The Commute that Killed the Blog: Review of the Great Courses
You Can't Teach Hungry

Joe Jamail: On Investing for Lawyers

Several of my lawyer friends have become frustrated from a recent realization: The stock market is a scam. Well, at worst it's a scam. At best, it's a gamble. My friends wonder, "What should I do with my money?"

Billionaire lawyer and King of Torts Joe Jamail has some advice:

Lawyer Joe Jamail, with the bulk of his fortune in bonds and cash, expresses in colorful language a common tenet: Hedge funds are dangerous.

“I’d buy cocaine rather than buy that s---,” he says.

Jamail continues:

I usually don’t invest much in the market directly. I always look for price returns rather than income, because I make enough f------ money out of this sue shop--my law office. Most of my stuff is in bonds.

My dad told me, “Don’t buy any g------ stocks, OK?” He had a chain of grocery stores. He liked that cash coming in.

Best and worst investments?

Best: A law degree, no question about it. Worst: Airline stocks.

Where to park $1 million in cash?

In my mattress.

Read more advice from Jamail and other billionaires here.