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Rekenthaler Report

The Wall Street Checklist

The good, the bad, and the ugly.


My column "No, Wall Street Is Not Rigged" created something of a failure to communicate. The article claimed that retail stock market investors face no meaningful barriers. They may directly buy and sell the same companies as can institutions, at the same prices. Or, if they wish, they can hold the entire marketplace through an index fund. The cost for that service is virtually nothing. (Fidelity Zero (FZROX) funds do not require the modifier, having expense ratios of 0.00%.)

To my surprise, many readers objected. They read that article as implying that Wall Street consistently treats its customers well. That was certainly not my intent. As with all industries, Wall Street's quality varies. Some investments I recommended to my own mother, while others I deemed fit only for my stepmother. (Just kidding about that second part, step-mama is fine.)

John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.