We are all familiar with the Westpoint debacle.
What has astonished me is that so many people put their entire life savings into this one investment. i.e. $500,000 was not uncommon. Should we really feel sorry for these people, even if they were indeed given shonky advice.
I hate cliches but two are unavoidable in this case:
1. Never put all your eggs in one basket
2. If something looks too good to be true, then it usually is.
Just asking if I'm being too hard on these naive would-be investors?