Many people whose retirements went upside down in the Great Recession had been sold as opposed to bought those complex investment products that held the promise of outsized rewards but also came with the risk the investment houses and other financial institutions shifted onto them.
Regular annual surveys of people age 35 and younger found that they were less willing to take investmentrisk after the financial crisis, while people age 65 and older are more willing to take risk.
"Stuyvesant was not necessarily a reflection of the bad real estate market, but rather over-ambitious assumptions, lack ofrisk controls and poor contingency planning, " explains Burt White, managing director of research and chief investment officer of LPL Financial, further asserting that the bottom dropped out of the market months ago.