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Book Review: Arthur Levitt (Ethikos) Book Review: Arthur Levitt (Ethikos) March/April 2003 - By Loren Singer. Arthur Levitt's Trenchant Analysis of Capitalism in OperationBook Review: Take On The Street; What Wall Street and Corporate America Don’t Want You To Know; What You Can Do to Fight Back; By Arthur Levitt, 338 Pages, Appendix, Glossary, Index; Pantheon Books, 2002.The garish jacket embossed in Florentine gold is the only part of this book that one might criticize. That treatment is better suited to a self-serving autobiography of a Wall Street hero recently released from a medium security correctional unit. Mr. Levitt’s work certainly doesn’t need it. In his book even the appendix and the glossary are enlightening.Any layman, reading along will absorb as much sound investment advice as one might want, but there is far more to be learned than how not to squander money on certain—even legitimate—common investments without looking into their costs. Mr. Levitt does examine these and demonstrates their effect on an investor’s principal and income over time. This is done clearly enough to inspire at the very least a rueful shake of the head, or a gasp of pain at a thrust to the pocketbook unknown until now:He notes that the way mutual funds fees "are automatically deducted from a fund’s returns…makes them all but invisible. If you invest $10,000 in a domestic stock fund with an expense ratio of 2 percent and a sales load of 3 percent, and you get annual returns of 7.5 percent for twenty years, your money would almost triple to $27,508. But you would also have lost $14,970 in fees and foregone earnings over the twenty years. Most American families would spend less than that for utilities over twenty years."There are numbers of other examples of exactly how this great mass of 79 million American capitalists fares along the way from the workplace toward retirement and beyond in dealing with those who operate, regulate and govern this vast financial bazaar. It is beset, certainly, but there are ways to survive, and Mr. Full Article: http://www.singerpubs.com/ethikos/html/levitt.html |
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