The Wild Wild World of Wealth

Talking Heads: Can We Trust Our Finance Gurus?

Here’s another one for my reading list: The Zeroes by Randall Lane. I discovered the book yesterday while reading his post on The Daily Beast. In case you missed it, here’s a snippet of what he had to say about Jim Cramer’s endorsement of Lenny Dykstra’s stock-picking prowess:

But it was Cramer’s repeated endorsements—echoed by de facto validation from everyone from CNBC to me—that enabled Dykstra to pull off the entire scheme. Dykstra has now filed for personal bankruptcy, and last year admitted to living in his car. Based on what I detail in my book, AVT could potentially face an SEC investigation into these shenanigans. Cramer, meanwhile, continues to draw hundreds of thousands of followers, via his CNBC show Mad Money—one of the few in the industry who managed to escape the past decade unscathed.

AVT, for the record, is one of Dykstra’s stock picks. It sounds like the slugger broke far more hearts in the stock markets than he did among fans of the 1986 Red Sox.

About the author

Norb Vonnegut wrote 161 articles on this blog.

Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.

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