Influencer Marketing is Ruining the Investment Industry

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  • čas přidán 28. 06. 2024
  • Here's why I genuinely believe influencer marketing has no place in the world of investments.
    If you'd like to support the channel, you can do so at / theplainbagel :)
    DISCLAIMER:
    This channel is for education purposes only and does not constitute financial advice - Richard is not responsible for investment actions taken by viewers. Please seek out a registered advisor if you require assistance (while Richard is a registered portfolio manager at WDS Investment Management, he does not provide advice through The Plain Bagel, which is not affiliated with his employer).

Komentáře • 694

  • @Katich94
    @Katich94 Před rokem +1620

    To be fair, influencer marketing has ruined pretty much everything

    • @nsanenthembrane
      @nsanenthembrane Před rokem +30

      Truth

    • @elcookiemonsteru
      @elcookiemonsteru Před rokem +74

      Yeah. Very scary to think that very, veeeery stupid people having influence on society and specially young audiences....

    • @zanychelly
      @zanychelly Před rokem +4

      Agreed

    • @kaleyaaaadventure8732
      @kaleyaaaadventure8732 Před rokem +1

      True...just thinking of the outdoors or small towns in the rocky mountain region

    • @BigPurp9
      @BigPurp9 Před rokem

      Honestly if you take investment advice from whatever bullshit your favourite celebrity is promoting this week you deserve whatever you get. Impressionable ≠ stupid/dumb

  • @Nephtys1
    @Nephtys1 Před rokem +1265

    So after this video we know two things for certain: TPB's integrity cannot be bought for 2400$, and TPB has no idea what merchandise hoodies sell for nowadays.

    • @ajoseph8920
      @ajoseph8920 Před rokem +87

      $2400? that one email said 1200 eth or 2m ..TPB cant be bought period✊🏽😤

    • @akhigbekelvin9163
      @akhigbekelvin9163 Před rokem +1

      😂😂

    • @sting6ph
      @sting6ph Před rokem +12

      Dude's not a fan of hoodies in general I guess

    • @meneldal
      @meneldal Před rokem +4

      @@ajoseph8920 But the 2m is if everything sold, which means that he managed to stole way more than that from his viewers as it would be his "cut".

    • @aneikrust
      @aneikrust Před rokem +1

      How much is a hoodie? 😯 I totally thought that was a normal price. 😄

  • @samswift102
    @samswift102 Před rokem +615

    I find it very alarming that people put so much faith in influencers they will never meet.

    • @flybeep1661
      @flybeep1661 Před rokem +16

      Sooo...do you trust the plain bagel? He's also an influencer just not in the stereotypical sense.

    • @namhoang6569
      @namhoang6569 Před rokem +73

      I trust him to a certain degree, but definitely not to the degree that I will blindly put money into whatever he promote

    • @josephmassaro
      @josephmassaro Před rokem +75

      @@flybeep1661 Not quite. He is actually in the industry and stays away from most sponsorships as it could negatively impact his real job as a financial adviser. I wouldn't act on anything he said without consulting a financial adviser who works for me, but I have far more confidence in him than people who are 98% personality and 2% brains.

    • @az-qf9ht
      @az-qf9ht Před rokem +4

      I said the exact same thing until I realized how much I trust The Plain Bagel 💀

    • @scarpfish
      @scarpfish Před rokem +14

      I find it even more alarming that the Paul brothers are even a thing.

  • @David.Marquez
    @David.Marquez Před rokem +408

    At first I read it as "Investment Marketing is Ruining the Influencer Industry" and was like what world did I even wake up in?

    • @ThePlainBagel
      @ThePlainBagel  Před rokem +211

      I mean, it's kind of the same thing when you really think about it.

    • @DiaJasin
      @DiaJasin Před rokem +12

      That too, I want them to influence things beside my wallet...

    • @jamiekamihachi3135
      @jamiekamihachi3135 Před rokem +14

      I think your misreading of the title is still accurate.

  • @totallylooney8292
    @totallylooney8292 Před rokem +351

    I'm honestly grossed out by actors pimping payday loan companies, as well! But as always for your vids, solid advice, calmly delivered.

    • @JiveCinema
      @JiveCinema Před rokem +7

      Payday loans, gambling websites, crypto... They're just vice pimps now

    • @atawoo2
      @atawoo2 Před rokem +2

      That's a really good point. There are so many big name actors that shamelessly support companies that are almost never good for the customer. I even feel this way about actors doing credit card commercials and that is waaaay more common and accepted nowadays.

    • @SkiDaBird
      @SkiDaBird Před rokem

      @@atawoo2At least with Samuel L Jackson, there are legitimate ways to benefit from that product. If you don’t carry a balance, a credit card is quite helpful. There is no way you benefit from payday loans.

