Lenny Dykstra Financial Genius??? Nooot!!

[suave1477]

I find it funny this article popped up after there was so much praise towards Dykstra how after baseball he became a financial advisor guru. I believe even HBO Sports did an episode on him.

Well sure he looks like a financial wizard he was borrowing money against money and then spent it all.



Ex-Mets star Dykstra files for bankruptcy in LA

1 hour, 44 minutes ago



LOS ANGELES (AP)—Former New York Mets outfielder Lenny Dykstra has sought bankruptcy protection in Los Angeles, citing more than $31 million in debts.
Federal court documents show Dykstra filed for Chapter 11 status on Tuesday. He listed assets of $50,000 or less and liabilities of between $10 million and $50 million.
Dykstra, whose lifestyle included a lavish house, a jet and a Rolls Royce, says he owes millions of dollars to his 20 largest creditors, many of them banks. His filing follows at least two dozen lawsuits over his business and financial dealings.
Dykstra, nicknamed “Nails” for his rough-and-ready style, is a former All-Star who spent 12 years with the Mets and the Philadelphia Phillies. He won a World Series with the Mets in 1986.

[Neely8]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Real Sports on HBO currently has a segment about him on it. Given the circumstances some of the things he comes out with are actually kind of comical. He is no doubt a piece of work.

[metsbats]

Re: Lenny Dykstra Financial Genius??? Nooot!!

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

[kingjammy24]

Re: Lenny Dykstra Financial Genius??? Nooot!!

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

even worse was jim cramer, on the first HBO profile, telling people that lenny is "..one of the great ones in this business".

anyway, here's a couple of good ones; the first one is especially good.

http://men.style.com/gq/features/landing?id=content_8558

http://sports.espn.go.com/mlb/news/story?id=4084962

rudy.

[mr.miracle]

Re: Lenny Dykstra Financial Genius??? Nooot!!

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

Not surprising at all. As a former financial advisor, I can tell you with all honestly that many of these guys are complete hacks that I would not trust to manage a hot dog stand. There is so little overall training to get into the business and while the serious people in this industry end up getting their CFP, AAMS, or other very strict and disciplined training and qualifications and credentials the opposite is so often true. While in the business, I know of at least two or three dozen guys who were so far in debt that based on their lifestyle alone, if people knew how they managed their own finances, they would run quickly the other way.

It is somewhat of an embarrassment and sadly, it is why FA's are so widely mistrusted. It makes the guys who worked really hard and are or were serious about it have to work three times harder to make up for the hacks and clowns that make up way too much of that industry.

[FastLane80]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Not surprising at all. As a former financial advisor, I can tell you with all honestly that many of these guys are complete hacks that I would not trust to manage a hot dog stand. There is so little overall training to get into the business and while the serious people in this industry end up getting their CFP, AAMS, or other very strict and disciplined training and qualifications and credentials the opposite is so often true. While in the business, I know of at least two or three dozen guys who were so far in debt that based on their lifestyle alone, if people knew how they managed their own finances, they would run quickly the other way.

It is somewhat of an embarrassment and sadly, it is why FA's are so widely mistrusted. It makes the guys who worked really hard and are or were serious about it have to work three times harder to make up for the hacks and clowns that make up way too much of that industry.

We're getting off the subject here but I can't agree more. I manage my own tiny portfolio and 401k just fine and I do just fine. I know how to manage risk, diversify, recognize trends etc etc. And guess what...I'm an amateur! Just like most of us on here are amateur collectors, we can make better judgments than some so-called experts. Greed and pride often get in the way of sound judgement.

I too saw that Real Sports and it was....entertaining. I wish I could tell my mortgage company they're liars and criminals trying to steal my money. What's sad is there are a lot of people like that in our society but most of them didn't play professional baseball and won't be on HBO.

[metsbats]

Re: Lenny Dykstra Financial Genius??? Nooot!!

The real geniuses were the ones who brought Bear Stearns, Merrill Lynch, and Lehman Brothers down the tubes.

