Financial experts abound in the media, yet no one is vetting them for expertise. So be careful. That can be dangerous for longer-term investors who permit themselves to be impressed by the advice the media offers.
No Wall Street or financial community commentator or analyst has had to pass a genuine business-achievement test to determine expertise.
Forget those fancy letters that many have attached after their names. They’re supposed to signify the experts had passed some test, or belong to a group who have.
The public assumes this testing and association bestows a knowledge; that members know what they are talking about when it comes to financial business operations. Passing a test of by-rote, conventional thinking doesn’t necessarily confirm expertise.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewHole tweets.)
