He hired a full-service broker to take care of his funds. He came to this broker on the recommendation of friends, and, as time passed, he and the broker and the friends mingled socially. He had saved some, and inherited some, and had been extremely cautious with his money. So cautious, in fact, that for many years the money was just kept in the bank. He now lives frugally, driving a dented 1987 Toyota, which often gets buried by the snow removal crews when the street is plowed just outside his townhouse.
Fools care little about such short-term results, so let's take the numbers out a few years.
You don't need this kind of risk at this stage of your life. There's a reason why I'm an expert, and a reason why I had you in safe funds, featuring a smooth blend of utility stocks, municipal bonds, T-Bills and porcupine futures. I've been carefully managing your risk, and providing you with a steady income. But that did not happen. He read it and was thunderstruck.