Quote from makloda:
Of course, and he has his own agenda with that. He is introducing clients to a prime broker (I believe Pershing) and charges people 1-3% of the trade volume to purchase stocks in foreign exchanges on each transaction.
That's how he makes his money. Profiting from people's ignorance and lack of understanding. Not worse than anybody else on Wall St., but definitely not an innocent saint this guy.
Why doesn't he go on TV and say "Buy emerging market ADRs or simply US/CAD commodity stocks in USD trading on US exchanges with your current retail discount broker such as Ameritrade, then short the USD against it to hedge your USD exposure with a retail forex broker such as Oanda?"
Because his pathetic firm wouldn't make any money that way.
