Last week I saw possibly the most infuriating show I have ever seen on CNBC called “Money Talks.” It is about the owner of a sports gambling consultant business. The owner Steve Stevens (obviously not his real name) claims to be a 20 year sports handicapper winning somewhere between 60% and 71.5% of his bets. It doesn’t take more than a quick google search to find out about Steve Stevens’ felony record, however, that doesn’t bother me as much as the fact that people who should know him don’t seem to know him or his record. The show depicts a chop shop like environment where cold callers are trying to get people to take their advice (i.e. Stevens’ pick that day or week) and in return they send the company money either in the form of a subscription fee or a one-off “thank you.” This is the part that I can’t figure out.
Much like my feelings on investment newsletter services, if Mr. Stevens had a way to actually win 60%+ of his sports bets HE WOULDN’T NEED MY MONEY. PERIOD. END OF DISCUSSION. Mr. Stevens would keep his mouth shut, have a few close friends and family to quietly put in bets through as not to cause a change in the line. The $1,000, $10,000 or even $100,000 you send him or his company literally wouldn’t change his life. He attempts to align himself with a stockbroker or investment advisor who is in the business of selling information, which may not even by that far off but if there is a broker who tells you he beats the market 60%+ of the time he or she is just simply lying to you. Why? Because they would have a hedge fund and use whatever algorithm to quietly ensure that the next 3 generations of their family doesn’t have to work.
Anyone else see this show? I think the worst part is that the commercials air ad naseum during one of my new favorite shows, The Profit. The Profit is basically the opposite of this guy and deserves its own blog post.