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.
