When was the last time anyone got good investing advice from the front page of a newspaper or magazine or from a television pundit?
That is the question I have been pondering during this market cycle. Whether it is the price of equities or the state of the economy, I have grave reservations about relying on the usual suspects as a source of insight. This is especially the case when the usual suspects have been so wrong for so long about these issues.
Ask yourself the following questions:
• When has the mainstream media made a timely warning about an imminent recession?
• Has the punditocracy ever correctly identified a bubble in real time?
• When have the public’s perspectives on market valuation ever been right?
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.