One thing we know for sure - Wall Street does not work the way Wall Street says it works.

How Wall Street works can be seen in two of their business models.

The first method is Wall Street trades for their own account. They do this as specialists, market makers, and traders seeking high returns from small risks with minimal capital exposure.

The second way Wall Street works is by generating commissions. Wall Street gets relatively consistent and predictable cash flow from suggesting and implementing trades for others.

This is not just a broker on the phone, it is also the information on the days action provided to the media. Wall Street also provides analysts that help move investors in and out of investments by their constantly changing recommendations.

They have other business models such as investment banking. The Wall Street business model aimed squarely at your assets however is commissioned trades.

Learn to understand markets for yourself - make your own decisions. This alone will keep your nest egg from shrinking due to turnover.

If someone calls with an investment idea - ask them to mail you the particulars. If they say there is not enough time or they can't do that -- hang up the phone. If they say they will send you material - tell them if and when you are ready you will call them back.