    • @michaeltorrisi7289
      @michaeltorrisi7289 Před rokem +1

      I've got nothing against payday loan places. The rates are very high, sure. The alternative is that no one will loan those people money at all. You're not going to a payday loan place if you can get an unsecured loan from your bank. They occupy a necessary niche in the marketplace.
      You know what IS predatory? Overdraft charges from banks. Your average payday loan place isn't in an opulent glass-walled building with marble floors. It's a dingy shack in a rough part of town. Default rates are high and loan terms are short, so the APR hides that they're not THAT profitable. $37 for your bank to loan you $3 for 24 hours until your paycheck brings your balance positive again? Now that's some fucking predatory shit. Depending on how small your overdraft is, you can end up with APRs that need to be stated in scientific notation. Banks make $10-12 billion a year off people who are broke. That's double the value of the entire payday loan industry. Payday loan companies get all the bad press, but the banks are way worse and somehow seen as less scummy. I don't really get it.

  • @midimusicforever
    @midimusicforever Před rokem +175

    Ethics is expensive, but it's worth it. Congrats, Richard!

  • @ArktosBears
    @ArktosBears Před rokem +508

    Huge respect for sticking to your morals. It takes guts to look at a 5 figure pay-out (for very little work) and say no.

    • @thelawenforcerhd9654
      @thelawenforcerhd9654 Před rokem +44

      Not really. He'd lose so much credibility it would cost him even in the short-term.

    • @diamondwave100
      @diamondwave100 Před rokem +77

      @@thelawenforcerhd9654 Also he would lose his CFA Charter, which would probably get him in some pretty hot water at his day job.

    • @aaronhamburg4428
      @aaronhamburg4428 Před rokem +31

      he will lose his party pooper licence and what will youtube be without our finance party pooper 😂

    • @MrSandChess
      @MrSandChess Před rokem +7

      Didn’t he say it was $2,400? (Twenty four hundred)

    • @owenb8636
      @owenb8636 Před rokem +18

      @@thelawenforcerhd9654 that's why he gets offered a lot of cash imo. His squeaky clean reputation is worth a lot to the first person who can milk it

  • @Mutual_Information
    @Mutual_Information Před rokem +392

    It’s such a problem.. I’m seeing a similar style grift in the data science/machine learning world.. Selling a quick-cash narrative on becoming a data scientist is so popular and easy that totally unqualified people are doing it. I honestly think they mean well, but the consequence is a tsunami of trash advice that doesn’t reference, at all, the reality of the industry. So. Frustrating.
    I find myself saying “No! a six week bootcamp will not yield a DS job at Uber.. Stop enrolling people in those with false promises”

    • @lv9265
      @lv9265 Před rokem

      Would you say that a similar short-term course or a bootcamp could prepare someone for a job as a Data Analyst?

    • @Mutual_Information
      @Mutual_Information Před rokem +57

      @@lv9265 a high paying DS job takes a several years on the resume.. and most typically a masters in something STEM. You can see this is you crawl through the LinkedIn profiles.
      But a few of the legitimate boot camps (ones that have been around for 5+ years and publish their job stats) can help people transition to DA/DS roles at smaller companies. Thats a perfectly reasonable starting point and I’ve seen several folks take those steps to ultimately land in the target jobs.
      But the reality is, it takes years and thousands of hours. And it’s unfortunately lucrative to publicly deny that.

    • @PanikGrafik
      @PanikGrafik Před rokem +47

      BECOME A ROCKSTAR CODER IN 3 WEEKS WITH THIS COURSE!!!!!!!!

    • @monsterhunter445
      @monsterhunter445 Před rokem +16

      Same with software engineer yeah it pays well but let me tell you as someone who loves the field it's brutal you spend a lot of time at a computer 40-60 hours depending sure it isn't investment banker stressful

    • @jamesanderson6882
      @jamesanderson6882 Před rokem +23

      I studied CS and work as a programmer. Doing interviews for DS and developer roles is so infuriating. During the coding tech challenge you can hear them googling the solution and cut and paste the answer. DS people who don’t even know the syntax for basic python or R applying for high end roles.

  • @uFFFO
    @uFFFO Před rokem +181

    Influencers who get caught up scamming or promoting scams should be held responsible. Obviously.

    • @MrSupernova111
      @MrSupernova111 Před rokem +24

      Providing financial advice and marketing financial products should be illegal for anyone not licensed to do so.

    • @Nierez
      @Nierez Před rokem +7

      @@MrSupernova111 then they start putting cheeky disclaimers telling people "not to buy" ;)

    • @jakemf1
      @jakemf1 Před rokem +5

      The wealthy seldom face accountability

    • @Xetarine
      @Xetarine Před rokem +2

      @@jakemf1 Since these influencers promote crypto projects the most, I'd say it's not even about their wealth letting them get away, but the fact that there's no regulations on this in the US, and the SEC being entirely broken
      What you've wrote is still true, though

    • @davidwilliams7552
      @davidwilliams7552 Před rokem +1

      And disclose what they are receiving in return.

