About victor mader Expertise I`m not a broker therefore I can assure that I earn no monies from my unbiased advice. I usually don`t comment on specific stocks but rather how to avoid getting "taken" by any unethical brokers, financial advisors, etc. I have 35 years of personal experience and stay well informed. My goal is to make you a better informed investor. I`ve been told by several stock brokers that I know more than many registered brokers.
Experience I spend an average of 1-2 hours per day reading about investments and have since 1965. I now have accounts at DLJ and Goldman Sachs, two very fine firms.
Expert: victor mader Date: 4/11/2000 Subject: Beginner
Question Hi Victor,
Thanks for taking my question, I have never invested in the stock market before, I recieved a stock tip from family, family says to invest now. I do not have an account, How can i set up an account where i can be active in a day or two? What is the most cost effective way of setting up an account? Thank You James
Answer If you need to open an account today find an office in your city for a Paine Webber, Merrill Lynch, etc..you can open right away..BUT, you'll pay high brokerage fees.
Of more interest to me is this "TIP" you got. Normally they are worthless. Does someone in your family know something about this company that virtually Nobody else knows? If they do not forget the "tip." The current price of a stock is what it is worth now, by all informed investors, based on all the outlooks for the future of this company.
Best way to set up account is to do so on-line, inexpensive brokerage fees. But, if you're new to investing I would invest in a mutual fund, such as Vanguard Russel 2000 fund. Call 800 info for the 800 number of Vanguard. TO learn more about mutual funds see www.morningstar.com, or www.forbes.com
