Last week, Jack sent me this picture:
As I wrote to Jack at the time, it's the errors in the private sector that help make markets work. People are free to try things, and if they "get it terribly wrong" they lose their money. These losses work just the way profits do: they act as signals to others and convey information about what does or does not work.
Meanwhile this financial advisor seems to think that gubmnt bureaucrats, not risking their own money and suffering considerably less if they "get it terribly wrong" will do a better job. What's worse, if gubmnt bureaucrats "get it terribly wrong", they have a tendency to get more tax support to bail out what they got wrong.
As I said to Jack, "Gubmnts get it even wronger."
If I had had any money with this person's asset management fund, I'd have withdrawn it all by now.