This is a YouTube video titled "July 18, 2024" containing an English conversation between Rich Schefren and another speaker discussing Rich's early experience working at Investor Center as a penny stock broker, reflecting on the unethical nature of the business and his decision to leave. The dialogue provides personal insights into the penny stock industry and Rich's values.
Remember this clip from Wolf of Wall Street.
It is perhaps the best thing I've seen in the last six months.
I was actually there that day, and I saw Jordan Belfort make this call. It was at Investor Center. I got a job there when I was in 11th grade, and Jordan made his very first call at Investor center as a penny stock broker. I was very young.
I worked there.
For approximately a year and eventually walked away from the job because it taught me who I didn't want to become.
Penny stock brokerage.
Is the sleaziest business that I've ever seen.
It's very different.
From how buying.
Regular stocks work.
You see, when you buy a pen, you instantly lose 50% of the value due to the broker's commission. It's 50%. Can you imagine that?
So when a person.
Buys one of those stocks, its value is half as much as what they just invested, which.
Means that the first.
100% increase is just going to get them to break even. And then if the stock rises further, maybe they'll make a profit. This is when I realized this is not the type of person I want to be. I never want to make money by scamming people.
So after a year.
I left that job and walked away from Investor center for good.
