Ask questions – What is the source of the information? Is it credible? Have their past predictions been trustworthy? What is their worldview? How do they define truth? What do they have to gain by insisting you follow their “advice?” What do others have to say about this? Are they an outlier?Ģ. What should you do when it comes to evaluating financial and investing advice? Without being exhaustive, here are 4 action steps to take when you hear something from an “expert:”ġ. And often there is more “truth” in the collective wisdom of the masses than any one technocrat or bureaucrat, or small group thereof. While some “conclusions” may quickly be seen as irrational and/or based on wacky conspiracy theories, only time will tell which are true and which aren’t. I have heard that the US dollar will collapse, a major recession is just around the corner, buy Bitcoin, put your money in gold, don’t pay off your mortgage, buy the XYZ stock since it is greatly undervalued and is the next Microsoft, don’t use credit cards, you don’t need an advisor, you can invest on your own … and the list goes on. It’s no different in the financial world. “Experts,” including multitudes of TV personalities, have given their “advice” only to be proven wrong later. I could report on how much the Davos “magi” at the World Economic Forum have gotten wrong over the years or how recent health and government officials emphatically stated their conclusions about the coronavirus and based rigid “science” policies on it, most of which have been debunked by the high-quality, reputable meta-analyses of Cochrane, the UK-based nonprofit, but I think you get the point. probably not be long, only a few more days at the most.” 14, 1929, Professor Fisher went on to utter, “ The end of the decline of the Stock Market will. 17, 1929, “ Stocks have reached what looks like a permanently high plateau.” On Thursday, October 24, 1929, panic struck Wall Street, and stock values plummeted $6 billion before trading leveled off in the late afternoon.
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