From the Investor Passport (ARGENTINA) –
The year was 2002 and I had just started to work independently in a small office I had rented two blocks from Plaza San Martin, in the city center. I had just resigned from Citibank after it provoked the economic boom that led to the departure of convertibility in late 2001.
From that little office I was taking my first steps as an independent financial advisor. Global Investor still did not exist and I paid my bills giving financial advice to my former clients from the bank, who had been orphaned since Citibank had decided to terminate its service to investors.
One afternoon I got called by my younger sister’s boyfriend, today my brother-in-law, to ask me to accompany him to an office two blocks from mine, in order to analyze an investment that had been offered to him. I accompanied him of course, not knowing what to expect, but given that I was the “expert” in the family on the issue … There I was to help.
When I arrived I found an office with more than 20 vendors talking about investments through shouts, something like the scene from “The Wolf of Wall Street” when Di Caprio ends up in that small place on the outskirts of New York selling Penny Stocks to retirees…
My brother-in-law’s friend showed us into a small meeting room, where the noise was a bit milder, and he began to explain why that investment could pay a 5% per month in dollars without risk …