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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Paying for ‘Transparently Useless Advice&# Date: 7/16/2012 4:12 PM
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http://blogs.wsj.com/ideas-market/2012/06/18/just-how-desper...

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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intercst
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70844 of 76421
Subject: Re: Paying for ‘Transparently Useless Advi Date: 7/16/2012 4:30 PM
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Yep, the experts keep telling us the stock market is completely random. Hence you may as well buy lottery tickets with the rent money.

Personally I think some "experts" make sweeping statements based on limited studies. Many seem to be based on a carefully selected group of stocks.

So while we are burning witches at the stake, let's start with the expert economists.

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