We Have Met the Enemy and He is Us is the title of a 1972 Pogo book written by Walt Kelly. Investors have many unlikely enemies, including themselves, but I am not really blaming you for the dismal investment performance many people have incurred over the last decade or more. The core problem is two-fold:
You have a mistaken belief in the predictive powers and general wisdom of “experts”, and follow their advice.
You believe information from credible financial sources in the media. When they make predictions, you assume you can rely on their reputation and overall expertise.
Unfortunately, both assumptions are demonstrably false. These experts, and much of the financial media, are both stealth enemies. You would be better off paying no attention to them. Let me give you some glaring examples, both in the U.S. and elsewhere.
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