  • @byst33
    @byst33 Před rokem +99

    If someone's promoting something to you, you should always ask yourself "what's in it for them?" If it's merch, etc. the answer is obvious. If it's crypto, well, it should also be obvious.

    • @tomlxyz
      @tomlxyz Před rokem +3

      Idk why you brought merch into this. You only need to ask that question when you're they're making promises about it, like getting rich or some product with some health benefit.
      When it's a product that people want to have just for the sake of the product then I'd argue that you don't need to question it

    • @tomlxyz
      @tomlxyz Před rokem

      Idk why you brought merch into this. You only need to ask that question when you're they're making promises about it, like getting rich or some product with some health benefit.
      When it's a product that people want to have just for the sake of the product then I'd argue that you don't need to question it

  • @sucyshi
    @sucyshi Před rokem +43

    The final advice applies to more than just financial stuff. It hurts me in the soul when I hear CZcamsrs advertising VPNs because if they understood what they were advertising they wouldn't shill "military grade encryption" or how you "need" it to "protect" you from the hackers.
    I do use a VPN for a very, very specific purpose but if you don't know exactly why you're using it, you shouldn't as it's a waste of money and you'd be sponsoring VPNs with bad business practices instead of VPN services that provide the actual features a VPN is used for by the people who actually need them. But so many people are buying into it because of CZcamsrs who don't know what they're talking about.

    • @obeyabe8613
      @obeyabe8613 Před rokem +2

      Just curious
      Can you elaborate why VPN is bad?
      Iirc ExpressVPN was called out for being some kind of malware service and people didn't know abt it

    • @zackp8201
      @zackp8201 Před rokem +6

      mullvad, they are the best and i've never seen them advertise

    • @boldCactuslad
      @boldCactuslad Před rokem

      VPNs aren't inherently bad, those companies just tend to be giant liars. They lie about what their product does. how it does it, then they lie about not having logs. They make it confusing to people not familiar with technology on purpose to drive sales. They'll say it will make you anonymous without carefully explaining that your psuedoanonyminity is broken the instant you log into anything or if you have javascript on (as it is by default) or if one of a million components of your browser leaks a string or has a cookie or a supercookie or if your useragent is unique. The only way a VPN could protect you from hackers is if it somehow hit you on the head every time you tried to click a link or open an email attachment lol
      One thing they do all seem to be honest about, however, is that by changing your apparent location you can accidentally (totally on accident, i swear) get around geolocation blocking.

    • @IamGrimalkin
      @IamGrimalkin Před rokem +12

      Let's be honest, a lot of the reason people use VPNs is to illegally pretend to be from a different region.
      VPN providers can't advertise that.

    • @randomwerewolf1099
      @randomwerewolf1099 Před rokem +13

      @@obeyabe8613 Tom Scott did a a great video on this but basically if the website you're on is secure (has the little lock symbol in the corner) then you're data is secure and the vpn is not providing anything extra. The thing most people use VPNs for - pretending to be in another country to use Netflix or whatever is basically their primary service but they can't say it's their primary service.

  • @cjblazer385
    @cjblazer385 Před rokem +72

    The thing that upsets me is when someone who is first interested in investing get pulled into something like these scams. Then when they get burned they get a bad taste about investing in general, even though as you say it is not actually investing. I really wish there was more financial literacy taught in school. It impacts peoples lives so much and so many people have zero knowledge about it and because of that are vulnerable. I think the main way to fight stuff like this is with as many people as possible educated about finance and responsible investing. Plain Bagel videos are actually one of the things helping fight this stuff.

    • @BobfromSydney
      @BobfromSydney Před rokem

      I worry a bit that if they tried to implement financial education in schools it'll get taken over by "sponsors" and interest groups like the attack on science education.

    • @user-jj8lz4ki3m
      @user-jj8lz4ki3m Před rokem +1

      I think you are right
      This knowledge is just beginning to learn
      can you teach me this

    • @Foolish188
      @Foolish188 Před rokem +6

      There aren't many teachers who are financially literate, kinda makes it hard to teach.

    • @Jupiter__001_
      @Jupiter__001_ Před rokem

      It's not taught in school because the school system is designed to create a permanent underclass of workers, not elevate them in society.

  • @1Raroy
    @1Raroy Před rokem +67

    We are in a brand new era where celebrities have discovered a new revenue stream. They can treat their following as if they were a natural resource, and they extract value from them until they are exhausted. The fans have become an object, and they don't seem to mind.

