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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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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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