Some Things Don't Seem To Change

Does this sound familiar?

From The Intelligent Investor by Benjamin Graham:

The Bankers Securities Corporation was floated as an “investment trust” in 1928, in the heyday of financial legerdemain. Investors and speculators, who in those days were even more indistinguishable than they are now, were convinced that financiers could create values miraculously by merely forming a new investment fund or by shuffling old ones around. The miracles proved to be mirages. The disillusionment of the investors was a bitter thing, and it still shows itself in what we would style a wholesome mistrust of the ability of financiers to perform tricks with other peoples money.   

Here’s what gets me. You would think that anybody who is anyone in the financial world would have actually read The Intelligent Investor. Perhaps they just keep it on their bookshelves.