Kenneth L. Fisher - How to Smell a Rat: The Five Signs of Financial Fraud

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Book:
How to Smell a Rat: The Five Signs of Financial Fraud
Author:
Kenneth L Fisher / Lara Hoffmans
Publisher:
Wiley
Genre:
Books / Detective and thriller
Year:
2009
Rating:
4 / 5
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A timely guide to uncovering financial fraud

2008 and 2009 will be remembered for bear markets, a global credit crunch, and some of the largest investment scams ever. But these scams are nothing new, theyve been repeated throughout history, and there will certainly be more to come. But the good news is fraudsters often follow the same basic playbook. Learn the playbook, and know how to ask the right questions, and financial fraud can be easy to detect and simple to avoid.

In How to Smell a Rat, trusted financial expert Ken Fisher provides you with an insides view on how to spot financial disasters before you become a part of them. Filled with in-depth insights and practical advice, this reliable resource takes an engaging look at recent and historic examples of fraudsters, how they operated, and how they can be easily avoided. Fisher also shows you the quick, identifiable features of financial frauds and arms you with the questions to ask when assessing a money manager.

Prepares you to identify and avoid financials cams that could instantly destroy your wealth
Contains examples that highlight how financial frauds are committed
Provides questions everyone should ask before entering any investment endeavor

With How to Smell a Rat as your guide, youll learn how to protect your interests and assets from unnecessary losses.

Kenneth L. Fisher: author's other books

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Table of Contents

Fisher Investments Press

Fisher Investments Press brings the research, analysis, and market intelligence of Fisher Investments research team, headed by CEO and New York Times best-selling author Ken Fisher, to all investors. The Press covers a range of investing and market-related topics for a wide audiencefrom novices to enthusiasts to professionals.

Books by Ken Fisher

How to Smell a Rat
The Ten Roads to Riches
The Only Three Questions That Count
100 Minds That Made the Market
The Wall Street Waltz
Super Stocks

Fisher Investments Series

Own the World
Aaron Anderson
20/20 Money
Michael Hanson

Fisher Investments On Series

Fisher Investments on Energy
Fisher Investments on Materials
Fisher Investments on Consumer Staples
Fisher Investments on Industrials

How to Smell a Rat The Five Signs of Financial Fraud - image 2

FISHER
INVESTMENTS
PRESS

Acknowledgments

Both 2008 and early 2009 were very tough capital market environments. They were terrible times, made all the more so by the discovery, late in 2008 and early in 2009, of some pretty big, ugly, heinous financial frauds. Though scams are typically outed at and around bear market bottomsand this was no different, just a bigger bear market hence bigger outing of scamssomething struck me about the media coverage of all these scams. They were missing the very easy and obvious unifying element all the scams had in common that would make it simple and easy for investors to avoid being scammed. (I wont tell you here, you must read the book to find out.) And in that, I saw a book not only that I could write, but that I should write, and now was the time.To me, this was importantit was worth a bit of my time to get it out, fast.

And to get it out fast while keeping 100 percent focused on my day job required some major help, so I turned to Lara Hoffmans, who worked with me on both of my last two books. I described the book and gave her ideas, names to pursue and research, and a myriad of inputs. She then put together an organizational plan which, once blessed, she pursued in doing the heavy lifting in constructing an entire first draft of the book.

I am a writerlove writing and have for a long time. Pretty much in the small percentage of my life when Im not directly working, Im either putting time into my family or one of three hobbies. Writing is one of them. Now writing is mostly re-writing, editing yourself, seeing how you can say what you wanted to say but better, shorter, punchier, and with less wordsand all thats fun for me. But books can also be a lot of work. But in this one Lara did most of the grunt-work heavy lifting, and I got to have most of the fun. So I really do have to acknowledge Lara for over-the-top contributions to making this book a reality. She did so on my last two books, but with each book she seems to pull off a greater portion of the total labor load.

Also special thanks are necessary to Dina Ezzat, from my firms Content Management group. She helped out enormously in running down sources and citations, and generally helping with nit-picky tactical details. That helps tremendously and saves me endless time. Evelyn Chea, also in our Content group, always does a great job of copy editing our work and was no exception this time.

I also must thank Michael Hanson and Aaron Anderson, both very accomplished writers in their own right and senior members of our Content group. Though already carrying an impressive load of responsibilities, they helped by picking up the slack when I redirected Lara to help me on this book. And thanks too to Fab Ornani, who heads the Content group and does too many things for his own good, among them being our in-house web guru. Fab directed and load-balanced the whole group while I had Lara, Dina, and Evelyn distracted.

I also owe a debt of gratitude to both Marc Haberman, our Chief Innovation Officer; Molly Lienesch, our branding manager; and Tommy Romero, group vice president of marketing, who handled all the non-writing efforts that went into this book. I didnt have to do anything at all in this regard. And, of course, Fred Harring, Tom Fishel, and Nicole Gerrard gave the manuscript a close read for legal issueswhich I appreciate immeasurably. Id hate to be sued just for trying to prevent people from losing their money to a con artist.

As always, Jeff Herman, literary agent extraordinaire, contributed his views on what would make this book of interest to you. He keeps his hand on the pulse of book readers and has a much better sense of what you want than I ever could. And more than ever, I must thank the team I work with at John Wiley & Sons including David Pugh, Joan ONeil, Nancy Rothschild, and Peter Knapp for their help. This is the first time with one of my books that I didnt come up with the title; they did. It is legendarily and notoriously difficult for book authors to get along with book publishers; but they make it easy.

Clients at my firm sometimes get irked, thinking I take time away from work for these books, which I should be spending on them. But I never do, never have. I always work a minimum 60-hour weekalways haveand most weeks its more like 70 hours. I indulge my writing hobby after that on weekends. As with any hobby, the release recharges me for my day job. Unfortunately, the person overwhelmingly who gets short changed when I do this is my wife of 38 years, Sherrilynn, who I never get to spend as much time with as I should and who is always patient with me as I exert myself on any of my hobbies. To her I always owe a debt of gratitude and particularly so when I launch off on writing which requires longer sustained bursts of energy than my redwoods hobbies.

Finally, thank you for taking time with this book. Ive done five books before and had two New York Times best sellers. If even two of the five signs of financial fraud resonate in your head like a bestseller and keep you from being scammed by a con artist, having put the little time I did into this book will have been very worthwhile for me.

Ken Fisher
Woodside, CA

Introduction

Imagine this:

Jims a decent, hard-working, working stifffrugal, with a nice nest egg. Between his job, family, a serious Saturday golf addiction, and some community commitments, he hasnt the time, know-how, or inclination for investing details. And there are so many confusing optionstens of thousands of mutual funds, thousands of money managers. Hedge funds. Brokerage products with confusing names. Too much! So he turns to friends for advicelike you might. Turns out his golf partner, boss, and a few fellow church members all invest with the same adviserhave for yearsMr. Big Time.They swear by him!

Big Time is pretty famousheld a big government post in the 80s. He manages several billion now, mostly for rich folksway out of Jims league. Big Time is so big, hes his own broker-dealerBig-Time Portfolios, Inc. Jims friends say Big Time never had a down yearnot 1987, not in the 2000-2002 bear, and not the most recent bear. His returns look pretty darn stableand after a few rough years, stability sounds good to Jim.

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