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|Subject: Paying for ‘Transparently Useless Advice||Date: 7/16/2012 4:12 PM|
|Author: intercst||Number: 70843 of 76420|
So just how gullible are we, when it comes to “expert” advice?
Economists have been telling people for ages that most stock-picking tips—even from people who make millions for their “prowess”—are useless: After a mutual-fund manager beats the market for a couple of years, investors will beat a path to his or door. But such past performance almost never predicts future performance, as the investors soon notice — before, that is, they shift their money to the latest fund manager on a hot streak.
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