  • @nitsuanew
    @nitsuanew Před rokem +114

    “Life is pain, highness. Anyone who says differently is selling something.” - Princess Bride

  • @Juhno
    @Juhno Před rokem +29

    Many people have developed an unhealthy parasocial relationship with some influencer. This is probably due to the increase in mental health problems, loneliness, and the breakdown of social cohesion. And lockdowns probably made this even more common, if I had to guess. These people feel that the influencer is a real friend or even a romantic partner. So it's no wonder if people take these "advices" seriously.

  • @lydiacoleman1565
    @lydiacoleman1565 Před rokem +28

    I work in traditional finance and brought up a few years ago at work how influencers are almost another risk element added to the stock market that people never had to be concerned about before and it is a bit concerning as human behaviour is pretty difficult to predict. Someone could affect a price of a company with just a tweet or instagram story.

    • @clifford629
      @clifford629 Před rokem +5

      Like Elon Musk saying he is buying twitter.

  • @nicolesudjono
    @nicolesudjono Před rokem +12

    I have stopped the FOMO train and repelled from influencers. It’s a very nice way to focus on yourself and not get distracted.

  • @JumpinJew
    @JumpinJew Před rokem +9

    As a pharmacist, I am SO thankful that medicine and pharmaceuticals are regulated. In fact, I think they need MORE regulation.

  • @paddaydaddy
    @paddaydaddy Před rokem +76

    Always a level headed explanation, Richard, love it. Keep making great videos buddy!

  • @SeihaS
    @SeihaS Před rokem +27

    I completely agree, especially all the get rich quick schemes. I also think influencer marketing is ruining everything. Most of my online ads now are influencer video garbage so I don't trust any of them. I've become even more cynical of the influencer ads than regular commercials.

  • @jesush9940
    @jesush9940 Před rokem +44

    I can't believe my elective college course in finance back in the mid 2000's has saved me from a lot of what's happening now in the markets :/

  • @chgr4674
    @chgr4674 Před 10 měsíci +17

    There is a German CZcamsr who tests influencers morality through making up weird fake products that have super dubious contents or other things wrong with it. He then asks various influencers to advertise it. Everyone who is not a greedy and immoral a**hole will see through it. He then outs the ones that didn’t care about what they are promoting to their fans. It’s amazing

    • @leme2554
      @leme2554 Před 13 dny +1

      What's the name of the yt channel? I need to see that 😂

    • @chgr4674
      @chgr4674 Před 13 dny

      @@leme2554 that should be the correct link to the hydrohype playlist. Unfortunately the automated subtitles are really bad. He self made this “skincare” and wrote down very weird ingredients (imaginary, toxic) to prove that they don’t even read or check what’s in there and say it’s great even though it doesn’t have any ingredients that can help

  • @Karatana
    @Karatana Před rokem +75

    "I'm a professional, dammit." I felt that

  • @ev.c6
    @ev.c6 Před rokem +7

    Very good points, Richard. As a computer scientist I can tell you the same thing is happening in my field. Companies are desperate hiring cheap labor that are self-learned, and that has huge security implications for applications and software. With Russia and other countries exploiting this aspect more and more, in the next decades will see a huge number of companies having data leaked because of data breach.

  • @niveaulimbo6101
    @niveaulimbo6101 Před rokem +12

    When a financial product tries to market through emotion, be it influencers or any other kind its always a red flag.

  • @skateata1
    @skateata1 Před 3 měsíci +2

    Your video explaining how youtubers get away with giving financial advice with being registered was so good.

  • @willdehne1
    @willdehne1 Před rokem +5

    My lifelong experience as an investor is that good advise is rare and you are lucky if you hook up to a good adviser. Not actors or sport personalities.

  • @jackjia8773
    @jackjia8773 Před rokem +8

    Taking random financial advice from the internet is very dangerous. The people who want to scam you are actually not the worst problem. They are not that hard to identify. The bigger problem is most people don't understand what they are saying. I've seen a lot of channels that meant well but are just bad at what they do. They try to do "analysis" on stocks or other investments, but the method is either wrong or not complete. They don't want to harm you, and they do say to do your due diligence. That makes them "trustworthy", but they just don't have the skills. In my opinion, that hurts people even more.

  • @ameba2804
    @ameba2804 Před rokem +24

    As a doctor practicing for over 6 years and an investor, investing for about 10 years, I just wanna tell you that medicine is not more complicated than finance. It's just complicated in a different way. The finance is easy to play hard to master type of thing, while the medicine has a much higher threshold at the beginning but after reaching certain level it starts to be equally hard to master

  • @michielecker
    @michielecker Před rokem +15

    You're a true value to the financial youtuber "world". It's not easy being the "buzzkill" in a time when it's all about "financial independence", the "FIRE" movement etc. People are pushed to believe it's easy to get rich quick and then retire early etc. etc.
    I think there are many "influencers" that didn't start out as scam promoters because they had a small channel and just did "their" thing but then, as you have seen with those sponsor emails, the amount of money thrown at influencers is just "too much" for many and they think, what's the harm?
    I do wonder how easily I would've fallen for some of these if I didn't have my dad working in the industry and received some basic financial literacy through him.
    Maybe there'll soon be some regulation forced upon CZcams and other social media platforms now that there are so many high-profile meltdowns in the crypto space.

