Dice roll as good as expert advice

Yet more evidence that investment professionals have no competence in their core area of “expertise”.

The Age newspaper does its own survey of experts’ buy and sell recommendations in 2005.

A couple of years later, it turns out you would have done just as well purchasing their “sells” as their “buys”.

The article draws the wrong lesson however.  It claims that the moral is to pay as much attention to the sell recommendations as to the buy ones.

The proper lesson is – pay these “experts” no attention at all.  And certainly don’t allow them to make any money at your expense.

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