Reply #45: I have a very elderly friend who asked me to look at her broker's statement to her

[JDPriestly]

some months before the crash. My friend is not only elderly, she is a little confused and very naive. She is not at all savvy about investments. She wanted my advice as a professional on a tax matter, but technically, she was not my client. I was horrified to see that her broker had placed all of her money in specific stocks, but since I am not trained as a financial advisor, I could not give her advice. All I could do was to ask her why all her money was in stocks. She told me that she had just changed to a broker who had placed the money in the stock investments. I told her I thought she ought to get a second opinion, but she felt that she couldn't change again.

There was nothing I could do, but I have thought about her so often since last fall. A lot of people can't balance a checkbook much less analyze investment information.

Must be nice to be as smart and well informed as you. I guess you have got a good reason for being so arrogant and indifferent to the problems of others.