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Don't Let Your Distrust Cost You Money

Then I wrote this column.

As a journalist, I make calls on companies all the time. As a fan of journalism, I get a kick out of recent posts by the TheStreet's Rocco Pendola: His demanding the firings of business titans including Reed Hastings of Netflix (NFLX), Rob Johnson of J.C. Penney (JCP) and Apple CEO Tim Cook.

Rocco and I are like sportswriters at a baseball game. We can spot a promising rookie, a veteran on the decline and can spin stories that entertain. But you wouldn't hire a sportswriter to manage a ball club, and you shouldn't trust a journalist with your money.

Trust is the problem. There are millions of people who should be in the market, who are about to take huge losses as bond prices drop and interest rates rise. But they're not in the market because they don't trust anyone. Nor is there much reason for them to trust anyone.

Here at TheStreet, there are people who entertain and people we trust, people we cover who deserve your trust. I entertain. Doug Kass, by contrast, deserves your trust. Warren Buffett and Berkshire-Hathaway (BRK.A) deserve your trust. Jack Bogle and Vanguard, as I wrote at my personal blog, deserve your trust.

There are honest people and honest institutions on Wall Street. They won't promise you the moon, but they won't take your money and run off to the casino with it either. They usually charge you less to handle your money than the sharpies do, they have a track record and they admit to making mistakes. They don't put all their eggs in one basket, like Andy Zaky did. They're usually quick with a laugh, slow to burn, and detail oriented.

Find one such institution and start putting money away with it. Then come back here and enjoy the game with me.

At the time of publication, the author was long AAPL.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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