  • @srekalliwecurb7156
    @srekalliwecurb7156 Před rokem +34

    This is definitely a huge issue in the space, especially because it gives the entire investment and sponsorship space a bad rep when both can be really useful tools. I’d love to see a follow up video on Masterworks specifically. I’ve seen a lot of influencer sponsorships for it promoting it as the “inflation proof, high return, no risk art market” and I think you could provide a really interesting and informed take on the topic. Thanks for the great video, cheers!

    • @musaran2
      @musaran2 Před rokem

      Yeah, Masterworks raises too many scam red flags.

  • @jvandeal
    @jvandeal Před rokem +8

    Thank you for so much for standing for what's right and not giving into scamming thousands of people for quick cash. Your channel is great not only in terms of quality information but also morally.

  • @BobfromSydney
    @BobfromSydney Před rokem +35

    Meanwhile in an alternative universe Richard's evil twin is schilling Bagelcoin and messaging people on Whatsapp.

  • @hwadinskij7495
    @hwadinskij7495 Před rokem +4

    Thank you for having a strong character/being proffessional enough to not fall for this. Respect

  • @businessownerfinance7080

    You actually changed my view on the „consumer is to blame“ front. Your pharma analogy was spot on. I never saw it that way. So, thank you.

  • @SP3NTT
    @SP3NTT Před rokem +2

    Man- I need to sub. I happen across your channel randomly in my feed every few weeks and always walk away impressed.

  • @darleneatkinson3906
    @darleneatkinson3906 Před rokem +1

    The Plain Bagel, thank you for uploading this video, I personally retired it has been 8 years since I'd retired, I stay single my personal choice my relatives kind of all move to different places so I sit watch these influencer videos to past my time, some makes me laugh some well, I think they do need to get real life experience before really listening or taking their advice some are just entertaining for me to watch so it depend on why people watch and listen to online Influencers. We are old enough to pass on the advice or listen to it but let it go, or act on it. everything really is up to each individual's personal choice. I personally do not stand in need of money so it does not affect me but for people who are struggling these influencers can have a bigger effect on these people. Oh, you remind me of my sister son also. Have a great life and thanks for your videos.

  • @BeeeHonest
    @BeeeHonest Před rokem

    Really love and enjoy your channel, learned a lot everytime I watch it. Thank you.

  • @myselfiemirror
    @myselfiemirror Před rokem +1

    Love your videos! Always saying it how it is!

  • @Ellipsis115
    @Ellipsis115 Před rokem +59

    As long as we blame the victim, scammers will continue to thrive.

    • @samsonsoturian6013
      @samsonsoturian6013 Před rokem +4

      A lot of these schemes are a million greedos all scamming each other.

    • @jordijimenez2634
      @jordijimenez2634 Před rokem +6

      I wouldn’t hurt the victim to receive some education though lol

    • @LambertBowden56
      @LambertBowden56 Před rokem +11

      If you buy into that nonsense, a lot of times you deserve it. Life is a lesson and most people need to learn it the hard way.

    • @Burt1038
      @Burt1038 Před rokem +1

      Scammers will continue to thrive as long as people are begging to be scammed. Most scammers are simply exploiting people's own delusions.

  • @Bob-ke9in
    @Bob-ke9in Před rokem

    Bravo!! Always enjoy your videos and get a lot of insight from them. You're the best kind of "influencer".

  • @FlosBlog
    @FlosBlog Před rokem +3

    Speaking of selling merchandise: when will we have a plain bagel plushy ?

  • @smartmoneyadvice7427
    @smartmoneyadvice7427 Před rokem

    Love the name of this channel and the simple logo. Perfection man

  • @sillyrabbit8558
    @sillyrabbit8558 Před rokem

    Hello I wanna thank you for not only posting amazing videos but also for your honesty to your viewers. Your awesome 😎

  • @DrRosio
    @DrRosio Před rokem +4

    I like the pharmaceutical analogy! I never thought of it that way but it helps bridge the gap in my mind when I start to think well, why the heck does anyone believe an influencer anyway??

  • @Laure__Line
    @Laure__Line Před rokem +1

    I came to your channel thanks to How money works, and I’m glad I’m here. :)

  • @avi486
    @avi486 Před rokem

    This video is one of the best financial video I've seen. Subscribed!!

  • @Zealch_
    @Zealch_ Před rokem +29

    You mean i shouldn't have fomo'd into buying Beyond Meat at the top? But it had such legendary investors like SnoopDog and SuperWoman backing it up!

