“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
Related posts:
The Panthers Were Right and Reagan Was Wrong on Gun Control
You’re Not That Important
Dear World, Americans Don't Want War With Syria
How to Be a Rogue Superpower: A Manual for the Twenty-First Century
How the Silk Road Shutdown Makes Everyone Less Safe
America's best educated kids don't go to school
Letter from Shenzhen
The End of Private Property in the Era of the American Police State
The Syria vote: Britain's new mood
Could You Be Arrested For Offering A Lyft?
Bill Bonner: You Say You Want a Revolution
Governmental Travel Controls
The next big industry to face digital disruption will be our nations
Election won't prevent pension crash
FATCA: 'Simple premise' gone terribly wrong