jim stuart — Jan 02, 2020
Eric Rudney 'managed' my sister's and my (separate) investments for years, each of us paying him thousands of dollars each quarter…
Eric Rudney 'managed' my sister's and my (separate) investments for years, each of us paying him thousands of dollars each quarter to actively manage our money. After a number of years, my sister got wise to him and dumped him. She told me Eric was just 'phoning it in' - that is, not really working as a sincere fiduciary but just taking in the quarterly fees for just sitting on our portfolios.
Really?
So I started checking the records in my account - and found out that despite the fact that Eric was charging me THOUSANDS each quarter for managing my portfolio, he actually HADN'T MADE A SINGLE TRADE ALL YEAR to optimize my portfolio. He sold stock a few times so I could get distributions from my portfolio, and answered my phone calls. But that was it.
Remember, I had been paying Eric thousands of dollars each quarter to ACTIVELY MANAGE MY PORTFOLIO. But all he was doing was sitting on it. I questioned him on it, and he said he had answered my phone calls over the year, and that should be good enough.
So...
...if you want a portfolio manager to simply answer your phone calls - while not doing anything to actively manage your portfolio - then Eric's your guy. On the other hand, if you expect your portfolio manager to actually work on optimizing your returns by actively managing your money - well, you've seen what Eric's approach is for my sister and me. I wouldn't touch him with a 10 foot pole. I'm amazed he's still in business.
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Eric Rudney 'managed' my sister's and my (separate) investments for years, each of us paying him thousands of dollars each quarter to actively manage our money. After a number of years, my sister got wise to him and dumped him. She told me Eric was just 'phoning it in' - that is, not really workin…
Eric Rudney 'managed' my sister's and my (separate) investments for years, each of us paying him thousands of dollars each quarter to actively manage our money. After a number of years, my sister got wise to him and dumped him. She told me Eric was just 'phoning it in' - that is, not really working as a sincere fiduciary but just taking in the quarterly fees for just sitting on our portfolios.
Really?
So I started checking the records in my account - and found out that despite the fact that Eric was charging me THOUSANDS each quarter for managing my portfolio, he actually HADN'T MADE A SINGLE TRADE ALL YEAR to optimize my portfolio. He sold stock a few times so I could get distributions from my portfolio, and answered my phone calls. But that was it.
Remember, I had been paying Eric thousands of dollars each quarter to ACTIVELY MANAGE MY PORTFOLIO. But all he was doing was sitting on it. I questioned him on it, and he said he had answered my phone calls over the year, and that should be good enough.
So...
...if you want a portfolio manager to simply answer your phone calls - while not doing anything to actively manage your portfolio - then Eric's your guy. On the other hand, if you expect your portfolio manager to actually work on optimizing your returns by actively managing your money - well, you've seen what Eric's approach is for my sister and me. I wouldn't touch him with a 10 foot pole. I'm amazed he's still in business.
Read more
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