[mr.miracle]

Re: Lenny Dykstra Financial Genius??? Nooot!!

We're getting off the subject here but I can't agree more. I manage my own tiny portfolio and 401k just fine and I do just fine. I know how to manage risk, diversify, recognize trends etc etc. And guess what...I'm an amateur! Just like most of us on here are amateur collectors, we can make better judgments than some so-called experts. Greed and pride often get in the way of sound judgement.

I too saw that Real Sports and it was....entertaining. I wish I could tell my mortgage company they're liars and criminals trying to steal my money. What's sad is there are a lot of people like that in our society but most of them didn't play professional baseball and won't be on HBO.

While I don't want to paint a completely grim and bleak picture, I would say one should do their homework. One of my really good friends has been an FA for about 8 years now and has finished his MBA, CFP, and I am not sure but I think a couple of other professional designations. He is really serious about this and finished his ungrad in finance. He is really good at what he does. Just like there are good and bad people in anything, know what you are getting. Unfortunately, too many people are sold on this line of work as a means to get rich almost overnight. Nothing could be further from the truth. I do know that a top FA at the firm I worked for is brinigng home over 2 mil a year but it took him 20 plus years of 80 hours weeks to reach that point.

I will also say that just like everything else a good FA has their uses or perhaps I should say Financial Planner. At the end of the day, I also saw way too many do it yourselfers that you could not reason with that ran their lifesavings down the drain because they invested in bad bad stuff and did not know their butt from a hole in the ground. It is really a tough business would not really recommend it to anyone unless you have huge connections, tough and thick skin and ultra determination and financial means to live on or you will be living on raman noodles for the first five years or more.

[FastLane80]

Re: Lenny Dykstra Financial Genius??? Nooot!!

but it took him 20 plus years of 80 hours weeks to reach that point.

That's the reason I switched my major I don't need $2 million/year to be happy but yes, there were a lot of youngins I went to school with that had these disillusions of making millions overnight because so-and-so they knew did it during the boom. I do my homework, I have some connections but nothing special. If I lost everything today (except for my 401k) I wouldn't be happy but I wouldn't be broke. It's just another hobby.

The past 10 years has showed that anyone can make a buck during a boom but only the strong survive during the bust.

[suicide_squeeze]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Well here's a post I was hoping I'd never see on this site.


Not about Lenny Dykstra, the human waste joke.

But about finances, financial planning, and the whole fradulent industry.

I was a stockbroker for........2 weeks.

In that time, I learned to despise my boss, the others stock brokers, the so-called financial services industry, the financial advisors, the "Certified Financial Planners" I wanted to eventually school and test for so I could become.....the whole shibang. I majored in finance and investments in college, grauduated with honors, immediately took the series 7 exam which I passed on the first try, was hired by a major brokerage firm.......and within two weeks, I quit. NEVER to return. I threw in the towel on the WHOLE existance I had lived for 4 years.

I have no regrets. If you think our hobby is riduled with scumbags and fraud......get involved in the financial services industry.

You guys want to know about annuities? "Investors needs"? Time horizons? Actuary tables? Percentage diversification? IRA's? 401K's? Municiples, long, short, intermediate term bonds? Risk diversity? Risk management? Appropriate "Timeline investing"? Stacking maturities?

You have a week..... I'll tell you about it.

But if you want to weed through all of the smokescreen bullshit, I'll just tell you ALL YOU NEED TO KNOW right now.

The investment professionals, like Mr. Miracle's friend who I don't know and don't have any reason to pick on as he may be a very decent honest guy......they are all latent with fraud in principle. It's ALL horseshit. ALL OF IT.

These people make money ON YOU, no matter how your so-called "portfolio" is invested. And they don't have a crystal ball, like they want you to think because of all the "pamplets" showing historical data they shove down your throat.

Like today, when the crapola hits the fan, you're screwed. Unless you are filthy rich. Then, you can buy Puts and Calls, and hedge ALL of your positions whereas you won't lose your backside.......but you won't be making anything either. But your so-called financial advisor? They'll be laughing all the way to the bank.

