Tonight I heard that Australian Capital Reserve - a property trust - had collapsed, leaving a lot of little investors complaining. ACR had flash tv commercials offering a big rate of return, and smooth-talking door to door salespeople. The people dudded complained they didn't understand what they were buying. "I know nothing. I understand nothing," said one. He had handed over $60,000. Understood nothing. Bosh.
Greed. The ACR's business was built on suckers. People want to believe the dream. The conned contribute to the con. Human nature. People want to be sold. so you're already more than half way there when you start pitching.
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1 comment:
Michael,
Can you believe that people's need to be sold and greed would outweigh their need for financial security. A lot of these people have said they put all their money in this venture but it's been drummed into any idiot for the last 20 years that you need to diversify.
Andrew
TMF
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