Financial
experts abound in the media, yet no one is vetting them for expertise. So be careful. That
can be dangerous for longer-term investors who permit themselves to
be impressed by the advice the media offers.
No
Wall Street or financial community commentator or analyst has had to
pass a genuine business-achievement test to determine expertise.
Forget those fancy letters that many have attached after their
names. They’re supposed to signify the experts had passed some
test, or belong to a group who have.
The public assumes this testing
and association bestows a knowledge; that members know what they are
talking about when it comes to financial business operations. Passing
a test of by-rote, conventional thinking doesn’t necessarily confirm
expertise.(See the Earl J. Weinreb NewsHole® comments and
@BusinessNewHole tweets.)
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