Today's problem is, there aren't that many good ones around, so the ones that are eventually get to the people with all the money. Guys like you and I are left with the Jim Kramer's and that other silly witch who does the financial show (Orman). Bad advice is always free, and they dish it out like they're working a line for the homeless handing out Thanksgiving dinners.

No, if you want to invest your hard earned money, do it yourself. No one else cares about your money. They just want a piece of it. TRUST ME on that, gang.

Regards,

Steve

P.S. I quit the biz because I learned very quickly I wouldn't be able to sleep at night, doing and performing acts of what was expected of you as a person in the world of financial investing. It's a brutal, ruthless field, and no matter how good you are at it, and how good your intentions are for the people you want to "help".......the markets and the fraud dictate otherwise. Just look around......it's everywhere.

[kudu]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Kinda wierd that this post came up, as I am watching a series on PBS called "Ascent of Money". Very good series. We can all blame it all on John Law

[mr.miracle]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Well here's a post I was hoping I'd never see on this site.


Not about Lenny Dykstra, the human waste joke.

But about finances, financial planning, and the whole fradulent industry.

I was a stockbroker for........2 weeks.

In that time, I learned to despise my boss, the others stock brokers, the so-called financial services industry, the financial advisors, the "Certified Financial Planners" I wanted to eventually school and test for so I could become.....the whole shibang. I majored in finance and investments in college, grauduated with honors, immediately took the series 7 exam which I passed on the first try, was hired by a major brokerage firm.......and within two weeks, I quit. NEVER to return. I threw in the towel on the WHOLE existance I had lived for 4 years.

I have no regrets. If you think our hobby is riduled with scumbags and fraud......get involved in the financial services industry.

You guys want to know about annuities? "Investors needs"? Time horizons? Actuary tables? Percentage diversification? IRA's? 401K's? Municiples, long, short, intermediate term bonds? Risk diversity? Risk management? Appropriate "Timeline investing"? Stacking maturities?

You have a week..... I'll tell you about it.

But if you want to weed through all of the smokescreen bullshit, I'll just tell you ALL YOU NEED TO KNOW right now.

The investment professionals, like Mr. Miracle's friend who I don't know and don't have any reason to pick on as he may be a very decent honest guy......they are all latent with fraud in principle. It's ALL horseshit. ALL OF IT.

These people make money ON YOU, no matter how your so-called "portfolio" is invested. And they don't have a crystal ball, like they want you to think because of all the "pamplets" showing historical data they shove down your throat.

Like today, when the crapola hits the fan, you're screwed. Unless you are filthy rich. Then, you can buy Puts and Calls, and hedge ALL of your positions whereas you won't lose your backside.......but you won't be making anything either. But your so-called financial advisor? They'll be laughing all the way to the bank.

Today's problem is, there aren't that many good ones around, so the ones that are eventually get to the people with all the money. Guys like you and I are left with the Jim Kramer's and that other silly witch who does the financial show (Orman). Bad advice is always free, and they dish it out like they're working a line for the homeless handing out Thanksgiving dinners.

No, if you want to invest your hard earned money, do it yourself. No one else cares about your money. They just want a piece of it. TRUST ME on that, gang.

Regards,

Steve

P.S. I quit the biz because I learned very quickly I wouldn't be able to sleep at night, doing and performing acts of what was expected of you as a person in the world of financial investing. It's a brutal, ruthless field, and no matter how good you are at it, and how good your intentions are for the people you want to "help".......the markets and the fraud dictate otherwise. Just look around......it's everywhere.