    • @TheSteinbitt
      @TheSteinbitt Před rokem +1

      Lol that’s funny:) snoopdog thinks Wakanda is real, we should probably do the opposite of him:p

    • @grahamstrouse1165
      @grahamstrouse1165 Před rokem

      I’ll take Snoop’s advice any day of the week if I’m looking to get the most bang for my buck when I’m picking up a dime bag, edibles &/or paraphernalia. 😉

  • @d3kd3k
    @d3kd3k Před rokem

    Liked on the 1st second. I am sure Richard's videos are both filled with knowledge and entertainment.

  • @alexmatson2624
    @alexmatson2624 Před rokem

    Love your content, commenting for the algorithm!

  • @me0101001000
    @me0101001000 Před rokem +15

    I think the underlying problem is something which I like to call spatial culture. Every field, area of expertise, trade, and/or profession has a culture around it. Let us compare most influencer spaces with that of, say, science, or martial arts. The scientific space has very strict rules about what it allows in, and anything new is always challenged with intense scrutiny. The same goes with martial arts, and in fact, it's become something of a game to go looking for frauds. This kind of thing doesn't exist to as high of a level in many of the influencer spaces, particularly in fitness and in finance imo.
    I'm fully aware of how elitist I sound, but I think the barrier to entry is way too low. Financial influencers, as well as other influencer spaces, need to undergo more rigorous scrutiny before they can say anything. Could this wipe out entire communities? I'm sure it could. But for the well-being of everyday people, I think it's for the best.

    • @logoncal3001
      @logoncal3001 Před rokem +9

      For something as serious as finance it should be gatekept the fuck out of it

    • @me0101001000
      @me0101001000 Před rokem +3

      @@logoncal3001 absolutely. This is people's life savings and generational fortunes we are dealing with here. I don't care if the experts make it a little more boring. I'd rather be properly educated but just mildly bored than have desperate people robbed of everything they have.

    • @brandonburns5365
      @brandonburns5365 Před rokem

      @@me0101001000 and you don't see the problem with this gatekeeping? it only leads to the same problem just different culprits. also I don't know how you can stop someone from giving there financial opinion.

    • @me0101001000
      @me0101001000 Před rokem +2

      @@brandonburns5365 if the problem is the drying up of influencer communities over a lack of knowledge and/or training, I don't see that as a bad thing.
      I don't understand what you mean by "same problem, different culprits". The kind of intense scrutiny I'm advocating for is meant to fight misinformation, debunk frauds, and keep people safe from hurting themselves.
      Nothing wrong with sharing an opinion. But having a safeguard be as simple as just saying "not financial advice" is far too lenient in my humble opinion. I'm not a financial expert at all. I'm a martial artist and scientist. I admit my bias in advocating for such a level of gatekeeping because it is what I know, and it has served me extremely well. I really do think that holding a high standard like this can be extended across the board to any other influencer space.

    • @grahamstrouse1165
      @grahamstrouse1165 Před rokem +1

      I’ve pro-Elitism, my friend! Pro-expertis, might be a little more accurate but it’s six of one, half-dozen of the other, really.

  • @aryaa3998
    @aryaa3998 Před rokem +5

    The issue is many of the influencers have young teenagers and children as their fan base so the onus is naturally on the influencers. My young sisters who are on tiktok have a false idea on business and investing and think they'll become rich quick and don't realise it's hard work and education that gets you there, and even with that, could end in failure. gave them an excuse to be lazy and not achieve good grades as tiktok is their fallback.

  • @CountCristo
    @CountCristo Před 6 měsíci

    The benzadine analogy is so freaky funny man
    Always great and funny ways of putting stuff :)

  • @neilshah7819
    @neilshah7819 Před rokem +9

    Hi Richard. The day you start promoting bs coins, is the day I move on from this channel. But I know you won't do that, which is why I'm glad to follow the content you put out.
    Thanks for being a sane voice in a sea of fools.

  • @sunnycorax
    @sunnycorax Před rokem +19

    I really wish the SEC would do more on this. Not just crypto but the influencer social media space in general. The amount of times I've seen "not financial advice" when it so clearly is like it is some D&D protection spell against lawsuits needs some serious pushback from regulators.

  • @aatheus
    @aatheus Před rokem

    A great breakdown video of this plague online. And of course, the ads on this video were a mess of influencers hawking poopcoins and house flipping "experts"

  • @ammarodah2631
    @ammarodah2631 Před rokem

    Many thanks for your honest advices. Truly appreciate your sincerity and genuine professionalism and dedication to your audience 😘💐

  • @ryanm7171
    @ryanm7171 Před rokem +1

    I completely agree with you even though I wish you would actually give us more specific advice about to invest our money. As you are a Canadian and well qualified you are unique to CZcams. Your fellow Canadians could use any ideas to help grow their portfolio. But alas, we are still thankful for the education.

