3 ms·
Being a surgeon isn’t equivalent to wise with money. Many Ponzi schemes have preyed on high income individuals and doctors of all sorts seem to be popular targe
by alphabettsy 4y ago
Being a surgeon isn’t equivalent to wise with money. Many Ponzi schemes have preyed on high income individuals and doctors of all sorts seem to be popular targets.
- Balgair 4y agoI think that's a tactic that Madoff and others used explicitly. Targeting people that think they are smarter than the rest. So lawyers, surgeons, engineers, management types, SWEs, etc. The social shame and cognitive dissonance of the obvious fraud leads to them to continue investing to 'save face' and to continue to think themselves smarter than the rest of us. "Is it an obvious fraud? No, I'm too smart to fall for that. Therefore, I'll double down, again" You can see it all over crypto today. The fun part is that until a higher authority like the government steps in, we're going to have a lot of these schemes online for a long time. Herbalife and the MLMs use the tactic, crypto is just another; the future is ripe for people that use Madoff's tactics. (Also, there must be a specific name for this tactic, and I would love to know what that it. But google isn't really coming up with anything for me. If you know, please comment and let me know? Thanks!)