They enjoy their role as poor souls, not happy unless they receive their daily dose of disaster. No scheme is too dumb or far-fetched for them. They know when something is too good to be true, but do it anyway. Swindlers love to see them coming. They take their losses gracefully but still come back for more.
Con artists prey on losers, and boiler rooms buy and circulate lists of proven marks.
Losing fills a perverse need. As an industry, independent investment advisors have not yet been successful in getting their message out to Americans that crave their help. Thus far, our own marketing efforts have been dismal. Still, the demand for professional, impartial advice is enormous. Fidelity and Jack White are also experiencing exponential growth in similar services, with others entering the fray close on their heels.