  • @jroig824
    @jroig824 Před rokem

    Definitely the most honest finance youtuber. Thanks

  • @Jos_Louis
    @Jos_Louis Před rokem +4

    My main takeaway from this was that Richard needs more followers on Twitter.

  • @oliverturner5897
    @oliverturner5897 Před rokem +4

    This is such an important message. Here’s hoping a lot of ‘investors’ get some gambling help after the regulations come in and apply the same rules as we get with traditional assets. Fo real, I worry about some of my friends who get into this stuff. Great video!

  • @mohannadnimer7261
    @mohannadnimer7261 Před rokem +3

    Love your channel. If would be great if you can explain what closed ended funds are and their pros and cons

    • @id10t98
      @id10t98 Před rokem

      They are used for income generation. The pros are they typically only issue a set number of shares and have double digit yields. The cons are they can be lightly traded (lack liquidity) and the principal doesnt hold up over time as they lose NAV.
      I own small positions in a couple for income purposes on a monthly basis.

  • @InvestWithPluto
    @InvestWithPluto Před rokem

    as always, a great assessment!

  • @franekwrobel1449
    @franekwrobel1449 Před rokem

    Thank you for this commentary.

  • @FloridaMan2023_
    @FloridaMan2023_ Před rokem

    Another great video. Thanks man!

  • @chyde8099
    @chyde8099 Před rokem +1

    I'm enjoying Bagel's videos. This video just cemented why. Bagel can't be bought for $2400 for such little effort. I appreciate that integrity.

  • @eastsideozzy
    @eastsideozzy Před rokem

    Thank YOU!

  • @GamerDmitri_aka_fruitloaf

    @The Plain Bagel: I think the easiest way to check if financial product is viable is to ask this question: IS IT REGULATED... if NOT, then DO NOT invest. Otherwise, they will take your money and run.

  • @TheScamSlasher
    @TheScamSlasher Před rokem

    I learnt a lot in this video! Thank you TPB! Good on you for not taking the money and selling out your followers pal

  • @Desperado202
    @Desperado202 Před rokem

    I'm glad you made this video, because you're pretty much saving a lot of people

  • @pablouribe1522
    @pablouribe1522 Před rokem +5

    Great analysis Richard, the snake oil sellers now have million of followers that trust them. In my case, i would never go for more than the Plain Bagel.

  • @MrSupernova111
    @MrSupernova111 Před rokem +5

    I can agree with this. As a finance nerd myself I'm tired of the endless financial garbage is constantly being added to my feed and recommendations. The worse ones are the ones pointing at text within their worthless videos.

    • @faboxbkn
      @faboxbkn Před rokem

      Any books you recommend for beginners?

  • @NotSoDeepBro
    @NotSoDeepBro Před rokem

    Very articulate video, well done

  • @corinardh8635
    @corinardh8635 Před rokem

    Thank you

  • @ZacklFair
    @ZacklFair Před rokem +4

    Never trust influencers. Easy as that. They influence you in a way that benefits them, not you.

  • @tylernguyen2725
    @tylernguyen2725 Před rokem

    Gotta love that OoT shop theme.

  • @rufusdrumknottvgc
    @rufusdrumknottvgc Před rokem +12

    '49% of Twitter users rely on influences for product recommendations compared to 56% relying on friends.' Welp that's my faith in humanity in the toilet ...

  • @iruleatgames
    @iruleatgames Před 11 měsíci +1

    I would say that finance is more complicated than medicine, "as economics is too complicated to be a science", as paraphrased from Milton Friedman during his "Free to Choose" series.

  •  Před rokem

    I always enjoy the unique video ideas you come up with. Certainly totally different than the mainstream investing content on the platform here.

  • @glensmith491
    @glensmith491 Před rokem +26

    Back in the day, I was taught that when your shoe shine boy tells you to invest in something, it is time to divest in that.

    • @Elemblue2
      @Elemblue2 Před rokem +3

      Once theres a hype machine that wants to be heard by everyone, its not for the people hearing it anymore.
      Unless your shoe shining boy is going hard in the investment market.

  • @barry6435
    @barry6435 Před rokem +1

    Hey @MrBagel It will be wonderful to have your insights on recent Fed moves..

  • @bilbobeutlin3405
    @bilbobeutlin3405 Před rokem

    Another thing even worse in my opinion is the big advertisement for betting services at every sport event

  • @ChocolateMilkCultLeader

    Another great video. Unfortunately we're seeing this happen everywhere. Predatory marketing and influencers selling products seems like a hand in glove. Very common in Machine Learning/Software in general. Super Eyepatch Wolf did a video exposing influencer courses as well

  • @ominollo
    @ominollo Před rokem +3

    I really have a hard time understanding why “influencers” are thing.
    Thanks Richard!

    • @kaptinbarfbeerd1317
      @kaptinbarfbeerd1317 Před rokem +1

      I would argue lack of parental guidance and proper role models, but this is mostly speculation on my part.

