We’re spending the week up in Pittsburgh for our annual visit to Grammy and Pop. I still remember making this trip when the kids were 1, 3, 5, and 7, crammed into the van with snacks, toys, and chaos. It’s a little easier now that everyone can buckle themselves and not scream over a juice box.
The drive up went smoothly, and we’ve been having a great time. We visited my sister, who lives in the city, while my parents are still out in the country, a few miles south. On Saturday, we’re heading to the symphony (very classy, very refined). I’m curious to see how our three teenage boys survive the experience.
Back at the house, we’ve been tackling some tough puzzles, laughing through a few goofy board games, and getting in a few rounds of backyard shuffleboard. The weather has been amazing, clear skies and cool evenings, but apparently, Pittsburgh had to earn it. From January through June, over half the days had precipitation. Brutal.
Dalanee and I are also sneaking away for a couple of nights to celebrate our 20th anniversary at a mountain resort. It’s been the best 20 years of my life—truly. And even after all this time, I still have no idea why she said yes.
I was driving the other day when a radio commercial stopped me cold:
“Most investors took a huge hit during the Coronavirus crash, and now we’re seeing signs of another. That pain, suffering, and financial loss don’t have to happen. We’ll show you how—with a free demo of VantagePoint. Text FREE to 411411 to learn how we’ve applied artificial intelligence to protect your capital so you can navigate and thrive in volatile markets.”
You’ll hear my emotional response in a moment. But first, let me say this as clearly as possible:
This is a scam. A straight-up con. And it’s being broadcast on a reputable national radio station. These kinds of ads always pop up when the world seems more crazy than usual and markets get shaky. Fear is their business model. They prey on anxiety, toss around technical jargon, and offer miracle solutions that don’t actually exist.
Here’s what you need to know:
1. If I made claims like this, I’d lose my license. As a registered investment advisor, I’m held to strict SEC standards. I can’t promise performance. I can’t guarantee returns. These guys skirt the rules by selling software instead of “investment advice,"a legal loophole big enough to drive a truck through.
2. “The Coronavirus crash”? Really? Yes, markets dropped fast in early 2020… but they recovered just as quickly. If you panicked, you lost. If you stayed steady, you’re probably up significantly since then.
3. The emotional manipulation is outrageous. “The pain and suffering of financial loss”? That’s pure fear-mongering. These people don’t care if their “solution” makes your situation worse. They just want the sale.
4. “We’ve applied artificial intelligence.” What does that even mean? It sounds impressive. But let’s think logically: if they had an algorithm that could reliably predict the market, why would they sell it for $4,900? They’d be billionaires already.
Out of curiosity, I visited their website. Right on the homepage:
“Created by world-renowned trading software pioneer Louis B. Mendelsohn, VantagePoint forecasts Stocks, Futures, Forex, and ETFs with remarkable proven accuracy of up to 87.4%...”
Stop right there. 87.4% accuracy? That’s an absurd claim. I would probably face legal consequences for even hinting at something like that in my profession. But they’re selling “software,” so they’re allowed to say whatever they want.
They brag about a “patented neural network.” Sounds fancy. Means nothing.
And the testimonials?
“In 2 months I was able to recoup my investment. I’ve since paid off my mortgage and car.”
“My account has tripled!”
You’ve got to be kidding me.
Let me tell you what’s really happening: people are paying nearly $5,000 for this software, then using it to day-trade their savings into oblivion.
I don’t know how it’s allowed on the air. But I do know this: you deserve better. Be careful out there.
Be Blessed,
Dave
P.S. I’ve been hearing an extra number of fear-based ads pushing gold and silver lately, too. Same strategy.