients' money so how can you call that a hedge fund, then you are right.
                My guess is that Madoff was both a financial advisor and a hedge fund in the broad definition of both terms. Whether he milked "rich" folks other than people like potters (read poor people here) can always be argued but is probably true and totally appreciated.

                Comment


                • #83
                  Liar Liar

                  Originally posted by rainbowtokyo View Post
                  '

                  Firstly, I'm unhappy that you've redisplayed this post after I deleted it. It looks like I've set myself up for a lot of flack from some of the resident cynics on GP. I'm certainly not selling anything to anyone.

                  Secondly, I'm no investment genius. I know many people who've done better than I have in % terms. In fact, most ordinary Melbourne homeowners have done extremely well over the last 3 years - I don't exactly stand out. The difference is that I went in and bought 12 properties. It was a risky thing to do. Thankfully I had several banks on my side and none of this would have been possible without them. As the market gets bubblier, I will offload some of what I own, retaining only those with development potential. I don't plan to own more than 8 for the longer term. It's been very stressful and I really want to reduce my gearing, even though most of these properties come close to paying for themselves.


                  Can the same thing be achieved today?
                  Well, getting in late is never a good idea unless one knows what one is doing. Sadly, the low hanging fruit is mostly gone. I was out there chasing bargains 3 years ago, when it was unfashionable. Everyone called me an idiot at the time. Now they just hate me!

                  Ozzjp: I did not give you consent to re-display my deleted post. I had written another more detailed post that would have answered your questions but your flippant retort about bullshyte etc made me remove that. If you think this is all an elaborate lie, that's your view and you are entitled to it. You will probably claim I've made up this chart as well: http://data1.reiv.com.au/trendchart/default.aspx I wish you well in your teaching career. Bubble or not, by the time you return home to Australia, home ownership may well be an unaffordable dream for most people.
                  No doubt this pathological liar and twisted loser has never, never bought one millimetre of property in Australia and likely nowhere else as well.

                  As a native Melburnian I can tell you all that property prices were never 'bargains' or even remotely like that in Melbourne or Sydney or wherever since the early 1990s. Especially in the 'bayside' suburbs which have always been expensive for most of the houses/flats there except in a few areas back in the 90s and beyond. This clown says he bought 12 properties 3 yrs ago - the 3yrs meaning around 2006/2007 because he posted in 2010.

                  Melbourne and Sydney and just about everywhere else in Oz were experiencing big property price jumps - just like they did in the late 90s. My uncle bought his place in North Melbourne in the 80s - it's inner suburb and since then it has jumped in value 7x the original price. There have been no 'bargains' in the Aussie housing market for at least 15 yrs that are in bayside suburbs, inner suburbs and so on.

                  For the last 8 yrs at least, houses in working class areas where the Housing Commission (govt run) built cheap but decent housing in some cases, not the scrubby little half houses that are in some of these locations or the awful housing blocks that were modelled on the nasty Council housing of the UK, have absolutely rocketed in value. Nearly half a million dollars in some cases for places that were decent enough but mediocre in boring to scrubby suburbs which generally housed the lower middle class, working class, and social security 'professionals' (welfare collectors). Yes, those mediocre places with mediocre housing have jumped so much and well before the time period Tokyo Fraud claimed.

                  If you're gonna tell lies about where you come from and who you are - at least find a place which nobody knows.

                  Comment


                  • #84
                    Nice resurrection, Thread Necromancer!

                    In the three years since my initial post two main things have happened:

                    1) I've started putting some money down.
                    2) Cyprus.

                    Regarding 1), the quickest way to increase your investment knowledge is to actually get in. Of course, I was still cautious and I recommend everyone overseas has an accountant/tax lawyer go over everything. One of the big points for me was the Australian reporting requirements, with which I wanted to make sure I was in line (the other big point of course is getting taxed at the other end when it's time to withdraw).

                    Regarding 2), I suddenly had to learn about Depositor Insurance but to be honest I don't even trust that these days when it comes to government confiscation. I've read a bunch of stuff but it's easy to veer into Sovereign Citizen/PT/gold-n-guns-hoarding/crackpot land. The main takeaway is that you need diversification into multiple countries with different laws/track records regarding confiscation, and also need to diversify into assets that are less acceptable for the government to seize. See what I mean? Nearly went tin-foil-hat-crackpot on you there.

                    Be sure to bump this thread again in a few years and I'll give another update.

                    RC

                    Comment

                    Working...
                    X