    • @ominollo
      @ominollo Před rokem

      @@kaptinbarfbeerd1317 It can be, I don’t understand it either.
      I just hope they will eventually be a phenomenon of the past.

    • @id10t98
      @id10t98 Před rokem

      @@ominollo unfortunately, many people live vicariously through these so-called influencers and think they are experiencing the thing first hand for themselves. I knew a couple where the woman actually thought she was living the life of the "real housewives of (fill in city here)" and acted like it too. She got alimony of $7,000/month for ten years and had NOTHING to show for it except a house full of gaudy furniture.

    • @ominollo
      @ominollo Před rokem

      @@id10t98 this story is both sad and sick!

  • @hazeldavis3176
    @hazeldavis3176 Před rokem

    That Jake Paul VTI bit, oh dang. I had to pause the video and take a moment. Brilliant!

  • @daniel-panek
    @daniel-panek Před rokem

    You're not condescending at all. This is great.

  • @AyushSharma-xg7td
    @AyushSharma-xg7td Před rokem +1

    We love you plain bagel!

  • @InDeathWeLove
    @InDeathWeLove Před rokem +1

    It always surprises me that people actually get influenced by these things as seeing a celebrity or an online influencer/media endorse a product immediately makes me question it thinking "if the product is so good why do they need to sell it so hard?" also I would put most influencer's financial literacy on the level of a professional sport athlete as in very low so even if it wasn't an ad, but they genuinely believed they were giving good advice I would seriously doubt it.

  • @investedinlife
    @investedinlife Před rokem +1

    Great video! I agree with everything you had to say
    The one question I have is what do you think “qualifies” someone to be a financial influencer? I know there are great financial influencers that aren’t legally certified but still (in my opinion) give well respected, and helpful up advice. What are your thoughts?

    • @ThePlainBagel
      @ThePlainBagel  Před rokem +4

      I don’t think you need any qualification to be a finance influencer, I actually think there’s value in people sharing their personal experiences with money regardless of their education, and even amateur research with the right disclosures is fine. But it’s just like medicine (honestly my favourite analogy): general stuff is no problem, but I wouldn’t want random people giving out prescriptions pretending to be an expert.

    • @thomasford3170
      @thomasford3170 Před rokem

      @@ThePlainBagel I thought it was illegal to give financial advice and receive compensation without the requisite licenses (except in a very limited manner). Wonder if there are grounds to go after people who shill coins w/o a series 65. Those are the folks who are analogous to street pharmacists whereas the advisors and managers are more similar in regulation to the pharmaceutical firms per your example. In the end regulation needs to happen along the lines of treating coins like private placements with limited investor access on the basis of sophistication because of the extreme financial risk these toxic POS pseudo assets pose. Fuck, we don't even let 'normies' buy CMO/CDO(s). Why should they be allowed to buy an asset in which the bull case is a transition away from the use of sovereign debt when most people can hardly comprehend what a tranche is?

  • @sounddude47
    @sounddude47 Před rokem

    I'm grateful my parents taught me to always look things up and get multiple sourced when something catches your eye, especially if it's something that costs more than what you're comfortable spending in a day.

  • @timelston4260
    @timelston4260 Před rokem

    Please never change. Keep my trust in humanity intact.

  • @JoeBidenFanclub99
    @JoeBidenFanclub99 Před rokem

    yes.

  • @VelocitrapLords
    @VelocitrapLords Před 10 měsíci

    It’s pretty fun looking at gain/loss (usually loss) from meme stocks you list, do you keep a watchlist or is that already paying it too much mind?

  • @nickybutt9733
    @nickybutt9733 Před rokem

    Huge respect for this dude.

  • @MountainFinance
    @MountainFinance Před rokem

    Another great plain video :-).

  • @michaelaldrich159
    @michaelaldrich159 Před rokem

    Plain Baguel merch wen? Awesome video

  • @joshkitchen9828
    @joshkitchen9828 Před rokem

    I like your twitter. Even liked the tweet with the link to this video

  • @Q8Patriot
    @Q8Patriot Před rokem

    Thanks for the video. I still find it very hard competing with these influencers marketing and educating people about it investment. Imagine explaining to a friend how to passive invest his money on an index just to discover few month later that he put his money on some risky stocks/coins for some promised quick profit just to lose most of his money on a matter of weeks😮

  • @codyh7284
    @codyh7284 Před rokem

    I would be interested in a video discussing asset analysis spreadsheets/software available to the public for the value investors that watch your channel if you had any more plans to make videos like that

  • @jonathanwoodvincent
    @jonathanwoodvincent Před rokem +1

    There's a recent Economics Explained video on Canada's economy. It is quite pessimistic. I wonder if you, as a Canadian, might do a more thorough response. Thanks!