Should you let Friends manage your Portfolio?

It may be tempting to let a friend manage your portfolio. He or She may be more familiar with the world of money, - or at least give that impression. You may save on fees and prefer to interact with someone you think you know well.
But watch out! Is your friend really running his own - let alone somone else's - money well? How is the track record, especially in turbulent markets, and when a stomach-churning downturn occurs, such as we have seen in 2008-09?
You have little protection if something goes wrong either due to mismanagement or even worse - fraud. It has happened before many times and given human nature it will happen again.

http://www.telegraph.co.uk/investing/funds/could-fund-manager-next-door/ (Daily Telegraph)