*new is always wrong. ALWAYS

Question

So as to explain about pointers and references in this question I wrote this code.

MyClass& MyClass::MyInstance()
{       
    static MyClass & myLocalVariable = * new MyClass(/*parameters*/);
    return myLocalVariable ;
}

one of the comments, by a really impressive high reputation SO user, simply states: *new is always wrong. ALWAYS.

It is the first time I'm told about this: Is it a famous coding standard we all should know about ? What are the reasons behind ?

Answer 1

I'm normally pragmatic, however this is too much even for me!

static MyClass & myLocalVariable = * new MyClass(/*parameters*/);

Seriously? Why not simply:

static MyClass myLocalVariable{/*parameters*/};