Steve:

I can honestly say I ultimately failed miserably because I would not sink to the low depths that so many do. I always looked out for what I believed to be the best interest of my clients and as I result, I was not churning accounts, recommending what would pay me the highest commission etc. Ironically, I had my own office and once I left, the FA that replaced me was fired by my firm for churning accounts and unethical practices at least according to my friend who still works there. You are correct, at the end of the day, I had to sleep at night and look myself in the mirror and unfortunately the good people in this business are too far and few between. I guess it can be done, but to truly make it in that business, you in many cases need to sell your soul to the devil. Ironically the oversite that supposedly exists is a huge joke as well. After all, if I sell a $250k annuity to a little old retired guy how do they really know if he does or does not need it and there are certainly many ways to fudge the numbers to push it through because it sells me a very nice commission. Anyway, that is my two cents for whatever it is worth. The irony is I had a couple of college students and high school students do some career shadow days with me and I talked them out of the business. Not necessarily intentionally, but I laid out all the facts without the fluff and last I saw them, they were running screaming for the doors.

[suicide_squeeze]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Steve:

I can honestly say I ultimately failed miserably because I would not sink to the low depths that so many do. I always looked out for what I believed to be the best interest of my clients and as I result, I was not churning accounts, recommending what would pay me the highest commission etc. Ironically, I had my own office and once I left, the FA that replaced me was fired by my firm for churning accounts and unethical practices at least according to my friend who still works there. You are correct, at the end of the day, I had to sleep at night and look myself in the mirror and unfortunately the good people in this business are too far and few between. I guess it can be done, but to truly make it in that business, you in many cases need to sell your soul to the devil. Ironically the oversite that supposedly exists is a huge joke as well. After all, if I sell a $250k annuity to a little old retired guy how do they really know if he does or does not need it and there are certainly many ways to fudge the numbers to push it through because it sells me a very nice commission. Anyway, that is my two cents for whatever it is worth. The irony is I had a couple of college students and high school students do some career shadow days with me and I talked them out of the business. Not necessarily intentionally, but I laid out all the facts without the fluff and last I saw them, they were running screaming for the doors.

Brett,

I'm a fairly good judge (I like to think) of character, and from reading your posts since I've been on GUU, I can tell you are a super good guy. Therefore, it doesn't surprise me at all to read what you just posted. In fact, you and I are probably very similar in our genetic make-up. We are not driven by the desire to make a lot of money at the mayhem and bedlam caused by making our a-hole brokerage firm's boss "proud" of making our quota's, while our "clients" tie up their money for many years with the only certainty being that of realizing big losses upon the next bout of bad economic news, corporate crime exposed, pharmaceutical testing failure, or semi-conductor bad report.

I mean, let's all use common sense and logic, folks. How many of us can KNOW what is going to come out in the news every day? How many of us can master the task of ESP, and predicting every financial anomally that may occur at any given moment? Silly to even think it's possible, correct?

But these so called financial advisors, based on "historical returns" over a period of time will tell you it all doesn't matter. Just invest for the long run!

Ask your 75 year old grandmother today if it matters, as half of her life savings has been wiped out over the past year.....tell her not to worry about it, it will "come back" in time.

Pathetic. These people will tell you that predicting the future is exactly what they can do, because they know "in time" the "markets always go up".


Until they don't.

Then they just look for new clients, and you're f&%ked.

Lenny Dykstra may have made a bit of money selling a few car washes.....but he's a fraud from head to toe. Just like Jim Kramer the freak who spews out all of worthless garbage on CNBC that referred to him as "one of the best in the business". Painfully funny, isn't he?

They are like all of us, folks. They have an opinion. And that's all it is. Your's is just as good as theirs, and a lot more trustworthy, because yours is based on protecting YOUR money.

[mr.miracle]

Re: Lenny Dykstra Financial Genius??? Nooot!!

Brett,

I'm a fairly good judge (I like to think) of character, and from reading your posts since I've been on GUU, I can tell you are a super good guy. Therefore, it doesn't surprise me at all to read what you just posted. In fact, you and I are probably very similar in our genetic make-up. We are not driven by the desire to make a lot of money at the mayhem and bedlam caused by making our a-hole brokerage firm's boss "proud" of making our quota's, while our "clients" tie up their money for many years with the only certainty being that of realizing big losses upon the next bout of bad economic news, corporate crime exposed, pharmaceutical testing failure, or semi-conductor bad report.

