“It can be hard for investors to defend themselves, especially because we judge other professions similarly. You go to a doctor with a good reputation for helping patients; you don’t assume that he was lucky. But in finance, someone with a good reputation might – believe or not – just be lucky, or worse yet, fraudulent. My advice for avoiding many problems is simple: don’t focus on someone’s net worth for your investment decisions. Instead, consider their ideas and pretend that you heard them from the intern just starting his first day on the job. Does the idea still sound like a logical and reasonable investment plan?”
http://www.caseyresearch.com/node/41664
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