Santa Claus Is Alive and Well and Living on Wall Street

Book excerpt: Bruce Gauthier was strung along for years as a child and told to believe in Santa Claus. There were whispers about a big payout on Christmas Day, but really, its all just a lie. As an adult, he realized that those who tell you to rely on the stock market for retirement are just like the people who lie about the man in the big red suit. The only difference is that the stakes are much higher. Canada's national newspaper, The Globe and Mail, called the book one "of the years best writing on personal finance, market behaviour and investing strategies." The Globe's David Parkinson gave this review: "Just in time for Christmas comes a book that says having faith in financial markets to deliver your retirement security is as stupid as believing in Santa Claus. (Read it to the kids. Itll be a real eye-opener once they stop crying.) Toronto resident Bruce Gauthier is no financial expert just another regular Joe whose nest egg has floundered in the hands of the financial industry. Like the kid who found out theres no Santa, he feels betrayed, lied to. At times hes paranoid and irrational, seeing conspiracy theories all over the place. But beneath it all, there may be more truth here than most of us are comfortable admitting. His rants about regulatory oversight, stock options and short-selling are over the top, but they address some hard questions that maybe we all ought to be asking. Plus, its a strangely cathartic read I feel like hes more than angry enough for the both of us. Santa Claus Is Alive and Well and Living on Wall Street is not for financiers, brokers, investment advisers, or anyone with access to inside information from Wall Street. Instead, its for the everyday worker who wants to protect their retirement savings.