I mean, let's all use common sense and logic, folks. How many of us can KNOW what is going to come out in the news every day? How many of us can master the task of ESP, and predicting every financial anomally that may occur at any given moment? Silly to even think it's possible, correct?

But these so called financial advisors, based on "historical returns" over a period of time will tell you it all doesn't matter. Just invest for the long run!

Ask your 75 year old grandmother today if it matters, as half of her life savings has been wiped out over the past year.....tell her not to worry about it, it will "come back" in time.

Pathetic. These people will tell you that predicting the future is exactly what they can do, because they know "in time" the "markets always go up".


Until they don't.

Then they just look for new clients, and you're f&%ked.

Lenny Dykstra may have made a bit of money selling a few car washes.....but he's a fraud from head to toe. Just like Jim Kramer the freak who spews out all of worthless garbage on CNBC that referred to him as "one of the best in the business". Painfully funny, isn't he?

They are like all of us, folks. They have an opinion. And that's all it is. Your's is just as good as theirs, and a lot more trustworthy, because yours is based on protecting YOUR money.

The one thing I can say in defense of a good advisor, if they truly have the ear of the client they can talk people out of making really, really dumb moves. I had a couple of potential clients I was working on that literally dumped over a quarter mil into some highly speculative tech stocks during the tech boom in the mid 90's. These guys lost their hats and homes literally as I found out that their supposed net worth was something like $300k and they literally dumped their life savings into one or two stocks instead of diversifying into lower risk stocks, funds etc. These guys did not us an FA/FP and were do it yourselfers. They paid a heavy heavy price and then were pissed off at the world for their own stupidity. The one guy I could not talk any sense into as he was prepared to repeat the same stupid mistake again. I was flabergasted in speaking to him trying to reason with him not to dump good money into penny stocks and high, high risk items to no avail. The other guy I ultimately decided not to take on as a client as it was apparent that this guy would have been questioning every single move I made. One of those guys who would have been calling me morning, noon and night every time the market ticked in the wrong direction.

Those are the people I feel sorry for, but then again, if they got the wrong advisor they could be up the same creek either way. It really is a crapshoot but in many cases a solid, upstanding FP can be a real asset. They can at least help the ultra rich hide all their assets in offshore accounts so the IRS can touch them

[suicide_squeeze]

Re: Lenny Dykstra Financial Genius??? Nooot!!

In reading Rudy's (kingjammy) link on Lenny Dykstra (the first one), it's almost like he was a trashy low-level version of an R. Allen Stanford or Bernard Madoff. He felt no hesitation to steamroll over good people and their lives who knew what they were doing to build the impression he was putting out an investment periodical catering the rich athletes whom, like himself, knew nothing about investing their own money. His intention was to use the fine people whom he lured into his scam......er....PLAN, to develope a few good issues, then eventually "flip" the biz to some idiot who thought it was something of substance.

The only problem with that scenario is that anyone considering buying that periodical would have done a bit of homework, and Lenny probably never would have even passed the "character" questioning.....assuming the potential buyer questioned a few present and past employees of Lenny's.

With a vocabulary of "Hey Dude", and Board of Director meetings going on until 5:00a.m. so Lenny could spew out his self indulgences while consuming ice cream sundaes and Coke Classic.....I just don't think that's the making of a financial bonanza.

In any case, sooner or later the winds of fait blow, and the house of cards come crashing down. It appears that Mr. Dykstra 15 minutes of fame, post MLB, are over. He has filed backruptcy with no concerns over the people he has left in his bloodletting wake. Like any big biz in America, the lack of maorals and ethics are yet, once again, not the responsibility of the person directing them, but left to the honest but gullible people who placed their faith (and hard earned money and hard work) behind the ghost leader.

My guess is soon, too, CNBC will notice the drop in ratings that Jim Kramer's a-hole show is suffering through due to the relentless episodes of bad press he is bringing onto himself, and they will shut the show down within a year.

Then, maybe, Jim can buy that tremendous financial periodical from the guy he referred to as "one of the best in the business".