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Subject:  Paying for ‘Transparently Useless Advice&# Date:  7/16/2012  4:12 PM
Author:  intercst Number:  70843 of 98549

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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